Bulgaria: Rice Market 2024

Rice Market Size in Bulgaria

In 2021, the Bulgarian rice market decreased by -39% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption recorded a mild contraction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Rice Production in Bulgaria

In value terms, rice production dropped markedly to $X in 2021 estimated in export price. Over the period under review, production showed a precipitous contraction. The pace of growth was the most pronounced in 2016 with an increase of 49%. Rice production peaked at $X in 2020, and then dropped rapidly in the following year.

The average yield of rice in Bulgaria dropped to X tons per ha in 2021, reducing by -9.5% against the previous year. Overall, the yield recorded a slight decrease. The pace of growth appeared the most rapid in 2015 with an increase of 11% against the previous year. Over the period under review, the average rice yield reached the peak level at X tons per ha in 2019; however, from 2020 to 2021, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of rice were harvested in Bulgaria; waning by -2.4% on the previous year's figure. The harvested area increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2015 when the harvested area increased by 12% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2016 to 2021, the growth of the rice harvested area remained at a somewhat lower figure.

Rice Exports

Exports from Bulgaria

After five years of growth, shipments abroad of rice decreased by -19.2% to X tons in 2021. In general, exports, however, saw a resilient increase. The pace of growth was the most pronounced in 2019 with an increase of 32% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then dropped notably in the following year.

In value terms, rice exports fell to $X in 2021. Over the period under review, exports, however, recorded a strong expansion. The growth pace was the most rapid in 2020 when exports increased by 33%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Romania (X tons) was the main destination for rice exports from Bulgaria, accounting for a 61% share of total exports. Moreover, rice exports to Romania exceeded the volume sent to the second major destination, Turkey (X tons), twofold. The third position in this ranking was held by Poland (X tons), with a 4.4% share.

From 2012 to 2021, the average annual growth rate of volume to Romania amounted to +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+3.4% per year) and Poland (+17.3% per year).

In value terms, Romania ($X), Turkey ($X) and Poland ($X) constituted the largest markets for rice exported from Bulgaria worldwide, with a combined 91% share of total exports.

Poland, with a CAGR of +20.2%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rice export price stood at $X per ton in 2021, growing by 14% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were Albania ($X per ton) and Serbia ($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 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Rice Imports

Imports into Bulgaria

In 2021, after three years of growth, there was significant decline in purchases abroad of rice, when their volume decreased by -38.8% to X tons. In general, imports, however, recorded a strong expansion. The growth pace was the most rapid in 2019 when imports increased by 77% against the previous year. Imports peaked at X tons in 2020, and then reduced rapidly in the following year.

In value terms, rice imports fell markedly to $X in 2021. Over the period under review, imports, however, showed a prominent expansion. The growth pace was the most rapid in 2014 when imports increased by 62% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then shrank remarkably in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of rice to Bulgaria, accounting for a 56% share of total imports. Moreover, rice imports from China exceeded the figures recorded by the second-largest supplier, Greece (X tons), twofold. The third position in this ranking was held by Myanmar (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +263.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+12.8% per year) and Myanmar (+30.8% per year).

In value terms, the largest rice suppliers to Bulgaria were China ($X), Greece ($X) and Myanmar ($X), together accounting for 84% of total imports.

In terms of the main suppliers, China, with a CAGR of +240.8%, saw the highest growth rate of 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

In 2021, the average rice import price amounted to $X per ton, picking up by 17% against the previous year. In general, the import price, however, continues to indicate a perceptible downturn. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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