Bulgaria: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Bulgaria

In 2022, after six years of growth, there was significant decline in the Bulgarian odoriferous substance mixture market, when its value decreased by -14.7% to $X. Overall, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2021, and then fell in the following year.

Odoriferous Substance Mixture Production in Bulgaria

In value terms, odoriferous substance mixture production surged to $X in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable increase. The most prominent rate of growth was recorded in 2016 with an increase of 73% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Odoriferous Substance Mixture Exports

Exports from Bulgaria

In 2022, odoriferous substance mixture exports from Bulgaria skyrocketed to X tons, growing by 20% against 2021 figures. Over the period under review, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 68%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, odoriferous substance mixture exports rose notably to $X in 2022. Overall, exports enjoyed significant growth. The growth pace was the most rapid in 2021 when exports increased by 106% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Romania (X tons), the Netherlands (X tons) and Greece (X tons) were the main destinations of odoriferous substance mixture exports from Bulgaria, together comprising 24% of total exports. Saudi Arabia, Austria, Kyrgyzstan, Iran, Serbia, Turkey, Iraq, Albania, North Macedonia and Afghanistan lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iraq (with a CAGR of +183.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for odoriferous substance mixture exported from Bulgaria were the Netherlands ($X), Saudi Arabia ($X) and Greece ($X), with a combined 57% share of total exports. Romania, Turkey, Kyrgyzstan, Iran, Serbia, Afghanistan, Albania, Iraq, North Macedonia and Austria lagged somewhat behind, together accounting for a further 25%.

In terms of the main countries of destination, Iraq, with a CAGR of +224.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average odoriferous substance mixture export price stood at $X per ton in 2022, dropping by -9.7% against the previous year. Overall, the export price, however, enjoyed strong growth. The growth pace was the most rapid in 2018 when the average export price increased by 126% against the previous year. The export price peaked at $X per ton in 2021, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Austria ($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 Saudi Arabia (+27.7%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Bulgaria

In 2022, imports of mixtures of odoriferous substances and their preparations into Bulgaria totaled X tons, approximately equating 2021 figures. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its volume 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, imports decreased by -6.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 18% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, odoriferous substance mixture imports fell modestly to $X in 2022. Overall, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +60.1% against 2015 indices. The pace of growth was the most pronounced in 2020 with an increase of 19% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped modestly in the following year.

Imports by Country

France (X tons), Ireland (X tons) and Germany (X tons) were the main suppliers of odoriferous substance mixture imports to Bulgaria, with a combined 65% share of total imports. The Netherlands, Turkey, Spain, Slovenia, Italy and Austria lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +18.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X), France ($X) and Germany ($X) constituted the largest odoriferous substance mixture suppliers to Bulgaria, together comprising 72% of total imports. The Netherlands, Turkey, Spain, Italy, Slovenia and Austria lagged somewhat behind, together accounting for a further 21%.

In terms of the main suppliers, Turkey, with a CAGR of +25.7%, recorded the highest growth rate of 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 odoriferous substance mixture import price stood at $X per ton in 2022, with a decrease of -5.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2018 an increase of 15% against the previous year. The import price peaked at $X per ton in 2021, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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