Bulgaria: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Bulgaria

The Bulgarian NPK fertilizer market soared to $X in 2022, rising by 34% against the previous year. In general, consumption, however, posted a strong expansion. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Npk Fertilizer Production in Bulgaria

In value terms, NPK fertilizer production expanded notably to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 when the production volume increased by 101% against the previous year. Production peaked in 2022 and is likely to see steady growth in years to come.

Npk Fertilizer Exports

Exports from Bulgaria

After two years of decline, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers increased by 24% to X tons in 2022. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 103% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, NPK fertilizer exports soared to $X in 2022. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 84% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Romania (X tons) was the main destination for NPK fertilizer exports from Bulgaria, with a 55% share of total exports. Moreover, NPK fertilizer exports to Romania exceeded the volume sent to the second major destination, Croatia (X tons), twofold. The third position in this ranking was taken by Hungary (X tons), with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania amounted to +36.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+127.4% per year) and Hungary (+245.9% per year).

In value terms, Romania ($X) emerged as the key foreign market for mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports from Bulgaria, comprising 50% of total exports. The second position in the ranking was taken by Croatia ($X), with a 23% share of total exports. It was followed by Hungary, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Romania totaled +42.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+207.5% per year) and Hungary (+181.2% per year).

Export Prices by Country

The average NPK fertilizer export price stood at $X per ton in 2022, rising by 16% against the previous year. Overall, the export price recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 an increase of 156% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to North Macedonia ($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 (+105.2%), while the prices for the other major destinations experienced more modest paces of growth.

Npk Fertilizer Imports

Imports into Bulgaria

NPK fertilizer imports into Bulgaria totaled X tons in 2022, remaining constant against the previous year. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +7.2% 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 +68.4% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 66% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, NPK fertilizer imports soared to $X in 2022. In general, imports recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 120% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) constituted the largest NPK fertilizer supplier to Bulgaria, with a 43% share of total imports. Moreover, NPK fertilizer imports from Russia exceeded the figures recorded by the second-largest supplier, Norway (X tons), threefold. Serbia (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume from Russia stood at +26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+7.9% per year) and Serbia (+34.9% per year).

In value terms, Russia ($X) constituted the largest supplier of mixed nitrogen, phosphorus and potassium (NPK) fertilizers to Bulgaria, comprising 39% of total imports. The second position in the ranking was held by Norway ($X), with a 15% share of total imports. It was followed by Austria, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia stood at +30.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+12.4% per year) and Austria (-1.7% per year).

Import Prices by Country

The average NPK fertilizer import price stood at $X per ton in 2022, picking up by 59% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, NPK fertilizer import price increased by +111.4% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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