Beauty & Personal Care - Serbia

Serbia

In 2025, the Beauty & Personal Care market in Serbia is projected to generate a revenue of US$641.90m.
It is anticipated that the market will experience an annual growth rate of 2.15% (CAGR 2025-2029).
The largest segment within this market is Personal Care, which is estimated to have a market volume of US$314.90m in 2025.
Comparatively, in the United States generates the highest revenue globally in this market, reaching US$104bn in 2025.
When considering the population, the per person revenue in Serbia is expected to be US$90.96 in 2025.
Additionally, it is predicted that 19.4% of the total revenue in the Beauty & Personal Care market will come from online sales by 2025.
Serbia's beauty and personal care market is experiencing a surge in demand for natural and organic products.

Key regions: United States, Worldwide, India, Indonesia, Canada

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Analyst Opinion

The Beauty & Personal Care market in Serbia is witnessing slow growth, influenced by factors such as shifting consumer preferences towards natural products, economic challenges, and increased competition from international brands, limiting the overall market expansion.

Customer preferences: Consumers in Serbia are gravitating towards eco-friendly and organic beauty products, reflecting a growing awareness of sustainability and health. This shift is particularly pronounced among younger demographics, who prioritize transparency in ingredient sourcing and ethical production practices. Additionally, the rise of social media influencers is shaping preferences, with consumers increasingly seeking personalized beauty solutions that cater to their individual needs. This trend underscores a cultural shift towards self-expression and holistic well-being, influencing purchasing decisions in the Beauty & Personal Care market.

Trends in the market: In Serbia, the Beauty & Personal Care market is experiencing a notable shift towards eco-friendly and organic products, driven by a heightened consumer awareness of sustainability and health. Younger demographics, in particular, are prioritizing transparency in ingredient sourcing and ethical production, pushing brands to adapt their offerings. Furthermore, the influence of social media is significant, as consumers seek personalized beauty solutions that resonate with their unique identities. This trend signals a cultural movement towards self-expression and holistic well-being, compelling industry stakeholders to innovate and align their strategies with these evolving consumer preferences.

Local special circumstances: In Serbia, the Beauty & Personal Care market is shaped by a blend of traditional values and modern influences, where local herbal remedies are gaining traction alongside global beauty trends. The country's rich biodiversity provides unique natural ingredients, appealing to consumers seeking authenticity. Cultural festivals celebrating beauty and craftsmanship also foster a strong appreciation for artisanal products. Additionally, regulatory frameworks promoting eco-labeling and sustainability are encouraging brands to innovate responsibly, aligning with consumers’ desires for transparency and ethical practices in their beauty routines.

Underlying macroeconomic factors: The Beauty & Personal Care market in Serbia is significantly influenced by macroeconomic factors such as consumer spending trends, economic stability, and demographic shifts. A growing middle class, coupled with rising disposable incomes, is driving demand for both premium and natural beauty products. Additionally, Serbia's strategic location fosters trade, enabling access to global supply chains and international brands. Fiscal policies promoting entrepreneurship and innovation further stimulate local beauty businesses, while increasing tourism enhances market visibility for artisanal and unique offerings. Furthermore, global sustainability trends are prompting local brands to adopt eco-friendly practices, resonating with environmentally-conscious consumers.

Methodology

Data coverage:

The data encompasses B2C enterprises. 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 population, GDP per capita, and Human Development 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, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.