In 2023, the consumption of hot drinks in Serbia faced a slowdown due to rising prices and a decline in disposable income. Consumers responded by reducing consumption volumes, shifting towards more affordable brands, opting for private label products, or making purchases during price discounts and promotions.
Hot drinks continued to be vigorously advertised amidst intense competition. Consumers not only sought exceptional taste but also paid attention to the price-to-quality ratio, packaging, and other factors.
The competition within hot drinks remained intense, with leading players heavily promoting their coffee brands. Foreign brands dominated prime retail shelves owing to larger advertisement budgets, while local players carved their niche by offering superior tea quality.
Retailers grappled with retaining consumers by offering superior value. Discounters witnessed substantial growth, not just in outlet numbers but also in consumer loyalty.
Foodservice continued its recovery in 2023, driven by busy consumer lifestyles and on-the-go consumption habits. Coffee retained its position as the most popular hot drink in on-trade locations.
Anticipating high inflation and continued disposable income decline in 2024, Serbians are expected to focus on essentials or shift towards more budget-friendly hot drinks. Private label brands are forecasted to gain market share during this economising period.
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Understand the latest market trends and future growth opportunities for the Hot Drinks industry in Serbia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Hot Drinks
This report originates from Passport, our Hot Drinks research and analysis database.
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