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Soft Drinks in Serbia

Published Jan 21, 2026
Length 83 Pages
SKU # EP20808016

Description

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...

Euromonitor International's Soft Drinks in Serbia report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data (2021-2025), allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market – be they legislative, distribution, packaging or pricing issues. Forecasts to 2030 illustrate how the market is set to change.

Product coverage: Asian Speciality Drinks, Bottled Water, Carbonates, Concentrates, Energy Drinks, Juice, RTD Coffee, RTD Tea, Sports Drinks.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?
* Get a detailed picture of the Soft Drinks market;
* Pinpoint growth sectors and identify factors driving change;
* Understand the competitive environment, the market’s major players and leading brands;
* Use five-year forecasts to assess how the market is predicted to develop.

Table of Contents

83 Pages
Soft Drinks in Serbia
Euromonitor International
January 2026
List Of Contents And Tables
SOFT DRINKS IN SERBIA
EXECUTIVE SUMMARY
Sales remain impacted by economic instability, with volume sales remaining low
KEY DATA FINDINGS
INDUSTRY PERFORMANCE
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
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
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
CHANNELS
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
MARKET DATA
Table 1 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume 2020-2025
Table 2 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: % Volume Growth 2020-2025
Table 3 Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2020-2025
Table 4 Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value Growth 2020-2025
Table 5 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: Volume 2025
Table 6 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: % Volume 2025
Table 7 Off-trade vs On-trade Sales of Soft Drinks by Category: Value 2025
Table 8 Off-trade vs On-trade Sales of Soft Drinks by Category: % Value 2025
Table 9 Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2020-2025
Table 10 Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth 2020-2025
Table 11 Off-trade Sales of Soft Drinks by Category: Value 2020-2025
Table 12 Off-trade Sales of Soft Drinks by Category: % Value Growth 2020-2025
Table 13 Sales of Soft Drinks by Total Fountain On-trade: Volume 2020-2025
Table 14 Sales of Soft Drinks by Total Fountain On-trade: % Volume Growth 2020-2025
Table 15 NBO Company Shares of Off-trade Soft Drinks (RTD): % Volume 2021-2025
Table 16 LBN Brand Shares of Off-trade Soft Drinks (RTD): % Volume 2022-2025
Table 17 NBO Company Shares of Off-trade Soft Drinks: % Value 2021-2025
Table 18 LBN Brand Shares of Off-trade Soft Drinks: % Value 2022-2025
Table 19 Penetration of Private Label in Off-trade Soft Drinks (RTD) by Category: % Volume 2020-2025
Table 20 Penetration of Private Label in Off-trade Soft Drinks by Category: % Value 2020-2025
Table 21 Distribution of Off-trade Soft Drinks (as sold) by Format: % Volume 2020-2025
Table 22 Distribution of Off-trade Soft Drinks (as sold) by Format and Category: % Volume 2025
Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume 2025-2030
Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: % Volume Growth 2025-2030
Table 25 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2025-2030
Table 26 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value Growth 2025-2030
Table 27 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2025-2030
Table 28 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth 2025-2030
Table 29 Forecast Off-trade Sales of Soft Drinks by Category: Value 2025-2030
Table 30 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth 2025-2030
Table 31 Forecast Sales of Soft Drinks by Total Fountain On-trade: Volume 2025-2030
Table 32 Forecast Sales of Soft Drinks by Total Fountain On-trade: % Volume Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
SOURCES
Summary 1 Research Sources
CARBONATES IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
A flat volume performance for carbonates, due to high prices and competition from other soft drinks
INDUSTRY PERFORMANCE
Health and wellness trends place downwards pressure on carbonates
Health and wellness trends lead to demand for reduced sugar carbonates
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
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
CHANNELS
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
CATEGORY DATA
Table 33 Off-trade vs On-trade Sales of Carbonates: Volume 2020-2025
Table 34 Off-trade vs On-trade Sales of Carbonates: Value 2020-2025
Table 35 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2020-2025
Table 36 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2020-2025
Table 37 Off-trade Sales of Carbonates by Category: Volume 2020-2025
Table 38 Off-trade Sales of Carbonates by Category: Value 2020-2025
Table 39 Off-trade Sales of Carbonates by Category: % Volume Growth 2020-2025
Table 40 Off-trade Sales of Carbonates by Category: % Value Growth 2020-2025
Table 41 Sales of Carbonates by Total Fountain On-trade: Volume 2020-2025
Table 42 Sales of Carbonates by Total Fountain On-trade: % Volume Growth 2020-2025
Table 43 NBO Company Shares of Off-trade Carbonates: % Volume 2021-2025
Table 44 LBN Brand Shares of Off-trade Carbonates: % Volume 2022-2025
Table 45 NBO Company Shares of Off-trade Carbonates: % Value 2021-2025
Table 46 LBN Brand Shares of Off-trade Carbonates: % Value 2022-2025
Table 47 Forecast Off-trade Sales of Carbonates by Category: Volume 2025-2030
Table 48 Forecast Off-trade Sales of Carbonates by Category: Value 2025-2030
Table 49 Forecast Off-trade Sales of Carbonates by Category: % Volume Growth 2025-2030
Table 50 Forecast Off-trade Sales of Carbonates by Category: % Value Growth 2025-2030
Table 51 Forecast Sales of Carbonates by Total Fountain On-trade: Volume 2025-2030
Table 52 Forecast Sales of Carbonates by Total Fountain On-trade: % Volume Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
JUICE IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Volume sales of remain in a slump, although in a slight improvement to the previous year
INDUSTRY PERFORMANCE
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
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
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
CHANNELS
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
CATEGORY DATA
Table 53 Off-trade Sales of Juice by Category: Volume 2020-2025
Table 54 Off-trade Sales of Juice by Category: Value 2020-2025
Table 55 Off-trade Sales of Juice by Category: % Volume Growth 2020-2025
Table 56 Off-trade Sales of Juice by Category: % Value Growth 2020-2025
Table 57 NBO Company Shares of Off-trade Juice: % Volume 2021-2025
Table 58 LBN Brand Shares of Off-trade Juice: % Volume 2022-2025
Table 59 NBO Company Shares of Off-trade Juice: % Value 2021-2025
Table 60 LBN Brand Shares of Off-trade Juice: % Value 2022-2025
Table 61 Forecast Off-trade Sales of Juice by Category: Volume 2025-2030
Table 62 Forecast Off-trade Sales of Juice by Category: Value 2025-2030
Table 63 Forecast Off-trade Sales of Juice by Category: % Volume Growth 2025-2030
Table 64 Forecast Off-trade Sales of Juice by Category: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
BOTTLED WATER IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Volume sales see a slight increase, supported by baseline demand
INDUSTRY PERFORMANCE
Health trends support sales, while players attract consumers with discount-based promotions
Functional bottled water rises from a small base
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
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
CHANNELS
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
CATEGORY DATA
Table 65 Off-trade Sales of Bottled Water by Category: Volume 2020-2025
Table 66 Off-trade Sales of Bottled Water by Category: Value 2020-2025
Table 67 Off-trade Sales of Bottled Water by Category: % Volume Growth 2020-2025
Table 68 Off-trade Sales of Bottled Water by Category: % Value Growth 2020-2025
Table 69 NBO Company Shares of Off-trade Bottled Water: % Volume 2021-2025
Table 70 LBN Brand Shares of Off-trade Bottled Water: % Volume 2022-2025
Table 71 NBO Company Shares of Off-trade Bottled Water: % Value 2021-2025
Table 72 LBN Brand Shares of Off-trade Bottled Water: % Value 2022-2025
Table 73 Forecast Off-trade Sales of Bottled Water by Category: Volume 2025-2030
Table 74 Forecast Off-trade Sales of Bottled Water by Category: Value 2025-2030
Table 75 Forecast Off-trade Sales of Bottled Water by Category: % Volume Growth 2025-2030
Table 76 Forecast Off-trade Sales of Bottled Water by Category: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
SPORTS DRINKS IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Healthy growth continues for popular sports drinks
INDUSTRY PERFORMANCE
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
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
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
CHANNELS
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
CATEGORY DATA
Table 77 Off-trade Sales of Sports Drinks: Volume 2020-2025
Table 78 Off-trade Sales of Sports Drinks: Value 2020-2025
Table 79 Off-trade Sales of Sports Drinks: % Volume Growth 2020-2025
Table 80 Off-trade Sales of Sports Drinks: % Value Growth 2020-2025
Table 81 NBO Company Shares of Off-trade Sports Drinks: % Volume 2021-2025
Table 82 LBN Brand Shares of Off-trade Sports Drinks: % Volume 2022-2025
Table 83 NBO Company Shares of Off-trade Sports Drinks: % Value 2021-2025
Table 84 LBN Brand Shares of Off-trade Sports Drinks: % Value 2022-2025
Table 85 Forecast Off-trade Sales of Sports Drinks: Volume 2025-2030
Table 86 Forecast Off-trade Sales of Sports Drinks: Value 2025-2030
Table 87 Forecast Off-trade Sales of Sports Drinks: % Volume Growth 2025-2030
Table 88 Forecast Off-trade Sales of Sports Drinks: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
ENERGY DRINKS IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Energy drinks maintain healthy volume growth, despite high prices
INDUSTRY PERFORMANCE
Energy drinks continue to satisfy growing consumer demand for energy and performance enhancing drinks
Reduced sugar energy drinks attract health-conscious consumers
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
Knjaz Milos maintains its lead with its popular Guaraná brand
The Hell brand benefits from affordable pricing and strong trendy appeal among younger consumers
CHANNELS
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
CATEGORY DATA
Table 89 Off-trade Sales of Energy Drinks: Volume 2020-2025
Table 90 Off-trade Sales of Energy Drinks: Value 2020-2025
Table 91 Off-trade Sales of Energy Drinks: % Volume Growth 2020-2025
Table 92 Off-trade Sales of Energy Drinks: % Value Growth 2020-2025
Table 93 NBO Company Shares of Off-trade Energy Drinks: % Volume 2021-2025
Table 94 LBN Brand Shares of Off-trade Energy Drinks: % Volume 2022-2025
Table 95 NBO Company Shares of Off-trade Energy Drinks: % Value 2021-2025
Table 96 LBN Brand Shares of Off-trade Energy Drinks: % Value 2022-2025
Table 97 Forecast Off-trade Sales of Energy Drinks: Volume 2025-2030
Table 98 Forecast Off-trade Sales of Energy Drinks: Value 2025-2030
Table 99 Forecast Off-trade Sales of Energy Drinks: % Volume Growth 2025-2030
Table 100 Forecast Off-trade Sales of Energy Drinks: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
CONCENTRATES IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Concentrates maintains positive growth thanks to affordable prices
INDUSTRY PERFORMANCE
Price-sensitivity drives consumers to seek the budget options, supporting sales
Powder concentrates benefit from convenience and adaptability
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
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
CHANNELS
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
Summary 2 Concentrates Conversion Factors for Ready-to-Drink (RTD) Format
CATEGORY DATA
Table 101 Off-trade Sales of Concentrates (RTD) by Category: Volume 2020-2025
Table 102 Off-trade Sales of Concentrates by Category: Value 2020-2025
Table 103 Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth 2020-2025
Table 104 Off-trade Sales of Concentrates by Category: % Value Growth 2020-2025
Table 105 NBO Company Shares of Off-trade Concentrates (RTD): % Volume 2021-2025
Table 106 LBN Brand Shares of Off-trade Concentrates (RTD): % Volume 2022-2025
Table 107 NBO Company Shares of Off-trade Concentrates: % Value 2021-2025
Table 108 LBN Brand Shares of Off-trade Concentrates: % Value 2022-2025
Table 109 NBO Company Shares of Off-trade Liquid Concentrates (RTD): % Volume 2021-2025
Table 110 LBN Brand Shares of Off-trade Liquid Concentrates (RTD): % Volume 2022-2025
Table 111 NBO Company Shares of Off-trade Powder Concentrates (RTD): % Volume 2021-2025
Table 112 LBN Brand Shares of Off-trade Powder Concentrates (RTD): % Volume 2022-2025
Table 113 Forecast Off-trade Sales of Concentrates (RTD) by Category: Volume 2025-2030
Table 114 Forecast Off-trade Sales of Concentrates by Category: Value 2025-2030
Table 115 Forecast Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth 2025-2030
Table 116 Forecast Off-trade Sales of Concentrates by Category: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
RTD TEA IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Sales of RTD tea remain in a negative volume slump due to high prices suppressing demand
INDUSTRY PERFORMANCE
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
WHAT’S NEXT?
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
COMPETITIVE LANDSCAPE
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
CHANNELS
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
CATEGORY DATA
Table 117 Off-trade Sales of RTD Tea by Category: Volume 2020-2025
Table 118 Off-trade Sales of RTD Tea by Category: Value 2020-2025
Table 119 Off-trade Sales of RTD Tea by Category: % Volume Growth 2020-2025
Table 120 Off-trade Sales of RTD Tea by Category: % Value Growth 2020-2025
Table 121 NBO Company Shares of Off-trade RTD Tea: % Volume 2021-2025
Table 122 LBN Brand Shares of Off-trade RTD Tea: % Volume 2022-2025
Table 123 NBO Company Shares of Off-trade RTD Tea: % Value 2021-2025
Table 124 LBN Brand Shares of Off-trade RTD Tea: % Value 2022-2025
Table 125 Forecast Off-trade Sales of RTD Tea by Category: Volume 2025-2030
Table 126 Forecast Off-trade Sales of RTD Tea by Category: Value 2025-2030
Table 127 Forecast Off-trade Sales of RTD Tea by Category: % Volume Growth 2025-2030
Table 128 Forecast Off-trade Sales of RTD Tea by Category: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
RTD COFFEE IN SERBIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Healthy volume growth for RTD coffee, thanks to emergence from a low base and low unit prices
INDUSTRY PERFORMANCE
RTD coffee competes strongly with coffee from coffee shops thanks to lower prices
RTD coffee remains a more emergent category with fewer variants
WHAT’S NEXT?
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”
COMPETITIVE LANDSCAPE
Nestlé’s Nescafé Xpress maintains its robust lead, with no direct competition
Starbucks benefits from an increased assortment and new formats
CHANNELS
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
CATEGORY DATA
Table 129 Off-trade Sales of RTD Coffee: Volume 2020-2025
Table 130 Off-trade Sales of RTD Coffee: Value 2020-2025
Table 131 Off-trade Sales of RTD Coffee: % Volume Growth 2020-2025
Table 132 Off-trade Sales of RTD Coffee: % Value Growth 2020-2025
Table 133 NBO Company Shares of Off-trade RTD Coffee: % Volume 2021-2025
Table 134 LBN Brand Shares of Off-trade RTD Coffee: % Volume 2022-2025
Table 135 NBO Company Shares of Off-trade RTD Coffee: % Value 2021-2025
Table 136 LBN Brand Shares of Off-trade RTD Coffee: % Value 2022-2025
Table 137 Forecast Off-trade Sales of RTD Coffee: Volume 2025-2030
Table 138 Forecast Off-trade Sales of RTD Coffee: Value 2025-2030
Table 139 Forecast Off-trade Sales of RTD Coffee: % Volume Growth 2025-2030
Table 140 Forecast Off-trade Sales of RTD Coffee: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER

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