Bulgaria: Ghee Market 2024

Ghee Market Size in Bulgaria

In 2022, the Bulgarian ghee market increased by 5.2% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, showed a pronounced expansion. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Ghee Exports

Exports from Bulgaria

Ghee exports from Bulgaria reduced notably to X tons in 2022, shrinking by -38% against the previous year's figure. Overall, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 576% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, ghee exports surged to $X in 2022. Over the period under review, exports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2016 when exports increased by 410% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Romania (X tons) was the main destination for ghee exports from Bulgaria, with a 47% share of total exports. Moreover, ghee exports to Romania exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. The Netherlands (X tons) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume to Romania stood at -12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-17.9% per year) and the Netherlands (-30.0% per year).

In value terms, Romania ($X) emerged as the key foreign market for ghee exports from Bulgaria, comprising 36% of total exports. The second position in the ranking was taken by Israel ($X), with a 5% share of total exports. It was followed by Saudi Arabia, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (0.0% per year) and Saudi Arabia (0.0% per year).

Export Prices by Country

In 2022, the average ghee export price amounted to $X per ton, increasing by 101% against the previous year. Over the period under review, the export price posted a buoyant increase. The pace of growth appeared the most rapid in 2016 when the average export price increased by 229% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Germany ($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 Germany (+34.2%), while the prices for the other major destinations experienced mixed trend patterns.

Ghee Imports

Imports into Bulgaria

In 2022, supplies from abroad of ghee decreased by -8.4% to X tons, falling for the second year in a row after nine years of growth. Overall, total imports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -39.3% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, ghee imports rose remarkably to $X in 2022. In general, imports, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2013 when imports increased by 61% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest ghee supplier to Bulgaria, with a 53% share of total imports. Moreover, ghee imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Italy (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands stood at +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-6.5% per year) and Italy (+236.3% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of ghee to Bulgaria, comprising 59% of total imports. The second position in the ranking was held by Germany ($X), with a 23% share of total imports. It was followed by Italy, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands stood at +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.6% per year) and Italy (+159.6% per year).

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, growing by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 35% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Belgium ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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