Bulgaria: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Bulgaria

The Bulgarian market for sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021, increasing by 41% against the previous year. Overall, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +82.6% against 2017 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Bulgaria

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +75.7% against 2016 indices. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Bulgaria

In 2021, shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -25.1% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports, however, showed notable growth. The pace of growth appeared the most rapid in 2017 with an increase of 72%. Over the period under review, the exports of reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. Overall, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +24.3% against 2019 indices. The pace of growth was the most pronounced in 2017 when exports increased by 65% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Greece (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Bulgaria, accounting for a 55% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to Greece exceeded the volume sent to the second major destination, Romania (X tons), threefold. The third position in this ranking was taken by Cyprus (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Greece totaled +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-1.0% per year) and Cyprus (+42.8% per year).

In value terms, Greece ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Bulgaria, comprising 56% of total exports. The second position in the ranking was held by Romania ($X), with a 17% share of total exports. It was followed by Cyprus, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Greece totaled +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-1.3% per year) and Cyprus (+43.3% per year).

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, rising by 60% against the previous year. In general, export price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for sunflower-seed or safflower oil, refined, but not chemically modified increased by +83.8% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, the highest price was recorded for prices to Greece ($X per ton) and Cyprus ($X per ton), while the average price for exports to South Africa ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kosovo (+63.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Bulgaria

In 2021, imports of sunflower-seed or safflower oil, refined, but not chemically modified into Bulgaria surged to X tons, picking up by 19% compared with the previous year's figure. Over the period under review, total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +3.5% 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 +85.3% against 2017 indices. The pace of growth was the most pronounced in 2020 with an increase of 43%. Over the period under review, imports of reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021. Overall, imports recorded a notable expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Romania (X tons), Serbia (X tons) and Hungary (X tons) were the main suppliers of imports of sunflower-seed or safflower oil, refined, but not chemically modified to Bulgaria, with a combined 84% share of total imports.

From 2012 to 2021, the biggest increases were in Serbia (with a CAGR of +132.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Serbia ($X) and Hungary ($X) were the largest sunflower-seed or safflower oil, refined, but not chemically modified suppliers to Bulgaria, with a combined 83% share of total imports.

Serbia, with a CAGR of +145.5%, 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 import price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, increasing by 44% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Ukraine ($X per ton) and Greece ($X per ton), while the price for Hungary ($X per ton) and Moldova ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Serbia (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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