Bulgaria: Honey Market 2024

Honey Market Size in Bulgaria

The Bulgarian honey market declined to $X in 2022, waning by -6.8% against the previous year. Over the period under review, consumption recorded a significant increase. As a result, consumption reached the peak level of $X, and then fell in the following year.

Honey Production in Bulgaria

In value terms, honey production reduced slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 17% against the previous year. Honey production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Honey Exports

Exports from Bulgaria

In 2022, shipments abroad of honey was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 49%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, honey exports contracted to $X in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 49%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Greece (X tons), Germany (X tons) and France (X tons) were the main destinations of honey exports from Bulgaria, together comprising 78% of total exports. Poland, Italy, Denmark, the Netherlands, Belgium and Austria lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +32.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for honey exported from Bulgaria were Germany ($X), Greece ($X) and France ($X), with a combined 71% share of total exports. Poland, Denmark, the Netherlands, Italy, Belgium and Austria lagged somewhat behind, together comprising a further 18%.

Denmark, with a CAGR of +31.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average honey export price amounted to $X per ton, shrinking by -14.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 25%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to Greece ($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 Belgium (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Bulgaria

Honey imports into Bulgaria expanded sharply to X tons in 2022, growing by 15% against the previous year. Over the period under review, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 196% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, honey imports amounted to $X in 2022. Overall, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 268% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Poland (X tons), Greece (X tons) and Ukraine (X tons) were the main suppliers of honey imports to Bulgaria, together comprising 72% of total imports. Turkey, China, Romania, Georgia and Germany lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Georgia (with a CAGR of +529.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest honey suppliers to Bulgaria were Poland ($X), Greece ($X) and Ukraine ($X), with a combined 77% share of total imports. Turkey, Romania, Germany, China and Georgia lagged somewhat behind, together accounting for a further 22%.

Among the main suppliers, Georgia, with a CAGR of +613.7%, 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

The average honey import price stood at $X per ton in 2022, declining by -9.5% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 25% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

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 Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Georgia (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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