Alcoholic Drinks - Serbia

The Alcoholic Drinks market in Serbia has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Serbian consumers have shown a growing preference for premium and craft alcoholic drinks, particularly in the beer and spirits categories. This trend can be attributed to a shift in consumer attitudes towards quality and authenticity, as well as an increasing interest in exploring new flavors and experiences. Additionally, there is a growing demand for low-alcohol and non-alcoholic beverages, reflecting a broader trend towards healthier lifestyles and responsible drinking.

Trends in the market: One of the key trends in the Serbian Alcoholic Drinks market is the rise of craft beer. Craft breweries have been gaining popularity, offering a wide range of unique and locally brewed beers. This trend is driven by the growing interest in artisanal products and the desire for more diverse and flavorful beer options. Furthermore, there has been an increasing trend towards premiumization in the spirits category, with consumers willing to pay more for high-quality and premium spirits.

Local special circumstances: Serbia has a rich tradition of winemaking, and this has contributed to the growth of the wine market in the country. Serbian wines are gaining recognition both domestically and internationally, with a focus on indigenous grape varieties and traditional winemaking techniques. This has created a unique selling point for Serbian wines and has attracted wine enthusiasts and tourists alike.

Underlying macroeconomic factors: The Alcoholic Drinks market in Serbia is also influenced by several macroeconomic factors. The country has experienced stable economic growth in recent years, which has resulted in increased disposable incomes and higher consumer spending. This has contributed to the growth of the Alcoholic Drinks market, as consumers have more purchasing power to spend on premium and craft beverages. Additionally, changing demographics, such as a growing young adult population and an increasing number of women entering the workforce, have also had an impact on the market. These demographic shifts have led to changing lifestyles and consumption patterns, with younger consumers seeking out more sophisticated and innovative alcoholic drinks. In conclusion, the Alcoholic Drinks market in Serbia is experiencing growth due to changing customer preferences towards premium and craft beverages, as well as local special circumstances such as the rise of craft beer and the recognition of Serbian wines. These trends are supported by underlying macroeconomic factors such as stable economic growth and changing demographics. As a result, the market is expected to continue to expand in the coming years.

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.