Bulgaria: Plastic Closure Market 2024

Plastic Closure Market Size in Bulgaria

The Bulgarian plastic closure market reduced modestly to $X in 2022, waning by -3.5% against the previous year. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.3% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in Bulgaria

In value terms, plastic closure production shrank to $X in 2022 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +6.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 38% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Plastic Closure Exports

Exports from Bulgaria

Plastic closure exports from Bulgaria contracted notably to X tons in 2022, dropping by -15% compared with 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced remarkably in the following year.

In value terms, plastic closure exports rose modestly to $X in 2022. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 26%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Greece (X tons) was the main destination for plastic closure exports from Bulgaria, with a 26% share of total exports. Moreover, plastic closure exports to Greece exceeded the volume sent to the second major destination, Serbia (X tons), twofold. Romania (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume to Greece totaled +14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+26.2% per year) and Romania (-3.5% per year).

In value terms, the largest markets for plastic closure exported from Bulgaria were Greece ($X), Serbia ($X) and Romania ($X), together accounting for 34% of total exports. Poland, Germany, Italy, Ukraine, Mexico, Turkey, North Macedonia, Albania, Moldova and Israel lagged somewhat behind, together comprising a further 42%.

Among the main countries of destination, Israel, with a CAGR of +30.9%, 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 plastic closure export price stood at $X per ton in 2022, with an increase of 22% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. As a result, the export price reached 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 Turkey ($X per ton), while the average price for exports to Greece ($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 Italy (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Bulgaria

In 2022, approx. X tons of plastic stoppers, caps and closures were imported into Bulgaria; jumping by 20% against 2021 figures. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.9% 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 +98.8% against 2015 indices. The growth pace was the most rapid in 2013 with an increase of 54%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, plastic closure imports rose remarkably to $X in 2022. Overall, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 24%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Turkey (X tons), Germany (X tons) and Romania (X tons) were the main suppliers of plastic closure imports to Bulgaria, together comprising 56% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of +23.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Germany ($X) and Poland ($X) constituted the largest plastic closure suppliers to Bulgaria, with a combined 45% share of total imports. Romania, China, Italy, Serbia, Greece, Hungary, France and Austria lagged somewhat behind, together accounting for a further 40%.

Romania, with a CAGR of +24.5%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 plastic closure import price amounted to $X per ton, shrinking by -5.3% against the previous year. Over the period under review, the import price, however, showed a mild increase. The pace of growth appeared the most rapid in 2014 an increase of 43%. The import price peaked at $X per ton in 2021, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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