Bulgaria: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Bulgaria

The Bulgarian frozen whole fish market expanded notably to $X in 2021, picking up by 12% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Frozen Whole Fish Production in Bulgaria

In value terms, frozen whole fish production reduced remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 54%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Frozen Whole Fish Exports

Exports from Bulgaria

In 2021, approx. X tons of frozen whole fish were exported from Bulgaria; rising by 66% compared with 2020. Over the period under review, exports, however, continue to indicate a pronounced shrinkage. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, frozen whole fish exports surged to $X in 2021. Overall, exports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2017 with an increase of 53% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Romania (X tons) was the main destination for frozen whole fish exports from Bulgaria, accounting for a 68% share of total exports. Moreover, frozen whole fish exports to Romania exceeded the volume sent to the second major destination, Spain (X tons), eightfold. Ukraine (X tons) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Romania amounted to -4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+13.6% per year) and Ukraine (+45.5% per year).

In value terms, Romania ($X) remains the key foreign market for frozen whole fish exports from Bulgaria, comprising 52% of total exports. The second position in the ranking was held by Spain ($X), with a 20% share of total exports. It was followed by Germany, with a 7.8% share.

From 2012 to 2021, the average annual growth rate of value to Romania stood at -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+24.1% per year) and Germany (+34.1% per year).

Export Prices by Country

The average frozen whole fish export price stood at $X per ton in 2021, with a decrease of -16.4% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 21%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Ukraine ($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 Spain (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Whole Fish Imports

Imports into Bulgaria

In 2021, supplies from abroad of frozen whole fish was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 16% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen whole fish imports surged to $X in 2021. The total import value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Norway (X tons) and Spain (X tons) were the main suppliers of frozen whole fish imports to Bulgaria, with a combined 47% share of total imports. Morocco, Iceland, Poland, Canada, Denmark, Estonia, Turkey, Lithuania, Latvia and the UK lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +65.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen whole fish suppliers to Bulgaria were the Netherlands ($X), Norway ($X) and Spain ($X), with a combined 46% share of total imports. These countries were followed by Denmark, Morocco, Iceland, Canada, Poland, Turkey, Estonia, Lithuania, the UK and Latvia, which together accounted for a further 40%.

Among the main suppliers, Denmark, with a CAGR of +78.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen whole fish import price stood at $X per ton in 2021, with an increase of 7.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 14% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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