Bulgaria: Market for Dried Or Smoked Fish 2024

Market Size for Dried Or Smoked Fish in Bulgaria

In 2021, the Bulgarian dried or smoked fish market decreased by -98.5% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption continues to indicate a precipitous slump. Over the period under review, the market reached the peak level at $X in 2020, and then fell dramatically in the following year.

Production of Dried Or Smoked Fish in Bulgaria

In value terms, dried or smoked fish production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a buoyant increase. Dried or smoked fish production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Exports of Dried Or Smoked Fish

Exports from Bulgaria

After two years of decline, shipments abroad of dried or smoked fish increased by 76% to X tons in 2021. Over the period under review, exports saw a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 128%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, dried or smoked fish exports soared to $X in 2021. In general, exports saw a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by 147% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

Romania (X tons) was the main destination for dried or smoked fish exports from Bulgaria, accounting for a 61% share of total exports. Moreover, dried or smoked fish exports to Romania exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was taken by Greece (X tons), with a 3.7% share.

From 2012 to 2021, the average annual growth rate of volume to Romania amounted to +21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+25.4% per year) and Greece (+73.9% per year).

In value terms, Romania ($X) remains the key foreign market for dried or smoked fish exports from Bulgaria, comprising 51% of total exports. The second position in the ranking was taken by the United States ($X), with a 25% share of total exports. It was followed by Greece, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value to Romania totaled +34.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+22.4% per year) and Greece (+83.3% per year).

Export Prices by Country

The average dried or smoked fish export price stood at $X per ton in 2021, waning by -11.2% against the previous year. Overall, the export price, however, continues to indicate measured growth. The pace of growth appeared the most rapid in 2014 when the average export price increased by 59% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Greece ($X per ton), while the average price for exports to Spain ($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 Romania (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Dried Or Smoked Fish

Imports into Bulgaria

In 2021, supplies from abroad of dried or smoked fish was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 70%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, dried or smoked fish imports skyrocketed to $X in 2021. In general, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 53%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Romania (X tons) constituted the largest supplier of dried or smoked fish to Bulgaria, accounting for a 49% share of total imports. Moreover, dried or smoked fish imports from Romania exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), threefold. The third position in this ranking was taken by Poland (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from Romania totaled +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+32.7% per year) and Poland (+13.3% per year).

In value terms, the largest dried or smoked fish suppliers to Bulgaria were Romania ($X), Germany ($X) and Lithuania ($X), with a combined 81% share of total imports.

Lithuania, with a CAGR of +38.8%, saw the highest rates of growth with regard to the value of imports, in terms of 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 dried or smoked fish import price amounted to $X per ton, with an increase of 14% against the previous year. In general, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +9.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, dried or smoked fish import price increased by +60.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 65%. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the Czech Republic ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Estonia (+25.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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