Sales remain impacted by economic instability, with volume sales remaining low
Volume sales of soft drinks in Serbia achieved low positive volume growth in 2025, while value sales remain better supported by high unit prices. Overall, the landscape is being affected by economic instability following a period of high inflation in the recent review period. While inflationary pressures are starting to ease, the impact on sales of soft drinks can still be seen. Ultimately, this is manifesting in consumers focussing on essential purchases and decreasing their consumption of hot drinks or trading down to cheaper options.
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Overview:
Understand the latest market trends and future growth opportunities for the Soft Drinks industry in Serbia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Bottled Water
- Carbonates
- Concentrates
- Juice
- RTD Coffee
- RTD Tea
- Energy Drinks
- Sports Drinks
- Asian Speciality Drinks
If you're in the Soft Drinks industry in Serbia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Soft Drinks in Serbia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Soft Drinks in Serbia?
- To what extent are health considerations impacting consumption of Soft Drinks in Serbia?
- How are changing social attitudes and legislation (eg sugar tax) reshaping demand and consumption?
- How are changing demographics (for example, an ageing or predominantly young population) determining consumption of Soft Drinks in Serbia?
- Which are the leading brands in Soft Drinks in Serbia?
- What potential exists for multinational or domestic soft drinks companies to expand in Serbia?
- How are products distributed in Soft Drinks in Serbia?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How have home seclusion and social distancing measures following COVID-19 impacted sales of Soft Drinks?
- How are sustainability issues, such as environmentally-friendly packaging, legislation on recyclability, or the amount of plastic in bottles, impacting the soft drinks industry?
- Where is future growth expected to be most dynamic?
Soft Drinks in Serbia
Sales remain impacted by economic instability, with volume sales remaining low
KEY DATA FINDINGS
Health and wellness trends influence demand for reduced sugar options
Busy lifestyles support demand for smaller format sizes to suit on-the-go consumption
Sustainability trends influence the growing use of recycled packaging materials
Volume sales expected to maintain low positive growth, driven by the most in-demand soft drinks
Price sensitivity will continue, with consumers seeking deals, discounts, and private label
Developments expected to focus on lower sugar and functional soft drinks, with flavour remaining important
Coca-Cola maintains overall lead thanks to diverse brand portfolio, ongoing innovations, and strong distribution
Private label grows in demand, while lifestyle brand Oshee benefits from the popularity of sports drinks
Convenience stores benefit from consumers’ demand for fast, efficient, small and frequent shopping
Retail e-commerce and discounters grow in demand, catering to convenience and affordability
Foodservice vs retail split
COUNTRY REPORTS DISCLAIMER
Bottled Water in Serbia
KEY DATA FINDINGS
Volume sales see a slight increase, supported by baseline demand
Health trends support sales, while players attract consumers with discount-based promotions
Functional bottled water rises from a small base
Positive ongoing sales for bottled water, with busy lifestyles also supporting on-the-go demand
A wider range of functional and flavoured bottled water set to emerge over the forecast period
A growing presence of novelties is expected, as brands vie to stand out from the crowd
Local producer Knjaz Milos maintains lead with global backing from PepsiCo
Private label benefits from affordable prices, while Heba leverages its health-positioning and sporting partnerships
Convenience stores maintains its channel lead of bottled water, supported by ongoing outlet growth
Retail e-commerce sees the strongest growth, albeit from an emergent base
Carbonates in Serbia
KEY DATA FINDINGS
A flat volume performance for carbonates, due to high prices and competition from other soft drinks
Health and wellness trends place downwards pressure on carbonates
Health and wellness trends lead to demand for reduced sugar carbonates
Volume sales will remain challenged by competition from healthier soft drinks
Unique flavours, colours, and licensing partnerships set to attract consumer attention
A stronger focus on reduced sugar carbonates is expected to continue
Coca-Cola maintains its lead thanks to a strong brand portfolio and enhanced local infrastructure
Private label grows in demand, due to consumers seeking good quality at affordable prices
Small local grocers maintains a marginal distribution channel lead over the upcoming convenience stores
Retail e-commerce sees the strongest growth, albeit from an emergent base
Concentrates in Serbia
KEY DATA FINDINGS
Concentrates maintains positive growth thanks to affordable prices
Price-sensitivity drives consumers to seek the budget options, supporting sales
Powder concentrates benefit from convenience and adaptability
Ongoing positive growth, with players expected to launch wider assortments of powder concentrates
A challenge to sales comes from competition from ready-to-drink options which align with on-the-go lifestyles
New product developments expected to be somewhat limited and focused on lower sugar content and fortified variants
Atlantic BG maintains its leading place thanks to popularity of its well-established Cedevita brand
Atlantic BG also sees healthy growth, alongside that of private label players
Small local grocers maintains leading distribution channel place, despite rise of modern retail stores
Discounters channel sees growth, thanks to offering even lower prices
Concentrates Conversions
Juice in Serbia
KEY DATA FINDINGS
Volume sales of remain in a slump, although in a slight improvement to the previous year
Juice remains seen as a healthier soft drink, but still faces scrutiny due to high sugar content
Juice drinks less affected by global price increases for raw materials
Volume sales expected to creep back into low positive figures, while price sensitivity will continue to influence purchasing decisions
A wider range of formats expected, such as those to meet on-the-go demand
Ongoing price sensitivity will influence purchasing decisions and marketing strategies
Nectar Doo maintains its lead thanks to good reputation for quality and the use of local products
Private label gains, which Rauch benefits from offering options to meet different consumer budgets
Small local grocers maintains a marginal distribution channel lead over the upcoming convenience stores
Retail e-commerce sees the strongest growth, albeit from an emergent base
RTD Coffee in Serbia
KEY DATA FINDINGS
Healthy volume growth for RTD coffee, thanks to emergence from a low base and low unit prices
RTD coffee competes strongly with coffee from coffee shops thanks to lower prices
RTD coffee remains a more emergent category with fewer variants
Ongoing positive sales for RTD coffee, as the category continues to grow
New product developments expected in reduced sugar variants and new flavours
Foodservice will be an ongoing obstacle to stronger growth, due to the “café experience”
Nestlé’s Nescafé Xpress maintains its robust lead, with no direct competition
Starbucks benefits from an increased assortment and new formats
Supermarkets maintains distribution channel lead thanks to modern retail being the main route for RTD coffee sales
Retail e-commerce sees the strongest growth, albeit from an emergent base
RTD Tea in Serbia
KEY DATA FINDINGS
Sales of RTD tea remain in a negative volume slump due to high prices suppressing demand
Small ongoing demand comes from RTD being seen as a healthier option compared to many other soft drinks
Reduced sugar RTD tea attracts attention from a low base
Volume sales of RTD tea will return to low positive volume growth as consumer spending power improves
More novelties and cheaper brands expected to be launched in RTD tea
Price will continue to influence purchasing decisions
Coca-Cola’s Fuze Tea maintains top place thanks to strong brand awareness
Nestlé’s Nestea shows strong growth from an emergent base as it returns to the market
Small local grocers maintains leading distribution channel place, despite rise of modern retail stores
Retail e-commerce sees the strongest growth, albeit from an emergent base
Energy Drinks in Serbia
KEY DATA FINDINGS
Energy drinks maintain healthy volume growth, despite high prices
Energy drinks continue to satisfy growing consumer demand for energy and performance enhancing drinks
Reduced sugar energy drinks attract health-conscious consumers
Busy consumers will continue to demand energy drinks, supporting an ongoing positive performance
Price sensitivity will continue to influence sales, leading to a higher incidence of price-based promotions
Ongoing health and wellness trends will continue to support interest in reduced sugar energy drinks
Knjaz Milos maintains its lead with its popular Guaraná brand
The Hell brand benefits from affordable pricing and strong trendy appeal among younger consumers
Small local grocers maintains leading distribution channel place, despite rise of modern retail stores
Retail e-commerce sees the strongest growth, albeit from an emergent base
Sports Drinks in Serbia
KEY DATA FINDINGS
Healthy growth continues for popular sports drinks
Growth trajectory of sports drinks supported by its development from an emergent status
Regular sports drinks remains the key category, with reduced sugar variants insignificant
An ongoing positive trajectory for sports drinks, albeit with slowing growth as the category matures
The assortment of products and players will continue to grow, due to current low category saturation
Active consumers will increasingly seek products which offer hydration, electrolyte replenishment, and vitamin fortification
Knjaz Milos benefits from assortment of variants under its Aqua Viva brand, with wide availability and strong promotional support
Oshee brand continues to show strong growth from its emergent base
Small local grocers maintains leading distribution channel place, despite rise of modern retail stores
Retail e-commerce sees the strongest growth, albeit from an emergent base
COUNTRY REPORTS DISCLAIMER
The following categories and subcategories are included:
Soft Drinks
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- Carbonated Natural Mineral Bottled Water
- Carbonated Spring Bottled Water
- Carbonated Purified Bottled Water
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- Still Flavoured Bottled Water
- Sparkling Flavoured Bottled Water
- Functional Bottled Water
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- Still Natural Mineral Bottled Water
- Still Spring Bottled Water
- Still Purified Bottled Water
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- Regular Carbonates
- Reduced Sugar Carbonates
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- Regular Cola Carbonates
- Reduced Sugar Cola Carbonates
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- Regular Non-Cola Carbonates
- Reduced Sugar Non-Cola Carbonates
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- Regular Lemonade/Lime
- Reduced Sugar Lemonade/Lime
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- Regular Tonic Water/Mixers/Other Bitters
- Reduced Sugar Tonic Water/Mixers/Other Bitters
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- Regular Orange Carbonates
- Reduced Sugar Orange Carbonates
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- Regular Other Non-Cola Carbonates
- Reduced Sugar Other Non-Cola Carbonates
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- Liquid Concentrates
- Powder Concentrates
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- Not from Concentrate 100% Juice
- Reconstituted 100% Juice
- Coconut and Other Plant Waters
- Juice Drinks (up to 24% Juice)
- Nectars
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- RTD Coffee
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- Carbonated RTD Tea and Kombucha
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- Regular Still RTD Tea
- Reduced Sugar Still RTD Tea
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- Regular Energy Drinks
- Reduced Sugar Energy Drinks
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- Regular Sports Drinks
- Reduced Sugar Sports Drinks
- Asian Speciality Drinks
Soft Drinks
This is the aggregation of the following categories; Carbonates, Fruit/vegetable juice, Bottled water, Functional drinks, Concentrates, RTD tea, RTD coffee and Asian speciality drinks.
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This report originates from Passport, our Soft Drinks research and analysis database.
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