Bulgaria: Glass Closure Market 2024

Glass Closure Market Size in Bulgaria

The Bulgarian glass closure market fell modestly to $X in 2022, approximately equating the previous year. Over the period under review, consumption, however, recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 when the market value increased by 0.2% against the previous year. Glass closure consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Glass Closure Production in Bulgaria

In value terms, glass closure production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 0.8% against the previous year. Glass closure production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Glass Closure Exports

Exports from Bulgaria

For the third consecutive year, Bulgaria recorded decline in overseas shipments of glass stoppers, lids and other closures, which decreased by -30.2% to X tons in 2022. Overall, exports recorded a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 99%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, glass closure exports reduced to $X in 2022. In general, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2021 when exports increased by 58% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

North Macedonia (X tons) was the main destination for glass closure exports from Bulgaria, with a 63% share of total exports. Moreover, glass closure exports to North Macedonia exceeded the volume sent to the second major destination, Greece (X kg), eightfold. Armenia (X kg) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to North Macedonia amounted to +56.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-31.9% per year) and Armenia (+47.6% per year).

In value terms, North Macedonia ($X) remains the key foreign market for glass stoppers, lids and other closures exports from Bulgaria, comprising 74% of total exports. The second position in the ranking was held by Greece ($X), with a 7.4% share of total exports. It was followed by Armenia, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to North Macedonia stood at +48.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-22.7% per year) and Armenia (+74.0% per year).

Export Prices by Country

In 2022, the average glass closure export price amounted to $X per ton, jumping by 23% against the previous year. In general, the export price posted a prominent expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 238% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 France ($X per ton), while the average price for exports to Serbia ($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 France (+171.2%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Closure Imports

Imports into Bulgaria

In 2022, the amount of glass stoppers, lids and other closures imported into Bulgaria rose notably to X tons, picking up by 9.9% on the year before. Overall, imports posted a noticeable increase. The pace of growth appeared the most rapid in 2013 with an increase of 379% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, glass closure imports expanded modestly to $X in 2022. In general, imports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 268%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Greece (X tons) constituted the largest supplier of glass closure to Bulgaria, accounting for a 63% share of total imports. Moreover, glass closure imports from Greece exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. Italy (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2022, the average annual growth rate of volume from Greece stood at +99.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.1% per year) and Italy (-2.4% per year).

In value terms, Greece ($X), the Czech Republic ($X) and Italy ($X) appeared to be the largest glass closure suppliers to Bulgaria, together accounting for 58% of total imports.

Among the main suppliers, Greece, with a CAGR of +81.0%, saw 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

In 2022, the average glass closure import price amounted to $X per ton, waning by -5.4% against the previous year. Overall, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glass closure import price increased by +28.6% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 51% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+30.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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