Bulgaria: Market for Cocoa Powder (Containing Added Sugar) 2024

Market Size for Cocoa Powder (Containing Added Sugar) in Bulgaria

In 2021, the Bulgarian cocoa powder with sugar market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, showed a pronounced shrinkage. Cocoa powder with sugar consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Cocoa Powder (Containing Added Sugar) in Bulgaria

In value terms, cocoa powder with sugar production totaled $X in 2021 estimated in export price. Overall, production, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2017 when the production volume increased by 34%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Exports of Cocoa Powder (Containing Added Sugar)

Exports from Bulgaria

In 2021, after two years of decline, there was significant growth in shipments abroad of cocoa powder (containing added sugar), when their volume increased by 10% to X tons. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 307%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, cocoa powder with sugar exports expanded remarkably to $X in 2021. Overall, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 216%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Poland (X tons), Greece (X tons) and Hungary (X tons) were the main destinations of cocoa powder with sugar exports from Bulgaria, together accounting for 83% of total exports. Germany, Romania and North Macedonia lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +67.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) remains the key foreign market for cocoa powder (containing added sugar) exports from Bulgaria, comprising 49% of total exports. The second position in the ranking was taken by Greece ($X), with a 21% share of total exports. It was followed by Hungary, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Poland amounted to +64.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+7.7% per year) and Hungary (+20.5% per year).

Export Prices by Country

The average cocoa powder with sugar export price stood at $X per ton in 2021, stabilizing at the previous year. Over the period under review, the export price continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2014 an increase of 33% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Romania ($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 Latvia (+5.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cocoa Powder (Containing Added Sugar)

Imports into Bulgaria

In 2021, the amount of cocoa powder (containing added sugar) imported into Bulgaria surged to X tons, rising by 27% on the previous year's figure. Overall, imports, however, recorded a pronounced contraction. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, cocoa powder with sugar imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a deep downturn. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Hungary (X tons) constituted the largest cocoa powder with sugar supplier to Bulgaria, accounting for a 63% share of total imports. Moreover, cocoa powder with sugar imports from Hungary exceeded the figures recorded by the second-largest supplier, Poland (X tons), eightfold. The third position in this ranking was taken by Lithuania (X tons), with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Hungary was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-9.2% per year) and Lithuania (+30.2% per year).

In value terms, Hungary ($X) constituted the largest supplier of cocoa powder (containing added sugar) to Bulgaria, comprising 40% of total imports. The second position in the ranking was held by Lithuania ($X), with a 14% share of total imports. It was followed by Poland, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Hungary stood at -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+34.7% per year) and Poland (-4.3% per year).

Import Prices by Country

In 2021, the average cocoa powder with sugar import price amounted to $X per ton, increasing by 7.9% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 25%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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 Germany ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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