Bulgaria: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Bulgaria

The Bulgarian refined coconut oil market expanded modestly to $X in 2022, increasing by 3.3% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Refined Coconut Oil Production in Bulgaria

In value terms, refined coconut oil production rose slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a mild contraction. The pace of growth was the most pronounced in 2017 with an increase of 31%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Refined Coconut Oil Exports

Exports from Bulgaria

In 2022, the amount of refined coconut (copra) oil exported from Bulgaria shrank to X tons, dropping by -14% on the previous year's figure. In general, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2019 when exports increased by 268%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined coconut oil exports rose slightly to $X in 2022. Overall, exports recorded a deep contraction. The pace of growth was the most pronounced in 2019 when exports increased by 119% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Romania (X tons) was the main destination for refined coconut oil exports from Bulgaria, accounting for a 59% share of total exports. Moreover, refined coconut oil exports to Romania exceeded the volume sent to the second major destination, North Macedonia (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Romania stood at -20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+65.6% per year) and Greece (+39.3% per year).

In value terms, Romania ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Bulgaria, comprising 59% of total exports. The second position in the ranking was taken by North Macedonia ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania totaled -16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+56.8% per year) and Greece (+45.2% per year).

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, with an increase of 22% against the previous year. Overall, the export price enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by 55% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to North Macedonia ($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 Romania (+5.1%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Coconut Oil Imports

Imports into Bulgaria

Refined coconut oil imports into Bulgaria rose notably to X tons in 2022, increasing by 14% on the year before. Over the period under review, imports, however, recorded a perceptible slump. The pace of growth was the most pronounced in 2018 when imports increased by 37%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports soared to $X in 2022. In general, imports continue to indicate notable growth. The pace of growth was the most pronounced in 2020 when imports increased by 44%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Germany (X tons), Greece (X tons) and the Philippines (X tons) were the main suppliers of refined coconut oil imports to Bulgaria, together accounting for 88% of total imports. Italy, Sweden, the Netherlands and Romania lagged somewhat behind, together comprising a further 9.6%.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +114.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil suppliers to Bulgaria were Germany ($X), Greece ($X) and the Philippines ($X), together comprising 83% of total imports. The Netherlands, Italy, Sweden and Romania lagged somewhat behind, together accounting for a further 12%.

Sweden, with a CAGR of +147.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, picking up by 1.9% against the previous year. In general, the import price recorded resilient growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 72% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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