Bulgaria: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Bulgaria

The Bulgarian commercial refrigeration equipment market skyrocketed to $X in 2021, with an increase of 22% against the previous year. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.9% 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 decreased by -8.6% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Commercial Refrigeration Equipment Production in Bulgaria

In value terms, commercial refrigeration equipment production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 19%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Commercial Refrigeration Equipment Exports

Exports from Bulgaria

For the third consecutive year, Bulgaria recorded growth in overseas shipments of refrigerating and freezing equipment and heat pumps (except household type equipment), which increased by 23% to X units in 2021. In general, exports recorded a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 126%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 182%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X units) was the main destination for commercial refrigeration equipment exports from Bulgaria, accounting for a 43% share of total exports. Moreover, commercial refrigeration equipment exports to Germany exceeded the volume sent to the second major destination, Austria (X units), threefold. The third position in this ranking was held by Greece (X units), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany totaled +52.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+118.5% per year) and Greece (-19.9% per year).

In value terms, Germany ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Bulgaria, comprising 26% of total exports. The second position in the ranking was held by Greece ($X), with an 11% share of total exports. It was followed by Romania, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at +36.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-2.6% per year) and Romania (+7.1% per year).

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, surging by 14% against the previous year. In general, the export price showed a strong increase. The pace of growth was the most pronounced in 2015 an increase of 177% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Serbia ($X per unit), while the average price for exports to Austria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+21.5%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Bulgaria

In 2021, overseas purchases of refrigerating and freezing equipment and heat pumps (except household type equipment) were finally on the rise to reach X units after two years of decline. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 39% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, commercial refrigeration equipment imports skyrocketed to $X in 2021. Over the period under review, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey (X units), China (X units) and Italy (X units) were the main suppliers of commercial refrigeration equipment imports to Bulgaria, with a combined 51% share of total imports. These countries were followed by Austria, Romania, Germany, Hungary, Ireland, Ukraine, France, the Czech Republic, Denmark and Poland, which together accounted for a further 38%.

From 2012 to 2021, the biggest increases were recorded for Ukraine (with a CAGR of +37.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment suppliers to Bulgaria were Italy ($X), Austria ($X) and Turkey ($X), together accounting for 41% of total imports. These countries were followed by China, Germany, Romania, Hungary, France, Poland, Ireland, Ukraine, the Czech Republic and Denmark, which together accounted for a further 49%.

In terms of the main suppliers, Ukraine, with a CAGR of +46.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, growing by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. Over the period under review, average import prices reached the peak figure at $X per unit 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 France ($X per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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