Bulgaria: Maize Starch Market 2024

Maize Starch Market Size in Bulgaria

The Bulgarian maize starch market contracted to $X in 2021, reducing by -13.7% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Maize Starch Production in Bulgaria

In value terms, maize starch production contracted dramatically to $X in 2021 estimated in export price. Overall, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +27.7% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 45%. Maize starch production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Maize Starch Exports

Exports from Bulgaria

After three years of growth, shipments abroad of maize (corn) starch decreased by -6.1% to X tons in 2021. Overall, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +44.4% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 87% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then declined in the following year.

In value terms, maize starch exports reached $X in 2021. Over the period under review, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +91.2% against 2017 indices. The pace of growth was the most pronounced in 2013 when exports increased by 56%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Greece (X tons), Slovakia (X tons) and Romania (X tons) were the main destinations of maize starch exports from Bulgaria, with a combined 53% share of total exports. These countries were followed by Malta, Egypt, Morocco, Nigeria, the Netherlands, Serbia, Albania, North Macedonia, Malaysia and Jordan, which together accounted for a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jordan (with a CAGR of +54.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for maize starch exported from Bulgaria were Greece ($X), Slovakia ($X) and Romania ($X), together accounting for 52% of total exports. These countries were followed by Malta, Egypt, Morocco, Nigeria, Albania, Serbia, the Netherlands, North Macedonia, Jordan and Malaysia, which together accounted for a further 33%.

Jordan, with a CAGR of +55.1%, saw the highest rates of growth with regard to 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 2021, the average maize starch export price amounted to $X per ton, rising by 21% against the previous year. Over the period under review, the export price, however, showed a pronounced contraction. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Albania ($X per ton) and Greece ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Malaysia ($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 Malaysia (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Starch Imports

Imports into Bulgaria

In 2021, imports of maize (corn) starch into Bulgaria expanded significantly to X tons, increasing by 13% compared with 2020 figures. Over the period under review, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 1,305% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, maize starch imports soared to $X in 2021. In general, imports posted a temperate expansion. The pace of growth appeared the most rapid in 2014 with an increase of 523% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Serbia (X tons) constituted the largest supplier of maize starch to Bulgaria, with a 68% share of total imports. Moreover, maize starch imports from Serbia exceeded the figures recorded by the second-largest supplier, Romania (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Serbia totaled +16.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+6.0% per year) and the Netherlands (-3.0% per year).

In value terms, Serbia ($X) constituted the largest supplier of maize (corn) starch to Bulgaria, comprising 70% of total imports. The second position in the ranking was held by Romania ($X), with a 20% share of total imports. It was followed by the Netherlands, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value from Serbia totaled +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+2.3% per year) and the Netherlands (-9.9% per year).

Import Prices by Country

The average maize starch import price stood at $X per ton in 2021, jumping by 31% against the previous year. Over the period under review, the import price, however, continues to indicate a mild setback. The pace of growth appeared the most rapid in 2015 when the average import price increased by 45% 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Romania ($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 (+9.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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