Bulgaria: Butter Market 2024

Butter Market Size in Bulgaria

The Bulgarian butter market rose to $X in 2022, increasing by 1.7% against the previous year. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +13.5% against 2017 indices. Butter consumption peaked in 2022 and is expected to retain growth in the near future.

Butter Production in Bulgaria

In value terms, butter production dropped to $X in 2022 estimated in export price. Over the period under review, the total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.6% against 2020 indices. The growth pace was the most rapid in 2017 when the production volume increased by 62% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Butter Exports

Exports from Bulgaria

In 2022, approx. X tons of butter were exported from Bulgaria; picking up by 81% compared with the year before. In general, total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +110.5% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, butter exports soared to $X in 2022. Over the period under review, exports enjoyed a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Romania (X tons) was the main destination for butter exports from Bulgaria, accounting for a 71% share of total exports. Moreover, butter exports to Romania exceeded the volume sent to the second major destination, Greece (X tons), threefold. The Netherlands (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+6.0% per year) and the Netherlands (-8.8% per year).

In value terms, Romania ($X) remains the key foreign market for butter exports from Bulgaria, comprising 65% of total exports. The second position in the ranking was taken by Greece ($X), with a 27% share of total exports. It was followed by Iraq, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania totaled +9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+14.2% per year) and Iraq (0.0% per year).

Export Prices by Country

The average butter export price stood at $X per ton in 2022, surging by 20% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter export price increased by +35.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 36%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was North Macedonia ($X per ton), while the average price for exports to Romania ($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 North Macedonia (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Bulgaria

In 2022, supplies from abroad of butter decreased by -15.3% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 38% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then reduced rapidly in the following year.

In value terms, butter imports surged to $X in 2022. Over the period under review, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 42% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of butter to Bulgaria, with a 58% share of total imports. Moreover, butter imports from Germany exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sixfold. The third position in this ranking was taken by France (X tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+25.2% per year) and France (+7.8% per year).

In value terms, Germany ($X) constituted the largest supplier of butter to Bulgaria, comprising 61% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 8.8% share of total imports. It was followed by France, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+30.4% per year) and France (+9.8% per year).

Import Prices by Country

In 2022, the average butter import price amounted to $X per ton, picking up by 38% against the previous year. In general, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter import price increased by +68.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 55% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from France ($X per ton) and Germany ($X per ton), while the price for Lithuania ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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