Hazelnuts market in Serbia

Earlier Report Observations

The hazelnut market in Serbia showed notable volatility from 2018 to 2023, with overall volume expanding by over 50% from 5 970 tonnes in 2018 to 9 063 tonnes in 2023. After a dip to 5 715 tonnes in 2019, consumption surged to 7 431 tonnes in 2020, then eased to 6 423 tonnes in 2021 before jumping to a peak of 9 598 tonnes in 2022 and moderating slightly in 2023.

By 2024, several factors were shaping the hazelnut sector. Inflation and rising prices for raw materials and energy increased production and distribution costs. Legislative changes, including tax amendments and new data protection laws, affected business operations. State agricultural subsidies and support programs for small and medium enterprises encouraged production, while global energy price hikes and geopolitical tensions impacted trade logistics. A shift in consumer preferences towards healthier diets boosted demand for hazelnuts as a nutritious food, and the entry of new players along with digitalization began altering distribution and marketing channels.

Production hazelnuts in Serbia

In kind, 2017-2020, t

From 2017 to 2020, Serbia ranked as the world's 12th largest producer of hazelnuts.

Top producers of hazelnuts, 2017-2020

World map of production of hazelnuts, 2017-2020

In 2020, Serbia produced 6 689 tonnes of hazelnuts, representing a significant year-over-year increase of 35.2%. Over the 2017-2020 period, production grew by 59.4%, with a compound annual growth rate of 16.8%. The most notable decline occurred in 2019, when production fell by 8.8%.

Annual dynamics of production in Serbia in kind, 2017-2020, t

In value, 2017-2020, K $ US

Serbia's hazelnut production value increased for the second consecutive year. In 2020, the output was valued at 48 597 thousand US dollars, up 45.9% compared to the previous year. Between 2017 and 2020, production value rose by 47.2%, equivalent to an annualized rate of 13.8%. The lowest value was recorded in 2018 at 31 312 thousand US dollars, which also saw the largest decline of 5.1%.

Annual dynamics of production in Serbia in value, 2017-2020, K $ US

Exports hazelnuts from Serbia

Exports in kind, t

The market exhibited volatility during the observed period. From 2017 to 2018, exports experienced a peak-to-trough amplitude of 2.4 times. In 2020, Serbia exported 31.9 tonnes of hazelnuts, marking a 17.5% increase from the previous year. The highest export volume was recorded in 2018 at 37.6 tonnes, which also saw the largest increase of 142.0%. The most significant decline occurred in 2019, with a drop of 27.9%.

Annual dynamics of product's exports from Serbia in kind, 2017-2020, t

From 2017 to 2020, Montenegro, Bosnia and Herzegovina, and Turkey were the leading destinations for Serbia's hazelnut exports in volume terms. Montenegro accounted for 34.0% of exports, Bosnia and Herzegovina for 19.9%, and Turkey for 19.6%, collectively representing 73.5% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Serbia in kind, 2017-2020

Exports in value, K $ US

The data shows irregular changes, indicating a volatile market environment. Exports in value terms reached their lowest point in 2017 and peaked in 2020, with a 1.9-fold difference between these years. In 2020, Serbia exported hazelnuts worth 231 thousand US dollars, a 26.8% increase from 2019. The largest decline was recorded in 2019 at 15.9%, while the most significant increase occurred in 2018 with a rise of 77.5%.

Annual dynamics of product's exports from Serbia in value, 2017-2020, K $ US

Throughout 2017-2020, Montenegro, Bosnia and Herzegovina, and Turkey remained the key destinations for Serbia's hazelnut exports in value terms. Montenegro held a 39.9% share, Bosnia and Herzegovina 21.2%, and Turkey 14.3%, together accounting for 75.4% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Serbia in value, 2017-2020

Imports hazelnuts to Serbia

Imports in kind, t

After two years of growth, Serbia's hazelnut imports declined. In 2020, imports totaled 773.9 tonnes, reflecting a 2.4% decrease from the previous year. Between 2017 and 2020, imports increased by 52.8%, equating to an annualized rate of 15.2%. The highest import volume was recorded in 2019 at 792.9 tonnes, which also saw the largest increase of 36.8%.

Annual dynamics of product's imports to Serbia in kind, 2017-2020, t

From 2017 to 2020, Turkey was overwhelmingly the main source for Serbia's hazelnut imports in volume terms, accounting for 93.1% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Serbia in kind, 2017-2020

Imports in value, K $ US

Serbia's hazelnut import value increased for the third consecutive year. In 2020, imports amounted to 5 253 thousand US dollars, reflecting a moderate year-over-year rise of 5.8%. Over the 2017-2020 period, import value grew by 71.5%, with a compound annual growth rate of 19.7%.

Annual dynamics of product's imports to Serbia in value, 2017-2020, K $ US

Throughout 2017-2020, Turkey remained the dominant and nearly exclusive source for Serbia's hazelnut imports in value terms, with a share of 93.0%.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Serbia in value, 2017-2020