Bulgaria: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Bulgaria

In 2022, the Bulgarian market for crude sunflower-seed and safflower oil was finally on the rise to reach $X after two years of decline. Over the period under review, consumption posted a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Crude Sunflower-Seed And Safflower Oil in Bulgaria

In value terms, crude sunflower-seed and safflower oil production soared to $X in 2022 estimated in export price. In general, production showed a significant increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Bulgaria

In 2022, overseas shipments of crude sunflower-seed and safflower oil increased by 58% to X tons, rising for the sixth year in a row after two years of decline. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 91%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil exports skyrocketed to $X in 2022. Overall, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons), Spain (X tons) and South Africa (X tons) were the main destinations of crude sunflower-seed and safflower oil exports from Bulgaria, with a combined 52% share of total exports. Iraq, Italy, Greece, the Netherlands, France, Turkey, Romania, Morocco and North Macedonia lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iraq (with a CAGR of +221.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude sunflower-seed and safflower oil exported from Bulgaria were Spain ($X), India ($X) and South Africa ($X), with a combined 51% share of total exports. Iraq, Italy, Greece, France, the Netherlands, Romania, Turkey, North Macedonia and Morocco lagged somewhat behind, together comprising a further 41%.

Iraq, with a CAGR of +254.8%, saw the highest growth rate of 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

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, picking up by 32% against the previous year. In general, the export price posted a measured increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 59% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Morocco ($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 South Africa (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Bulgaria

Crude sunflower-seed and safflower oil imports into Bulgaria soared to X tons in 2022, increasing by 3,105% against the previous year's figure. In general, imports enjoyed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil imports soared to $X in 2022. Overall, imports showed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of crude sunflower-seed and safflower oil to Bulgaria, accounting for a 83% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Romania (X tons), ninefold. The third position in this ranking was taken by Moldova (X tons), with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ukraine stood at +60.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+10.0% per year) and Moldova (+56.1% per year).

In value terms, Ukraine ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Bulgaria, comprising 82% of total imports. The second position in the ranking was taken by Romania ($X), with a 9.7% share of total imports. It was followed by Moldova, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value from Ukraine totaled +62.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+10.9% per year) and Moldova (+57.0% per year).

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, rising by 3.6% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 78%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+68.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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