Bulgaria: Groundnut Oil Market 2024

Groundnut Oil Market Size in Bulgaria

The Bulgarian groundnut oil market skyrocketed to $X in 2021, increasing by 1,727% against the previous year. Over the period under review, consumption, however, continues to indicate a abrupt downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Groundnut Oil Production in Bulgaria

In value terms, groundnut oil production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2019 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Groundnut Oil Exports

Exports from Bulgaria

After three years of growth, overseas shipments of groundnut oil decreased by -71.6% to X tons in 2021. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 8,030%. As a result, the exports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, groundnut oil exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 2,903% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Italy (X tons), Romania (X tons) and the Netherlands (X tons) were the main destinations of groundnut oil exports from Bulgaria, with a combined 76% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +107.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for groundnut oil exported from Bulgaria were Italy ($X), Romania ($X) and Greece ($X), with a combined 77% share of total exports.

In terms of the main countries of destination, Romania, with a CAGR of +130.7%, saw the highest growth rate of 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 groundnut oil export price stood at $X per ton in 2021, picking up by 326% against the previous year. In general, the export price saw a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to the Netherlands ($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 Greece (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into Bulgaria

In 2021, the amount of groundnut oil imported into Bulgaria soared to X tons, rising by 16,588% on the previous year. Overall, imports, however, recorded a pronounced decline. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, groundnut oil imports skyrocketed to $X in 2021. Over the period under review, imports posted strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Greece (X tons) constituted the largest groundnut oil supplier to Bulgaria, with a 83% share of total imports. Moreover, groundnut oil imports from Greece exceeded the figures recorded by the second-largest supplier, Portugal (X tons), sevenfold. The third position in this ranking was taken by Romania (X kg), with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume from Greece amounted to +65.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (0.0% per year) and Romania (-31.4% per year).

In value terms, Greece ($X) constituted the largest supplier of groundnut oil to Bulgaria, comprising 74% of total imports. The second position in the ranking was held by Portugal ($X), with a 21% share of total imports. It was followed by Romania, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Greece stood at +176.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (0.0% per year) and Romania (+7.7% per year).

Import Prices by Country

In 2021, the average groundnut oil import price amounted to $X per ton, picking up by 53% against the previous year. Over the period under review, the import price enjoyed significant growth. The most prominent rate of growth was recorded in 2017 when the average import price increased by 2,217%. The import price peaked in 2021 and is expected to retain growth in the near future.

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 Portugal ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+67.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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