Wine - Serbia

The Wine market in Serbia has been experiencing significant growth in recent years.

Customer preferences: Serbian consumers have shown an increasing interest in wine, with a growing number of people incorporating it into their daily lives. Wine is no longer seen as a luxury item reserved for special occasions, but rather as a beverage that can be enjoyed on a regular basis. Consumers are becoming more knowledgeable about different types of wine and are willing to explore new varieties and flavors. There is also a growing preference for locally produced wines, as consumers appreciate the quality and unique characteristics of Serbian wines.

Trends in the market: One of the key trends in the Serbian wine market is the rise of small, boutique wineries. These wineries focus on producing limited quantities of high-quality wines, often using traditional winemaking techniques. These wines are highly sought after by both domestic and international consumers, who appreciate the craftsmanship and attention to detail that goes into producing them. This trend has led to an increase in the number of wine tourism activities in Serbia, with visitors eager to explore the country's vineyards and taste the local wines. Another trend in the market is the growing popularity of organic and biodynamic wines. Consumers are becoming more conscious of the impact of their consumption choices on the environment and are seeking out wines that are produced using sustainable and eco-friendly practices. This trend is also driven by the perception that organic and biodynamic wines are of higher quality and offer a more authentic taste.

Local special circumstances: Serbia has a long history of winemaking, dating back to Roman times. The country's favorable climate and diverse terroir make it well-suited for wine production. The vineyards are often located in picturesque landscapes, which adds to the appeal of wine tourism in the country. Additionally, Serbia has a rich cultural heritage and a strong tradition of hospitality, which further enhances the wine tourism experience.

Underlying macroeconomic factors: The growth of the wine market in Serbia can be attributed to several macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, consumers have more money to spend on discretionary items such as wine. Additionally, Serbia's accession to the European Union has opened up new export opportunities for local wineries, allowing them to reach a wider audience and increase their sales. In conclusion, the Wine market in Serbia is experiencing growth due to changing customer preferences, including a growing interest in wine as a daily beverage and a preference for locally produced and organic wines. The rise of small, boutique wineries and the increase in wine tourism activities further contribute to the market's development. Serbia's favorable climate, diverse terroir, and rich cultural heritage also play a significant role in attracting consumers and driving the growth of the wine market.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.