Bulgaria: Chocolate Market 2024

Chocolate Market Size in Bulgaria

In 2022, the Bulgarian chocolate market decreased by -22.1% to $X, falling for the seventh consecutive year after two years of growth. Over the period under review, consumption showed a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Bulgaria

In value terms, chocolate production surged to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt descent. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Bulgaria

For the eleventh year in a row, Bulgaria recorded growth in shipments abroad of chocolate and cocoa products, which increased by 2.2% to X tons in 2022. In general, exports showed buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 27% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, chocolate exports expanded sharply to $X in 2022. Over the period under review, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 30% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Germany (X tons), Romania (X tons) and Poland (X tons) were the main destinations of chocolate exports from Bulgaria, together comprising 34% of total exports. Russia, Ukraine, Greece, Austria, Slovakia, Libya, Turkey, France, the Netherlands and Saudi Arabia lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +102.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Bulgaria were Germany ($X), Poland ($X) and Romania ($X), with a combined 29% share of total exports.

Germany, with a CAGR of +100.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, growing by 3% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2014 when the average export price increased by 9.2%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Austria ($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 (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Bulgaria

In 2022, approx. X tons of chocolate and cocoa products were imported into Bulgaria; growing by 19% compared with 2021. Overall, imports recorded a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, chocolate imports surged to $X in 2022. In general, imports posted a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 18% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Germany (X tons), Romania (X tons) and Poland (X tons) were the main suppliers of chocolate imports to Bulgaria, with a combined 55% share of total imports. Ukraine, the Netherlands, Hungary, Turkey, Italy, Greece, Slovenia, Austria, Belgium and Spain lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovenia (with a CAGR of +92.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of chocolate and cocoa products to Bulgaria, comprising 35% of total imports. The second position in the ranking was held by Romania ($X), with a 14% share of total imports. It was followed by Poland, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+13.3% per year) and Poland (+7.5% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, which is down by -1.8% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 4.8% against the previous year. The import price peaked at $X per ton in 2021, and then contracted slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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