Bottled Water - Serbia

The Bottled Water market in Serbia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this development. Customer preferences in Serbia have shifted towards healthier beverage choices, with bottled water being a popular option. Consumers are becoming more health-conscious and are increasingly choosing bottled water over sugary drinks or carbonated beverages. This preference for healthier options is a global trend, and Serbia is no exception. Trends in the market also play a role in the growth of the Bottled Water market in Serbia. The convenience and portability of bottled water make it a popular choice for consumers on the go. Additionally, the increasing availability of different types of bottled water, such as flavored or mineral water, caters to a variety of consumer preferences. These trends reflect the evolving needs and preferences of Serbian consumers. Local special circumstances in Serbia also contribute to the growth of the Bottled Water market. Serbia has a hot climate, especially during the summer months, which increases the demand for refreshing and hydrating beverages like bottled water. The tourism industry in Serbia is also a significant factor, as tourists often prefer bottled water over tap water due to concerns about water quality. These local circumstances create a favorable environment for the Bottled Water market to thrive. Underlying macroeconomic factors further support the growth of the Bottled Water market in Serbia. The country has experienced economic development in recent years, leading to an increase in disposable income. As a result, consumers have more purchasing power and are able to afford bottled water as a regular part of their beverage consumption. This rise in disposable income, combined with the aforementioned customer preferences and local circumstances, creates a conducive market for the Bottled Water industry. In conclusion, the Bottled Water market in Serbia is developing due to customer preferences for healthier options, trends in the market towards convenience and variety, local special circumstances such as the climate and tourism industry, and underlying macroeconomic factors such as rising disposable income. These factors collectively contribute to the growth and success of the Bottled Water market in Serbia.

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 Non-Alcoholic Drinks, 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 Non-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. The market is updated twice a year.