Bulgaria: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in Bulgaria

The Bulgarian frozen fish fillet market soared to $X in 2022, rising by 30% against the previous year. Over the period under review, consumption, however, showed a slight reduction. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Frozen Fish Fillet Production in Bulgaria

In value terms, frozen fish fillet production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 459% against the previous year. Over the period under review, production hit record highs at $X in 2021, and then fell in the following year.

Frozen Fish Fillet Exports

Exports from Bulgaria

In 2022, shipments abroad of frozen fish fillet increased by 27% to X tons, rising for the sixth year in a row after three years of decline. Overall, exports recorded a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of 99% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, frozen fish fillet exports soared to $X in 2022. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 84%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Sweden (X tons) was the main destination for frozen fish fillet exports from Bulgaria, with a 55% share of total exports. Moreover, frozen fish fillet exports to Sweden exceeded the volume sent to the second major destination, Germany (X tons), twofold. The Netherlands (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to +15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (0.0% per year) and the Netherlands (+3.3% per year).

In value terms, Sweden ($X) remains the key foreign market for frozen fish fillet exports from Bulgaria, comprising 60% of total exports. The second position in the ranking was held by Germany ($X), with a 23% share of total exports. It was followed by Romania, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden amounted to +26.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (0.0% per year) and Romania (-3.5% per year).

Export Prices by Country

The average frozen fish fillet export price stood at $X per ton in 2022, rising by 11% against the previous year. Overall, the export price saw a strong expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 59%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to Lithuania ($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 Denmark (+19.9%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Fillet Imports

Imports into Bulgaria

Frozen fish fillet imports into Bulgaria soared to X tons in 2022, surging by 21% on the previous year. Overall, imports, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 25% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, frozen fish fillet imports surged to $X in 2022. Over the period under review, total imports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +94.9% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 46% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Spain (X tons), Argentina (X tons) and China (X tons) were the main suppliers of frozen fish fillet imports to Bulgaria, together comprising 54% of total imports. Vietnam, Ecuador, the Netherlands, Poland, the Czech Republic, Iceland, Norway and Romania lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +83.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen fish fillet suppliers to Bulgaria were Spain ($X), Argentina ($X) and China ($X), with a combined 54% share of total imports. Vietnam, the Czech Republic, the Netherlands, Ecuador, Poland, Iceland, Romania and Norway lagged somewhat behind, together comprising a further 39%.

The Czech Republic, with a CAGR of +73.5%, saw the highest growth rate of the value of imports, among 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 2022, the average frozen fish fillet import price amounted to $X per ton, increasing by 11% against the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish fillet import price increased by +33.1% against 2020 indices. The growth pace was the most rapid in 2018 an increase of 25%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

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 Romania ($X per ton), while the price for Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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