Bulgaria: Biological Product Market 2024

Biological Product Market Size in Bulgaria

In 2022, after two years of growth, there was significant decline in the Bulgarian biological product market, when its value decreased by X% to $X. Over the period under review, consumption, however, recorded prominent growth. As a result, consumption reached the peak level of $X, and then declined remarkably in the following year.

Biological Product Production in Bulgaria

In value terms, biological product production soared to $X in 2022 estimated in export price. In general, production, however, posted resilient growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Biological Product Exports

Exports from Bulgaria

In 2022, approx. X tons of biological products were exported from Bulgaria; waning by X% against the year before. In general, exports showed a drastic downturn. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then fell rapidly in the following year.

In value terms, biological product exports dropped markedly to $X in 2022. Overall, exports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2018 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for biological product exports from Bulgaria, accounting for a X% share of total exports. Moreover, biological product exports to the United States exceeded the volume sent to the second major destination, Russia (X tons), fourfold. Azerbaijan (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Azerbaijan (X% per year).

In value terms, the United States ($X) remains the key foreign market for biological products exports from Bulgaria, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with a X% share of total exports. It was followed by Russia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Russia (X% per year).

Export Prices by Country

The average biological product export price stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price saw a abrupt decrease. The pace of growth appeared the most rapid in 2018 an increase of X%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X,451 per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced a decline.

Biological Product Imports

Imports into Bulgaria

In 2022, the amount of biological products imported into Bulgaria reduced sharply to X tons, with a decrease of X% on the year before. Overall, imports, however, saw slight growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, biological product imports contracted markedly to $X in 2022. In general, imports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then fell remarkably in the following year.

Imports by Country

Germany (X tons), the Czech Republic (X tons) and Latvia (X tons) were the main suppliers of biological product imports to Bulgaria, with a combined X% share of total imports. The Netherlands, Italy, Poland, Denmark, Belgium, the United States, Ireland, Turkey, Austria and Hungary lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of biological products to Bulgaria, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports. It was followed by Hungary, with an X% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Hungary (X% per year).

Import Prices by Country

In 2022, the average biological product import price amounted to $X per ton, dropping by X% against the previous year. Overall, the import price, however, saw a prominent increase. The pace of growth appeared the most rapid in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hungary ($X,807 per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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