Bulgaria: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Bulgaria

In 2022, after two years of growth, there was significant decline in the Bulgarian rapeseed oil market, when its value decreased by -42.5% to $X. In general, consumption recorded a strong expansion. Over the period under review, the market hit record highs at $X in 2021, and then contracted rapidly in the following year.

Rapeseed Oil Production in Bulgaria

In value terms, rapeseed oil production shrank rapidly to $X in 2022 estimated in export price. Overall, production enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 171%. Rapeseed oil production peaked at $X in 2021, and then dropped dramatically in the following year.

Rapeseed Oil Exports

Exports from Bulgaria

In 2022, rapeseed oil exports from Bulgaria surged to X tons, jumping by 483% compared with 2021 figures. Overall, exports saw strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 1,190%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, rapeseed oil exports skyrocketed to $X in 2022. In general, exports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 1,784% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons) was the main destination for rapeseed oil exports from Bulgaria, accounting for a 43% share of total exports. Moreover, rapeseed oil exports to the Netherlands exceeded the volume sent to the second major destination, Turkey (X tons), twofold. The third position in this ranking was taken by Romania (X tons), with an 18% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands totaled +7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (0.0% per year) and Romania (+85.7% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for rapeseed oil exports from Bulgaria, comprising 42% of total exports. The second position in the ranking was taken by Turkey ($X), with a 21% share of total exports. It was followed by Romania, with a 16% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands stood at +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (0.0% per year) and Romania (+90.1% per year).

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, picking up by 17% against the previous year. Over the period under review, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil export price increased by +104.2% against 2019 indices. The growth pace was the most rapid in 2021 when the average export price increased by 46%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Poland ($X per ton) and France ($X per ton), while the average price for exports to Romania ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Bulgaria

After two years of growth, supplies from abroad of rapeseed oil decreased by -75.7% to X tons in 2022. Overall, imports saw a noticeable reduction. The most prominent rate of growth was recorded in 2018 with an increase of 1,557% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, rapeseed oil imports dropped remarkably to $X in 2022. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 1,189%. Over the period under review, imports attained the peak figure at $X in 2021, and then declined sharply in the following year.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of rapeseed oil to Bulgaria, with a 55% share of total imports. Moreover, rapeseed oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Bosnia and Herzegovina (X tons), fourfold. The third position in this ranking was taken by Greece (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Ukraine totaled -14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (+4.2% per year) and Greece (-20.0% per year).

In value terms, Ukraine ($X) constituted the largest supplier of rapeseed oil to Bulgaria, comprising 47% of total imports. The second position in the ranking was held by Bosnia and Herzegovina ($X), with an 18% share of total imports. It was followed by Greece, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Ukraine amounted to -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (+41.8% per year) and Greece (-18.0% per year).

Import Prices by Country

In 2022, the average rapeseed oil import price amounted to $X per ton, surging by 9.1% against the previous year. Overall, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +97.8% against 2018 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 66% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+36.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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