Soft Drinks - Serbia

The Soft Drinks market in Serbia has been experiencing significant growth in recent years, driven by changing consumer preferences and local special circumstances.

Customer preferences: In Serbia, there has been a shift in customer preferences towards healthier and more natural beverages. Consumers are increasingly seeking out soft drinks that are made with natural ingredients and have reduced sugar content. This trend is in line with the global movement towards healthier lifestyles and the growing awareness of the negative health effects of excessive sugar consumption. As a result, there has been an increase in the demand for products such as flavored water, herbal teas, and fruit-infused beverages.

Trends in the market: One of the key trends in the Soft Drinks market in Serbia is the rise of functional beverages. Functional beverages are those that offer additional health benefits beyond basic hydration. These include drinks that are fortified with vitamins, minerals, and other nutrients, as well as those that claim to have specific health benefits such as improved digestion or increased energy. This trend is driven by consumers' desire to improve their overall well-being and address specific health concerns. Another trend in the Soft Drinks market in Serbia is the growing popularity of premium and artisanal beverages. Consumers are increasingly willing to pay a premium for soft drinks that are perceived as high quality and offer a unique flavor experience. This trend is fueled by the rise of craft beverage producers who focus on small-batch production and use high-quality ingredients. These artisanal soft drinks often have a more sophisticated flavor profile and are marketed as a premium alternative to mainstream brands.

Local special circumstances: Serbia has a strong tradition of fruit production, particularly in the regions of Vojvodina and Šumadija. This abundance of fresh fruits has contributed to the development of a vibrant fruit juice industry in the country. Serbian consumers have a preference for locally produced fruit juices, which are seen as more authentic and of higher quality compared to imported brands. This has created opportunities for local soft drink manufacturers to capitalize on the demand for natural and fruit-based beverages.

Underlying macroeconomic factors: The Soft Drinks market in Serbia has also been influenced by macroeconomic factors such as rising disposable incomes and changing lifestyles. As the Serbian economy has grown in recent years, consumers have more disposable income to spend on non-essential items such as soft drinks. Additionally, changing lifestyles, including busier schedules and an increase in on-the-go consumption, have led to a greater demand for convenient and portable soft drink options. In conclusion, the Soft Drinks market in Serbia is experiencing growth due to changing customer preferences towards healthier and more natural beverages, the rise of functional and premium beverages, the local preference for fruit-based drinks, and underlying macroeconomic factors such as rising disposable incomes and changing lifestyles.

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.