Bulgaria: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Bulgaria

In 2022, after two years of growth, there was significant decline in the Bulgarian crude rapeseed oil market, when its value decreased by -39.7% to $X. Over the period under review, consumption posted significant growth. Crude rapeseed oil consumption peaked at $X in 2021, and then fell dramatically in the following year.

Crude Rapeseed Oil Production in Bulgaria

In value terms, crude rapeseed oil production shrank sharply to $X in 2022 estimated in export price. Overall, production showed a significant increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 171% against the previous year. Crude rapeseed oil production peaked at $X in 2021, and then reduced notably in the following year.

Crude Rapeseed Oil Exports

Exports from Bulgaria

In 2022, exports of crude rape, colza or mustard oil from Bulgaria soared to X tons, with an increase of 289% against 2021. Overall, exports enjoyed tangible growth. The pace of growth was the most pronounced in 2021 when exports increased by 1,948%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, crude rapeseed oil exports soared to $X in 2022. In general, exports showed a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by 2,969% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Turkey (X tons), Romania (X tons) and France (X tons) were the main destinations of crude rapeseed oil exports from Bulgaria, together accounting for 85% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Romania (with a CAGR of +20.5%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Romania ($X) and France ($X) appeared to be the largest markets for crude rapeseed oil exported from Bulgaria worldwide, together accounting for 82% of total exports.

In terms of the main countries of destination, Romania, with a CAGR of +30.0%, recorded the highest rates of growth with regard to the value of exports, 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 crude rapeseed oil export price amounted to $X per ton, with an increase of 21% against the previous year. Over the period under review, the export price continues to indicate a pronounced increase. The most prominent rate of growth was recorded in 2021 an increase of 50% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Poland ($X per ton) and Germany ($X per ton), while the average price for exports to Romania ($X per ton) and Greece ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+36.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports into Bulgaria

After two years of growth, purchases abroad of crude rape, colza or mustard oil decreased by -85% to X tons in 2022. Overall, imports saw a mild downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 17,096% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, crude rapeseed oil imports declined sharply to $X in 2022. Over the period under review, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of 9,065% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ukraine (X tons) was the main crude rapeseed oil supplier to Bulgaria, with a 96% share of total imports. It was followed by Turkey (X tons), with a 2% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Ukraine totaled -14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+25.9% per year) and Serbia (-89.0% per year).

In value terms, Ukraine ($X) constituted the largest supplier of crude rape, colza or mustard oil to Bulgaria, comprising 94% of total imports. The second position in the ranking was held by Turkey ($X), with a 3.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Ukraine amounted to -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+34.8% per year) and Serbia (-85.1% per year).

Import Prices by Country

The average crude rapeseed oil import price stood at $X per ton in 2022, falling by -4.5% against the previous year. Over the period under review, the import price showed a abrupt decrease. The growth pace was the most rapid in 2016 an increase of 194%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+35.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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