What Zvečevo does

Zvečevo d.d. is a Croatian public confectionery company headquartered in Požega, founded in 1921 and listed on the Zagreb Stock Exchange under ticker ZVCV. The company manufactures and distributes chocolate, marshmallows, waffles, and sweet popcorn, alongside alcoholic beverages, operating through a portfolio of heritage brands including Mikado (the world's first rice chocolate, created in 1964), Seka i Braco (since 1957), and the filled-chocolate lines Volim te... and Samo ti... (since 1966). Manufacturing relies on proprietary chocolate-making processes developed since 1934 through a long-standing technical partnership with Nestlé, including ongoing training in Switzerland, and the facility operates under ISO 9001:2000 and HACCP certifications.

Zvečevo generates revenue primarily through B2C sales of branded confectionery via retail stores and a network of regional distribution partners covering Bosnia and Herzegovina, Serbia, Montenegro, North Macedonia, Kosovo, and Albania, with additional export channels reaching North America, Australia, New Zealand, Austria, Germany, Hungary, and Switzerland. The company does not publicly disclose pricing or revenue, and its go-to-market is a hybrid of physical retail presence, distributor-based regional coverage, and a corporate website (zvecevo.hr) that supports direct consumer touchpoints and investor communications.

In 2023-2025, the company is executing an EU co-financed €2.49 million production capacity expansion project targeting roughly 35% additional chocolate-bar capacity, a 67% reduction in CO2 emissions, and a 50% reduction in defective product share. The company also recently extended its product portfolio into Marshmallow, Slatke kokice, and Waffli lines, and announced an upcoming Čokoladni Barovi range. In 2024, Zvečevo underwent a material ownership change — a takeover report was filed, voting rights fell below the 75% threshold, and both the Management Board and Supervisory Board were reshuffled.

Name

Zvečevo

Legal name

Zvečevo d.d.

Website

https://zvecevo.hr

Company type

Public

Founded year

1921

Operating status

Operating

Headcount range

101–250 employees

Short description

Zvečevo d.d. is a Croatian public confectionery manufacturer founded in 1921 (ZSE: ZVCV) that produces heritage chocolate brands including Mikado and Seka i Braco, plus marshmallows, waffles, and sweet popcorn, distributing across the Western Balkans and exporting to North America, Australia, New Zealand, and parts of Western Europe.

Ownership category

akta.pro rank

Product category

Confectionery Manufacturing

NAICS

Chocolate and Confectionery Manufacturing (31135), Sugar and Confectionery Product Manufacturing (3113), Confectionery Manufacturing from Purchased Chocolate (311352), Bakeries and Tortilla Manufacturing (3118)

SIC

Sugar & Confectionery Products (2060), Cookies & Crackers (2052), Food And Kindred Products (2000)

akta.pro primary industry

Chocolate & Chocolate Confectionery (CRADABAA)

akta.pro secondary industries

Chocolate & Candy Snacks Manufacturing (AFAKAIAM), Snack Bars (Granola, Protein, Cereal Bars) (CRADABAG)

Keywords

• Chocolate manufacturing
• Confectionery products
• Rice chocolate
• Marshmallow products
• Chocolate bars

Headquarters

HQ city

Pozega

HQ country

Croatia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Revenue model

1. Chocolate and Confectionery Products: Zvečevo generates revenue through the manufacture and sale of chocolate products including chocolate bars, filled chocolates, rice chocolate, marshmallows, waffles, and sweet popcorn through retail and distribution channels.

Go-to-market motion1 record

Distribution channels8 records

Marketing channels1 record

Core offering

Zvečevo is a Croatian confectionery manufacturer producing chocolate bars, filled chocolates, rice chocolate, marshmallows, waffles, and sweet popcorn. Its portfolio centers on iconic brands including Mikado (world's first rice chocolate, 1964), Seka i Braco (1957), and the filled chocolate lines Volim te... and Samo ti... (1966), sold through retail stores and a regional distributor network across the Balkans and selected international markets.

Product overview

Zvečevo is a Croatian confectionery company producing chocolates and marshmallow products. The product portfolio centers on four main chocolate brands (Mikado as the world's first rice chocolate since 1964, Samo ti and Volim te filled chocolates since 1966, and Seka i Braco milk chocolates since 1957), along with a complete marshmallow line (Solo, Duo, Trio, and Jam variants in 90g and 300g sizes), plus announced chocolate bars and sweet popcorn and waffle categories. The company also produces alcoholic beverages alongside its confectionery offerings.

Differentiator

Problem solved

Functional benefit

Brands

• Mikado: World's first rice chocolate, flagship brand of Zvečevo since 1964.
• Seka i Braco
• Volim te...
• Samo ti...

Products and services

• Mikado The world's first rice chocolate, Zvečevo's flagship brand, made with quality chocolate layered over crisp rice in sizes 75g, 225g, and 300g, for general consumers.
• Seka i Braco Milk chocolate bars with high milk content and aromatic cocoa, produced since 1957, available as separate 75g bars or with milk/banana fillings in 100g packs, for general consumers.
• Volim te... Filled milk chocolates launched in 1966, featuring flavors such as cherry-strawberry-raspberry, hazelnut-almond-caramel, and forest fruits, available in 100g and 253g packs, positioned for romantic and emotional gifting occasions.
• Samo ti... Filled milk chocolates launched in 1966, combining smooth milk chocolate with strawberry, raspberry, or hazelnut natural flavors, available in 100g and 250g packs, for general consumers.
• Marshmallow Solo Soft and fluffy single-flavor vanilla marshmallow in a 90g pack, for everyday snacking by general consumers.
• Marshmallow Duo 90g Two-flavor marshmallow combining strawberry and vanilla, available in a 90g pack, for general consumers and family snacking.
• Marshmallow Duo 300g Larger 300g pack of strawberry and vanilla marshmallow duo, positioned for sharing and family moments.
• Marshmallow Trio 90g Three-flavor marshmallow with strawberry, vanilla, and banana, available in a 90g pack, for general consumers.
• Marshmallow Trio 300g Larger 300g pack of strawberry, vanilla, and banana marshmallow trio, positioned for family gatherings and celebrations.
• Marshmallow Jam Marshmallow with 19% fruit jam filling featuring strawberry, vanilla, and banana flavors with a fruity center, in a 90g pack, for general consumers.
• Slatke kokice Sweet popcorn product line offered as a confectionery snack for general consumers.
• Waffli Waffles product line offered as a confectionery item for general consumers.

Quantifiable outcome

• Production capacity increase of approximately 35% after EU project completion
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core.

• NestlécoreTechnology or IntegrationPartnership began in 1934 when Swiss company Nestlé brought new knowledge, modern techniques, and recipes to Zvečevo that shaped the flavors loved by generations. The collaboration was renewed in the 1970s with teams receiving training in Switzerland.
• FLEXWAY BH d.o.o.coreChannel Partner/ Reseller/ DistributorRegional distribution partner for Bosnia and Herzegovina, located at Maglajska 1, Sarajevo 71000.
• Venera d.o.o.coreChannel Partner/ Reseller/ DistributorRegional distribution partner for Bosnia and Herzegovina (Banja Luka), located at Blagoja Parovića bb, 78000 Banja Luka.
• KDV SRB d.o.o.coreChannel Partner/ Reseller/ DistributorRegional distribution partner for Serbia, located at Ul. Krnješevačka 144, 22310 Šimanovci-Pećinci.
• Flexway MNE d.o.o.coreChannel Partner/ Reseller/ DistributorRegional distribution partner for Montenegro, located at Grebice bb., 81400 Nikšić.
• NIMEX d.o.o.coreChannel Partner/ Reseller/ DistributorRegional distribution partner for North Macedonia, located at 1557 nr.23 – Butel, 1000 Shkup.
• Meridian Corporation Sh.p.k.coreChannel Partner/ Reseller/ DistributorRegional distribution partner for Kosovo, located at Bulevardi Bill Clinton, Zona Industriale p.n., 10000 Prishtinë.
• FLEXWAY ALBANIA SHPKcoreChannel Partner/ Reseller/ DistributorRegional distribution partner for Albania, located at 40/3 Ibrahim Rugova Str., 1019 Tirana.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Ferrero: Italian multinational confectionery producer known for Ferrero Rocher, Kinder, and Nutella. Competes with Zvečevo in filled chocolates and pralines segments globally, particularly in European retail channels where Zvečevo's Mikado and Volim te brands overlap.
• Mondelez International: Global confectionery giant with brands like Milka, Toblerone, Cadbury, and Côte d'Or. Competes directly with Zvečevo in chocolate bars and filled chocolate categories across European and global markets, with much greater marketing and distribution resources.
• Bahlsen: German confectionery manufacturer producing biscuits, wafers, and chocolate products. Comparable to Zvečevo's Waffli product line and competes in similar European retail channels with branded baked confectionery offerings.
• Barry Callebaut: World's leading chocolate and cocoa manufacturer supplying B2B ingredients and finished products. Represents both a potential supplier and competitor to Zvečevo's chocolate manufacturing operations across European markets.
• Nestlé: Global confectionery multinational with extensive chocolate portfolio including KitKat, Smarties, and After Eight. Historically partnered with Zvečevo since 1934 and is a direct competitor in the same product categories globally, with vastly larger scale and distribution.

Direct peers

• Kraš: Croatian confectionery manufacturer with similar product portfolio (chocolate bars, filled chocolates, wafers) and direct domestic market overlap. Both are publicly traded Croatian food companies targeting similar consumer occasions with nostalgic heritage brands.

Regional players

• Côte d'Or: Belgian chocolate brand (part of Mondelez) competing in the premium European chocolate segment. Comparable to Zvečevo's Seka i Braco and Volim te milk chocolate brands in product positioning, with established recognition in neighboring European markets.
• Zvečevo's main competitors in the Balkans include Pionir (Serbia) and Kandit (Slovenia). Pionir is a regional confectionery manufacturer producing chocolates and similar confectionery under brands like Merci and Štark, with comparable distribution channels and target consumers in former Yugoslav markets. Zvečevo's main competitors in the Balkans include Pionir (Serbia) and Kandit (Slovenia). Pionir is a regional confectionery manufacturer producing chocolates and similar confectionery under brands like Merci and Štark, with comparable distribution channels and target consumers in former Yugoslav markets.
• Stollwerck: German chocolate manufacturer (now part of Barry Callebaut) producing filled chocolates, pralines, and seasonal confectionery. Directly comparable to Zvečevo's filled chocolate offerings and competes in similar Central European retail and seasonal channels.
• Kandit: Slovenian confectionery manufacturer producing chocolates, filled chocolates, and Easter/seasonal products. Competes with Zvečevo in the Slovenian and broader ex-Yugoslav market, offering similar product formats and price positioning to regional consumers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/zvecevo1

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zvečevo