Bulgaria: Cocoa Powder Market 2024

Cocoa Powder Market Size in Bulgaria

In 2022, the Bulgarian cocoa powder market decreased by -60.1% to $X for the first time since 2015, thus ending a six-year rising trend. Overall, consumption continues to indicate a perceptible slump. As a result, consumption reached the peak level of $X, and then shrank significantly in the following year.

Cocoa Powder Production in Bulgaria

In value terms, cocoa powder production reached $X in 2022 estimated in export price. In general, production posted a strong increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 52%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Cocoa Powder Exports

Exports from Bulgaria

In 2022, approx. X tons of cocoa powder (not sweetened) were exported from Bulgaria; rising by 201% against the previous year. Over the period under review, exports recorded a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa powder exports surged to $X in 2022. In general, exports posted a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons) was the main destination for cocoa powder exports from Bulgaria, with a 60% share of total exports. Moreover, cocoa powder exports to Turkey exceeded the volume sent to the second major destination, Poland (X tons), more than tenfold. Mexico (X tons) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey stood at +65.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+15.0% per year) and Mexico (+275.0% per year).

In value terms, Turkey ($X) emerged as the key foreign market for cocoa powder (not sweetened) exports from Bulgaria, comprising 59% of total exports. The second position in the ranking was held by Poland ($X), with a 4.9% share of total exports. It was followed by Mexico, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value to Turkey totaled +75.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+8.6% per year) and Mexico (+309.8% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, increasing by 13% against the previous year. Overall, the export price, however, continues to indicate a noticeable shrinkage. The growth pace was the most rapid in 2020 an increase of 20% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, 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 Iran ($X per ton), while the average price for exports to North Macedonia ($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 Morocco (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Bulgaria

In 2022, approx. X tons of cocoa powder (not sweetened) were imported into Bulgaria; increasing by 15% on the year before. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 21%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, cocoa powder imports surged to $X in 2022. Over the period under review, imports, however, saw a slight downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 31% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Greece (X tons) and Spain (X tons) were the main suppliers of cocoa powder imports to Bulgaria, with a combined 68% share of total imports. Germany, Austria, Turkey, Indonesia, China and France lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +82.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder suppliers to Bulgaria were the Netherlands ($X), Greece ($X) and Spain ($X), with a combined 72% share of total imports. Germany, Austria, Turkey, Indonesia, France and China lagged somewhat behind, together accounting for a further 25%.

Among the main suppliers, Austria, with a CAGR of +73.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, picking up by 13% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 22%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Greece ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+2.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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