Economic freedom has worsened and corruption remains endemic, whilst governance is facing challenges from mass protests. Inflation has fallen markedly, but economic momentum is set to slow and foreign investors appear to be retreating. Alignment with the European Union (EU) is boosting incomes considerably, but the population is shrinking and rural dwellers are substantial in numbers. Mobile and internet use continues to grow, and 5G has been rolled out, but innovation faces some shortcomings.

Demand for breakfast cereals in Serbia is being impacted by busy urban lifestyles and demand for quick, convenient morning options. Traditional breakfasts are increasingly viewed as time-consuming, prompting consumers - particularly younger professionals and millennials - to choose ready-to-eat offerings. Muesli and granola is the fastest-growing category, thanks to its perception as nutritious, high-fibre, and lower-sugar option. Health trends are fuelling innovation, including plant-based, low

The baked goods industry in Serbia is being impacted by urban lifestyles and demand for quick, convenient options. Freshly baked and artisanal products remain popular, while packaged bread continues to gain share. Frozen baked goods is the fastest-growing category, appealing to consumers seeking fresh-tasting items to enjoy at home with minimal preparation time. Health-conscious trends are influencing product innovation, with more wholegrain, reduced-sugar, and functional ingredient offerings. A

Rice, pasta, and noodles remain central to the Serbian diet, remaining affordable despite rising prices, which supports steady consumer demand. Chilled pasta is increasingly valued for quick, restaurant-style meals, while instant noodles appeal to younger, time-conscious consumers due to their speed of preparation, variety, and affordability. Health and wellness trends are influencing product innovation, with high-protein, wholegrain, and gluten-free options gaining prominence. Danubius maintain

Processed fruit and vegetables are increasingly attractive to Serbian consumers, thanks to their longer shelf life, reduced waste, and affordability vis-à-vis fresh alternatives. Frozen processed vegetables are particularly valued for their convenience, being pre-washed, pre-cut, and ready to use, while retaining nutritional quality. Frikom leads the market with a broad portfolio of frozen products, supported by innovation and promotions, while private label is gaining traction due to competitiv

While traditional home-cooked dishes remain central to the local diet in Serbia, busy lifestyles are driving demand for convenient staple foods such as processed meat, vegetables, and instant noodles, Health and wellness trends are shaping product offerings, with consumers increasingly seeking breakfast cereals, pasta and baked goods that are high in protein, low in sugar, wholegrain, or made with functional ingredients. Price sensitivity remains a key factor, impacting both private label adopti

Processed meat remains popular in Serbia, thanks to its convenience, longer shelf life, and affordability compared with fresh products, meeting the needs of busy urban consumers. At the same time, chilled processed seafood is increasingly appreciated for its ease of preparation and high nutritional value, particularly Omega-3 fatty acids. Health-conscious trends are driving innovation, with products offering high protein, low fat, gluten-free, and portion-controlled options. Neoplanta maintains

The market for sauces, dips, and condiments in Serbia is benefiting from urbanisation and busier lifestyles, which are boosting demand for convenient, ready-to-use products. Tomato pastes and purées is a key growth driver, supported by factors such as tradition, low cost, long shelf life, and ease of preparation. Price sensitivity remains high, sustaining demand for private label and smaller packaging formats, while discounts continue to be an important sales driver. Exposure to global food tren

Retail sales of edible oils in Serbia are being driven by rising prices, supportive government policies, and modest growth in consumption. Sunflower oil has seen significant price increases caused by adverse weather conditions, supply constraints, and higher production costs, while olive oil is the most dynamic performer, benefiting from its health perception and consumers switching from more expensive sunflower oil. Price sensitivity remains high, supporting the popularity of private label edib

The market for sweet spreads in Serbia is benefitting from busier lifestyles and convenience-driven consumption, with families with children representing a key target segment. Jams and preserves remains the largest category due to their long-standing presence, versatility, and wide availability, while chocolate spreads and nut and seed based spreads show strong growth potential. Rising health consciousness is driving demand for products with reduced sugar, higher protein content, natural ingredi

Retail sales of cooking ingredients and prepared meals in Serbia are being fuelled by increasingly busy lifestyles, which are boosting demand for convenient options such as frozen ready meals, prepared salads, and soups. However, price sensitivity remains high after years of inflation, prompting manufacturers and retailers to rely on discounts, promotions, and private label offerings. Consumers are increasingly seeking healthier, natural, and plant-based products, favouring clean-label, low-suga

The market for meals and soups in Serbia is benefiting from the growing trend towards busy, on-the-go lifestyles. Urban consumers are increasingly favouring quick, inexpensive options like dry soups, or nutritionally balanced frozen ready meals. Frozen ready meals represents the most dynamic category, supported by wide product variety, promotions, and competitively priced private label options. Price sensitivity remains a key factor, however, encouraging discounts and the continued popularity of

This report assesses the business environment in Serbia, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and innovative capabilities. Companies can evaluate these factors to understand the strengths and weaknesses of a country’s business environment for better strategic investment decisions.

Value sales of analgesics are seeing healthy growth in Serbia in 2025. Analgesics remain widely used by a large number of people in in the country, most Serbians using these products regularly. For the majority, branding is very important when purchasing analgesics, more so than for many other consumer health products, as they trust specific brands to offer effective pain relief and minimal side effects.

Consumer health is maintaining positive value sales in Serbia in 2025, stimulated by price increases. Serbian consumers have become accustomed to higher costs of living, and price increases have not significantly deterred demand for consumer health products. Meanwhile, self-medication is driving volume sales growth, as Serbian consumers generally trust pharmacists as accessible healthcare professionals. Pharmacists provide advice on proper dosage, potential side effects, and interactions, which

Value sales of digestive remedies are seeing a positive performance in Serbia in 2025. According to a study published by the National Library of Medicine (source: Energy and Macronutrient Dietary Intakes of Serbian Adults 18–64 Years Old: EFSA EU Menu Food Consumption Survey in Serbia (2017–2022)), it is indicated that Serbian adults have significant dietary imbalances, with a heavy reliance on energy-dense foods like grains, fats, and meat, and an underrepresentation of fruits, vegetables, and

Value sales of herbal/traditional products are remaining positive and stable, even on an upwards trajectory, in Serbia in 2025. This is thanks to a longstanding tradition of using medicinal plants and phytotherapy in the country. This historical and cultural acceptance means that herbal remedies are often the first choice for common ailments or for preventive health. Also, Serbians often perceive herbal products as natural and therefore inherently safer, with fewer side effects compared to conve

Value sales of cough, cold and allergy (hay fever) remedies are seeing positive growth in Serbia in 2025, supported by baseline demand. Cold and flu medicines are used by the majority of adult consumers, with the majority of households keeping these products in stock to take as needed, often at the first symptoms of illness. However, some consumers remain reluctant to take these medicines other than on the recommendation of pharmacists, due to concerns over side effects or issues related to long

Value sales of wound care are maintaining a positive performance in Serbia in 2025, supported by baseline demand. The general growth in physical activity and sports participation across various demographic groups is contributing to a steady demand for everyday sticking plasters and adhesive bandages for minor cuts, scrapes, and abrasions. Households are also more likely to replenish stocks of these supplies as people engage in more active lifestyles. Also, the stable growth of different types of

Sports nutrition is seeing strong value sales in Serbia in 2025, connected to the rising consciousness about health, fitness, and active lifestyles among local consumers. This is a primary driver for the increased demand for sports nutrition products, as individuals seek to optimise their performance, recovery, and overall wellbeing. As more people engage in regular exercise, join fitness clubs, and participate in organised sports, the need for nutritional products that support performance and r

Value sales of dermatologicals are showing a positive performance in Serbia in 2025. There is a rising awareness among Serbian consumers about the importance of skin health, not just for aesthetic reasons, but as an indicator of overall wellbeing. This leads to a more proactive approach to skin care and the early adoption of remedies for emerging issues. Serbian consumers are increasingly keen to self-medicate where possible for dermatological issues, especially common, non-severe conditions, an

Value sales of weight management and wellbeing are seeing a healthy performance in Serbia in 2025. The local market offers a wide array of dietary supplements which leverage natural and herbal ingredients, driven by consumer demand for accessible solutions to manage weight, ideally in conjunction with lifestyle changes. To support healthy weight loss, marketing often emphasises "natural," "healthy," and "safe" weight loss, appealing to consumers looking for alternatives to prescription drugs or

Value sales of dietary supplements are seeing a positive performance in Serbia in 2025, at a slightly stronger rate than seen in vitamins. Growing consumer awareness of preventative health and the increase in available products are supporting sales, alongside price increases.

Value sales of paediatric consumer health are showing a positive performance in Serbia in 2025, characterised by a strong presence of common remedies for prevalent childhood ailments, alongside strict regulatory oversight regarding advertising and product information.