Bulgaria: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Bulgaria

The Bulgarian mixed fertilizer market skyrocketed to $X in 2022, growing by 59% against the previous year. Overall, consumption posted a resilient expansion. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in years to come.

Mixed Fertilizer Production in Bulgaria

In value terms, mixed fertilizer production reduced notably to $X in 2022 estimated in export price. Overall, production, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2021 when the production volume increased by 1,034% against the previous year. As a result, production attained the peak level of $X, and then contracted sharply in the following year.

Mixed Fertilizer Exports

Exports from Bulgaria

In 2022, overseas shipments of mixed fertilizers decreased by -37.7% to X tons, falling for the third year in a row after two years of growth. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 144% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, mixed fertilizer exports soared to $X in 2022. In general, exports, however, saw a tangible increase. The pace of growth was the most pronounced in 2016 with an increase of 81% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons) was the main destination for mixed fertilizer exports from Bulgaria, accounting for a 72% share of total exports. Moreover, mixed fertilizer exports to Romania exceeded the volume sent to the second major destination, Croatia (X tons), sevenfold. The third position in this ranking was held by Greece (X tons), with a 4.1% share.

From 2012 to 2022, 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: Croatia (-2.1% per year) and Greece (-1.1% per year).

In value terms, Romania ($X) remains the key foreign market for mixed fertilizers exports from Bulgaria, comprising 71% of total exports. The second position in the ranking was taken by Croatia ($X), with a 9.6% share of total exports. It was followed by Hungary, with a 4.4% share.

From 2012 to 2022, the average annual growth rate of value to Romania stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+2.9% per year) and Hungary (+4.0% per year).

Export Prices by Country

The average mixed fertilizer export price stood at $X per ton in 2022, increasing by 88% against the previous year. Overall, the export price saw a temperate increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to Moldova ($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 Ukraine (+27.5%), while the prices for the other major destinations experienced more modest paces of growth.

Mixed Fertilizer Imports

Imports into Bulgaria

Mixed fertilizer imports into Bulgaria surged to X tons in 2022, increasing by 23% compared with the previous year. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 33% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, mixed fertilizer imports surged to $X in 2022. In general, imports showed resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 81% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Russia (X tons), Greece (X tons) and Austria (X tons) were the main suppliers of mixed fertilizer imports to Bulgaria, together comprising 64% of total imports. Saudi Arabia, Serbia, Morocco, Norway, Romania and Italy lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Serbia (with a CAGR of +26.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Greece ($X) and Morocco ($X) were the largest mixed fertilizer suppliers to Bulgaria, together comprising 58% of total imports. Norway, Saudi Arabia, Romania, Serbia, Austria and Italy lagged somewhat behind, together comprising a further 31%.

Serbia, with a CAGR of +31.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average mixed fertilizer import price amounted to $X per ton, picking up by 34% against the previous year. Over the period under review, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mixed fertilizer import price increased by +102.4% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 52% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Morocco ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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