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Serbia traditionally remains one of the most prominent tobacco markets in Europe. In 2025–2026, the market continues to transform under the influence of tax changes, the growth of alternative nicotine products, and investments in modern production solutions
The Serbian market is entering a stage of maturity. It is no longer just a market for traditional tobacco products, but a platform for implementing technological solutions and higher value-added products. To succeed in 2026, companies need to take into account the tightening of excise policies, compliance requirements, and the shift in consumer interest toward alternative nicotine delivery systems
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