Bulgaria: Citric Acid Market 2024

Citric Acid Market Size in Bulgaria

After two years of decline, the Bulgarian citric acid market increased by 35% to $X in 2021. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the near future.

Citric Acid Exports

Exports from Bulgaria

In 2021, the amount of citric acid and its salts and esters exported from Bulgaria rose notably to X tons, with an increase of 7.1% against the previous year's figure. Over the period under review, exports showed prominent growth. The growth pace was the most rapid in 2017 with an increase of 78%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, citric acid exports skyrocketed to $X in 2021. Overall, exports recorded resilient growth. The pace of growth was the most pronounced in 2018 when exports increased by 269% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Greece (X tons) was the main destination for citric acid exports from Bulgaria, accounting for a 56% share of total exports. Moreover, citric acid exports to Greece exceeded the volume sent to the second major destination, Romania (X tons), threefold. The third position in this ranking was taken by Italy (X tons), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to Greece totaled +26.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+11.2% per year) and Italy (-26.9% per year).

In value terms, Greece ($X) remains the key foreign market for citric acid and its salts and esters exports from Bulgaria, comprising 55% of total exports. The second position in the ranking was taken by Italy ($X), with an 18% share of total exports. It was followed by Romania, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Greece stood at +31.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-39.3% per year) and Romania (+13.3% per year).

Export Prices by Country

In 2021, the average citric acid export price amounted to $X per ton, surging by 83% against the previous year. In general, the export price continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2018 an increase of 290% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Albania (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Citric Acid Imports

Imports into Bulgaria

In 2021, supplies from abroad of citric acid and its salts and esters increased by 5.3% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 26% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, citric acid imports surged to $X in 2021. In general, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +19.6% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Austria (X tons) and Turkey (X tons) were the main suppliers of citric acid imports to Bulgaria, with a combined 73% share of total imports. Thailand, Germany, Ireland, Poland and Romania lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +76.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X), China ($X) and Germany ($X) were the largest citric acid suppliers to Bulgaria, together comprising 63% of total imports. These countries were followed by Turkey, Ireland, Thailand, Poland and Romania, which together accounted for a further 33%.

Poland, with a CAGR of +65.3%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average citric acid import price amounted to $X per ton, growing by 42% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ireland (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :