Bulgaria: Glucose Market 2024

Glucose Market Size in Bulgaria

In 2021, after three years of decline, there was growth in the Bulgarian glucose market, when its value increased by 4% to $X. Overall, consumption showed a deep contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Glucose Production in Bulgaria

In value terms, glucose production stood at less than $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern.

Glucose Exports

Exports from Bulgaria

In 2021, the amount of glucose and glucose syrup exported from Bulgaria skyrocketed to X tons, growing by 17% against 2020 figures. The total export volume increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 38% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, glucose exports surged to $X in 2021. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Greece (X tons), Germany (X tons) and Romania (X tons) were the main destinations of glucose exports from Bulgaria, with a combined 49% share of total exports. These countries were followed by Ukraine, Italy, the Netherlands, Serbia, Poland, Spain, France, Turkey, North Macedonia and the Czech Republic, which together accounted for a further 37%.

From 2012 to 2021, the biggest increases were recorded for Ukraine (with a CAGR of +84.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for glucose exported from Bulgaria were Greece ($X), Germany ($X) and Romania ($X), together accounting for 45% of total exports. Italy, the Netherlands, Ukraine, Serbia, Poland, Turkey, Spain, France, the Czech Republic and North Macedonia lagged somewhat behind, together comprising a further 39%.

In terms of the main countries of destination, Ukraine, with a CAGR of +67.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glucose export price stood at $X per ton in 2021, increasing by 6.4% against the previous year. Overall, the export price, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2014 when the average export price increased by 9.6% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 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 Turkey ($X per ton), while the average price for exports to Ukraine ($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 the Czech Republic (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Glucose Imports

Imports into Bulgaria

In 2021, supplies from abroad of glucose and glucose syrup was finally on the rise to reach X tons after three years of decline. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 49% 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, glucose imports skyrocketed to $X in 2021. Overall, imports, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2016 when imports increased by 45% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Hungary (X tons), Poland (X tons) and Romania (X tons) were the main suppliers of glucose imports to Bulgaria, with a combined 90% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Hungary (with a CAGR of +15.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Hungary ($X), Poland ($X) and Romania ($X) constituted the largest glucose suppliers to Bulgaria, together accounting for 78% of total imports.

Among the main suppliers, Hungary, with a CAGR of +9.5%, 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

In 2021, the average glucose import price amounted to $X per ton, with an increase of 3.6% against the previous year. In general, the import price, however, continues to indicate a pronounced contraction. The growth pace was the most rapid in 2017 an increase of 4.8% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+10.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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