Bulgaria: Market for Protein Concentrates and Flavoured or Coloured Sugar Syrups 2024

Market Size for Protein Concentrates and Flavoured or Coloured Sugar Syrups in Bulgaria

In 2021, the Bulgarian market for protein concentrates and flavoured or coloured sugar syrups increased by 11% to $X, rising for the fourth year in a row after three years of decline. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +49.8% against 2017 indices. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Production of Protein Concentrates and Flavoured or Coloured Sugar Syrups in Bulgaria

In value terms, production of protein concentrates and flavoured or coloured sugar syrups contracted to $X in 2021 estimated in export price. Overall, production, however, recorded measured growth. The growth pace was the most rapid in 2018 when the production volume increased by 119% against the previous year. Production of peaked at $X in 2020, and then dropped in the following year.

Exports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Exports from Bulgaria

Exports of protein concentrates and flavoured or coloured sugar syrups from Bulgaria surged to X tons in 2021, increasing by 217% on 2020. Over the period under review, exports posted buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of protein concentrates and flavoured or coloured sugar syrups surged to $X in 2021. In general, exports showed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for exports of protein concentrates and flavoured or coloured sugar syrups from Bulgaria, with a 44% share of total exports. Moreover, exports of protein concentrates and flavoured or coloured sugar syrups to the United States exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was held by Romania (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +91.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+133.4% per year) and Romania (+74.0% per year).

In value terms, the largest markets for protein concentrate and flavoured or coloured sugar syrup exported from Bulgaria were the United States ($X), Romania ($X) and Germany ($X), with a combined 56% share of total exports. These countries were followed by Belgium, France, Greece, Serbia and Hungary, which together accounted for a further 23%.

Among the main countries of destination, France, with a CAGR of +232.8%, recorded 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

In 2021, the average export price for protein concentrates and flavoured or coloured sugar syrups amounted to $X per ton, dropping by -38.7% against the previous year. Overall, the export price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 61%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Serbia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Imports into Bulgaria

Imports of protein concentrates and flavoured or coloured sugar syrups into Bulgaria soared to X tons in 2021, increasing by 21% against 2020 figures. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +55.5% against 2017 indices. The pace of growth was the most pronounced in 2013 when imports increased by 26%. Over the period under review, imports of reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, imports of protein concentrates and flavoured or coloured sugar syrups skyrocketed to $X in 2021. Overall, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +75.2% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Hungary (X tons) constituted the largest protein concentrate and flavoured or coloured sugar syrup supplier to Bulgaria, with a 55% share of total imports. Moreover, imports of protein concentrates and flavoured or coloured sugar syrups from Hungary exceeded the figures recorded by the second-largest supplier, Serbia (X tons), threefold. The third position in this ranking was taken by China (X tons), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from Hungary stood at +73.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (-5.3% per year) and China (+58.5% per year).

In value terms, Hungary ($X) constituted the largest supplier of protein concentrates and flavoured or coloured sugar syrups to Bulgaria, comprising 32% of total imports. The second position in the ranking was taken by Italy ($X), with a 10% share of total imports. It was followed by Serbia, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Hungary totaled +31.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+36.6% per year) and Serbia (-4.7% per year).

Import Prices by Country

The average import price for protein concentrates and flavoured or coloured sugar syrups stood at $X per ton in 2021, picking up by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+20.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :