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Serbia Food and Drink Report Q4 2008
Business Monitor International, Oct 2008, Pages: 78
Serbia Food Drink Report provides independent forecasts and competitive intelligence on Serbia's food and drink industry.
In our revised Food and Drink Business Environment Ratings for Q408, Serbia is once again found in an unfavourable twelfth position. Although the country’s overall score is only one point lower than in the previous quarter, other markets in the Central and Eastern Europe (CEE) region were judged as having improved their operating environments, thus pushing Serbia downwards. Key drawbacks to investing in Serbia include its questionable short-term financing and other economic issues, including a large grey economy sector, as well as the unsettled political situation in the country.
Nevertheless, the potential of the Serbian food and drink market is actually considerable. Forecast growth of food consumption per capita is enviable, with the gradual re-integration into the European community helping stimulate economic as well as political stability. In terms of individual industries, organic farming and exports is one of the areas that are likely to experience substantial growth in the coming years, boosted by rising demand in Western Europe. Similarly, given its status as a non-European Union (EU) member, the country falls outside the EU’s strict quota system. Consequently, sugar refining and other food processing industries will continue to have plentiful room for expansion.
In the meantime, recent announcements confirm a positive outlook for the Serbian food and drinks market. In February 2008, domestic confectionery producer Soko Stark announced record production and sales for 2007, which has reportedly brought the company closer to European standards. The company is also expecting that its new waffles lines – which doubled the daily production capacity – will further boost its performance in the current year, domestically as well as in terms of exports.
More recently, prominent Greek retailer Veropoulos – currently the fourth largest players in the mass grocery retail (MGR) sector in the country – revealed its intention to expand its Serbian store network. Veropoulos, which currently has two supermarkets in the capital Belgrade, plans on increasing the number of Super Vero stores it has in the country up to 15. Construction of two new outlets has already begun, with one expected to open in the second half of the year. Veropoulos is in a good position to reap considerable commercial benefits, given the unsaturated nature of the country’s MGR sector, despite the presence of a number of large foreign operators.
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