Bulgaria: Maize Market 2025

Maize Market Size in Bulgaria

In 2022, the Bulgarian maize market increased by 35% to $X, rising for the second year in a row after two years of decline. In general, consumption saw a buoyant expansion. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Maize Production in Bulgaria

In value terms, maize production dropped to $X in 2022 estimated in export price. Over the period under review, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 43%. Maize production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The average yield of maize in Bulgaria shrank to X tons per ha in 2022, with a decrease of -6.7% compared with 2021 figures. Overall, the yield indicated a measured increase from 2012 to 2022: its figure increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize yield increased by +7.6% against 2020 indices. The growth pace was the most rapid in 2013 when the yield increased by 74%. The maize yield peaked at X tons per ha in 2018; however, from 2019 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of maize were harvested in Bulgaria; stabilizing at the previous year's figure. The harvested area increased at an average annual rate of +2.1% 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 was the most pronounced in 2019 when the harvested area increased by 26% against the previous year. The maize harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Maize Exports

Exports from Bulgaria

In 2022, shipments abroad of maize decreased by -45.3% to X tons, falling for the second year in a row after three years of growth. In general, exports, however, posted a modest increase. The pace of growth was the most pronounced in 2013 when exports increased by 162%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, maize exports contracted dramatically to $X in 2022. Overall, exports, however, showed a temperate expansion. The growth pace was the most rapid in 2013 when exports increased by 124% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Greece (X tons), Romania (X tons) and China (X tons) were the main destinations of maize exports from Bulgaria, with a combined 67% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +47.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Greece ($X), Romania ($X) and China ($X) constituted the largest markets for maize exported from Bulgaria worldwide, together accounting for 68% of total exports.

China, with a CAGR of +47.9%, 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 2022, the average maize export price amounted to $X per ton, jumping by 28% against the previous year. In general, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize export price increased by +90.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 39%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Romania ($X per ton) and Libya ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Imports

Imports into Bulgaria

For the fourth year in a row, Bulgaria recorded growth in purchases abroad of maize, which increased by 14% to X tons in 2022. Over the period under review, imports posted strong growth. The pace of growth appeared the most rapid in 2017 when imports increased by 411% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, maize imports surged to $X in 2022. Overall, imports posted a noticeable expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 172% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Romania (X tons) constituted the largest maize supplier to Bulgaria, accounting for a 54% share of total imports. Moreover, maize imports from Romania exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), threefold. The third position in this ranking was taken by Greece (X tons), with an 8% share.

From 2012 to 2022, the average annual growth rate of volume from Romania totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+52.4% per year) and Greece (-3.3% per year).

In value terms, Romania ($X) constituted the largest supplier of maize to Bulgaria, comprising 56% of total imports. The second position in the ranking was held by Hungary ($X), with a 14% share of total imports. It was followed by France, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value from Romania amounted to +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (-3.9% per year) and France (+4.7% per year).

Import Prices by Country

In 2022, the average maize import price amounted to $X per ton, with an increase of 11% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 167% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 France ($X per ton), while the price for Serbia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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