Bulgaria: Preserved Herring Market 2024

Preserved Herring Market Size in Bulgaria

In 2021, the Bulgarian preserved herring market increased by 2.3% to $X, rising for the third year in a row after two years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Preserved Herring Production in Bulgaria

In value terms, preserved herring production rose significantly to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2015 when the production volume increased by 33%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Preserved Herring Exports

Exports from Bulgaria

In 2021, shipments abroad of herrings (prepared or preserved) increased by 19% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports enjoyed a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 2,690%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, preserved herring exports fell to $X in 2021. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 2,032%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Romania (X tons) was the main destination for preserved herring exports from Bulgaria, with a 86% share of total exports. Moreover, preserved herring exports to Romania exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. The third position in this ranking was held by Belgium (X tons), with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume to Romania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-22.0% per year) and Belgium (+42.3% per year).

In value terms, Romania ($X) remains the key foreign market for herrings (prepared or preserved) exports from Bulgaria, comprising 85% of total exports. The second position in the ranking was taken by Germany ($X), with a 6.5% share of total exports. It was followed by Belgium, with a 4% share.

From 2012 to 2021, the average annual growth rate of value to Romania amounted to -6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+28.0% per year) and Belgium (+33.5% per year).

Export Prices by Country

The average preserved herring export price stood at $X per ton in 2021, dropping by -23.3% against the previous year. Overall, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 an increase of 14% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were the Netherlands ($X per ton) and Belgium ($X per ton), while the average price for exports to Germany ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+64.0%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Herring Imports

Imports into Bulgaria

For the fourth consecutive year, Bulgaria recorded growth in overseas purchases of herrings (prepared or preserved), which increased by 2.8% to X tons in 2021. Over the period under review, imports showed resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 79%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, preserved herring imports expanded rapidly to $X in 2021. Overall, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 62% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Poland (X tons) constituted the largest preserved herring supplier to Bulgaria, accounting for a 52% share of total imports. Moreover, preserved herring imports from Poland exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by Belarus (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from Poland amounted to +16.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+17.1% per year) and Belarus (+36.6% per year).

In value terms, Poland ($X) constituted the largest supplier of herrings (prepared or preserved) to Bulgaria, comprising 52% of total imports. The second position in the ranking was held by Germany ($X), with a 25% share of total imports. It was followed by Belarus, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Poland amounted to +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+13.9% per year) and Belarus (+36.2% per year).

Import Prices by Country

In 2021, the average preserved herring import price amounted to $X per ton, with an increase of 6.6% against the previous year. In general, the import price, however, continues to indicate a mild slump. The pace of growth appeared the most rapid in 2017 when the average import price increased by 12% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Greece ($X per ton) and the Czech Republic ($X per ton), while the price for Belarus ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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