Bulgaria: Glutamic Acid Market 2024

Glutamic Acid Market Size in Bulgaria

The Bulgarian glutamic acid market fell to $X in 2022, dropping by -14.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +68.2% against 2020 indices. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Glutamic Acid Exports

Exports from Bulgaria

Glutamic acid exports from Bulgaria reduced remarkably to X tons in 2022, with a decrease of -26.9% against the year before. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 260% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, glutamic acid exports soared to $X in 2022. Overall, exports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 204% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons), Turkey (X tons) and Greece (X tons) were the main destinations of glutamic acid exports from Bulgaria, with a combined 82% share of total exports. Latvia and Georgia lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Georgia (with a CAGR of +25.8%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) emerged as the key foreign market for glutamic acid and its salts exports from Bulgaria, comprising 57% of total exports. The second position in the ranking was taken by Latvia ($X), with an 18% share of total exports. It was followed by Romania, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (0.0% per year) and Romania (+2.8% per year).

Export Prices by Country

The average glutamic acid export price stood at $X per ton in 2022, picking up by 218% against the previous year. Overall, the export price posted a strong expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Romania ($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 Ireland (+74.1%), while the prices for the other major destinations experienced more modest paces of growth.

Glutamic Acid Imports

Imports into Bulgaria

In 2022, approx. X tons of glutamic acid and its salts were imported into Bulgaria; shrinking by -27.2% on the year before. Overall, total imports indicated modest 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 increased by +16.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 59% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, glutamic acid imports contracted to $X in 2022. In general, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +64.8% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 86%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

France (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of glutamic acid imports to Bulgaria, together accounting for 63% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +42.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest glutamic acid suppliers to Bulgaria were France ($X), Malaysia ($X) and Vietnam ($X), with a combined 70% share of total imports.

Malaysia, with a CAGR of +65.2%, 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

The average glutamic acid import price stood at $X per ton in 2022, jumping by 22% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue 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 Vietnam ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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