Bulgaria: Essential Oils Market 2024

Essential Oils Market Size in Bulgaria

The Bulgarian essential oils market contracted slightly to $X in 2022, declining by -3.4% against the previous year. In general, consumption continues to indicate a slight downturn. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Essential Oils Production in Bulgaria

In value terms, essential oils production fell to $X in 2022 estimated in export price. Over the period under review, production, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 74% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports from Bulgaria

In 2022, after two years of growth, there was significant decline in shipments abroad of essential oils, when their volume decreased by -26.2% to X tons. Over the period under review, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 85% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then plummeted in the following year.

In value terms, essential oils exports dropped to $X in 2022. In general, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 53%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), France (X tons) and Germany (X tons) were the main destinations of essential oils exports from Bulgaria, together comprising 79% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +24.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for essential oils exports from Bulgaria, comprising 52% of total exports. The second position in the ranking was held by France ($X), with a 23% share of total exports. It was followed by Germany, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +29.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+4.0% per year) and Germany (-2.2% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, growing by 19% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the average export price increased by 101%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Moldova ($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 the UK (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Bulgaria

In 2022, after two years of growth, there was significant decline in overseas purchases of essential oils, when their volume decreased by -18% to X tons. In general, imports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 63% against the previous year. Imports peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, essential oils imports fell rapidly to $X in 2022. Overall, imports, however, posted a strong expansion. The pace of growth was the most pronounced in 2015 when imports increased by 139% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then shrank markedly in the following year.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of essential oils to Bulgaria, accounting for a 40% share of total imports. Moreover, essential oils imports from Russia exceeded the figures recorded by the second-largest supplier, Greece (X tons), fourfold. The third position in this ranking was held by Slovenia (X tons), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume from Russia stood at +58.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+8.8% per year) and Slovenia (+64.7% per year).

In value terms, Russia ($X) constituted the largest supplier of essential oils to Bulgaria, comprising 39% of total imports. The second position in the ranking was taken by Greece ($X), with a 7.5% share of total imports. It was followed by Poland, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from Russia amounted to +67.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+23.9% per year) and Poland (+277.3% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, reducing by -1.7% against the previous year. In general, the import price, however, continues to indicate a temperate increase. The growth pace was the most rapid in 2015 an increase of 83% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+50.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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