Bulgaria: Pig Fat Market 2024

Pig Fat Market Size in Bulgaria

The Bulgarian pig fat market soared to $X in 2022, jumping by 58% against the previous year. In general, consumption saw a relatively flat trend pattern. Pig fat consumption peaked in 2022 and is expected to retain growth in the near future.

Pig Fat Production in Bulgaria

In value terms, pig fat production declined to $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 +75.3% against 2015 indices. The pace of growth appeared the most rapid in 2016 with an increase of 30% against the previous year. Pig fat production peaked at $X in 2021, and then dropped modestly in the following year.

Pig Fat Exports

Exports from Bulgaria

In 2022, overseas shipments of pig fat increased by 237% to X tons, rising for the fourth year in a row after two years of decline. In general, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 1,082% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, pig fat exports skyrocketed to $X in 2022. Overall, exports saw a remarkable increase. The pace of growth appeared the most rapid in 2014 when exports increased by 1,412%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Italy (X tons) was the main destination for pig fat exports from Bulgaria, with a 60% share of total exports. Moreover, pig fat exports to Italy exceeded the volume sent to the second major destination, Greece (X tons), threefold. The third position in this ranking was taken by Romania (X tons), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to Italy totaled +51.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+19.2% per year) and Romania (-4.4% per year).

In value terms, the largest markets for pig fat exported from Bulgaria were Italy ($X), Romania ($X) and Greece ($X), together comprising 78% of total exports.

Among the main countries of destination, Italy, with a CAGR of +51.4%, recorded the highest rates of growth with regard to 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

In 2022, the average pig fat export price amounted to $X per ton, shrinking by -27.4% against the previous year. Over the period under review, the export price continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2019 an increase of 63% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was North Macedonia ($X per ton), while the average price for exports to Italy ($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 Greece (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Fat Imports

Imports into Bulgaria

Pig fat imports into Bulgaria rose notably to X tons in 2022, increasing by 14% against the previous year. Overall, imports, however, saw a slight decline. The pace of growth appeared the most rapid in 2016 with an increase of 44%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, pig fat imports soared to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 83% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X tons), Spain (X tons) and Italy (X tons) were the main suppliers of pig fat imports to Bulgaria, with a combined 63% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +19.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pig fat suppliers to Bulgaria were Germany ($X), Spain ($X) and Italy ($X), together accounting for 65% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +20.8%, recorded the highest rates of growth with regard to 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 pig fat import price stood at $X per ton in 2022, picking up by 46% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average import price increased by 62% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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 Italy ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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