Bulgaria: Preserved Sardines Market 2024

Preserved Sardines Market Size in Bulgaria

In 2022, the Bulgarian preserved sardines market increased by 17% to $X, rising for the second consecutive year after three years of decline. In general, consumption showed a measured increase. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Preserved Sardines Production in Bulgaria

In value terms, preserved sardines production totaled $X in 2022 estimated in export price. In general, production continues to indicate buoyant growth. The growth pace was the most rapid in 2013 with an increase of 58%. Preserved sardines production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Preserved Sardines Exports

Exports from Bulgaria

In 2022, overseas shipments of sardines (prepared or preserved) decreased by -28.6% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2013 when exports increased by 375% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, preserved sardines exports dropped notably to $X in 2022. Overall, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 334% against the previous year. The exports peaked at $X in 2021, and then dropped sharply in the following year.

Exports by Country

Serbia (X tons), Romania (X tons) and Greece (X tons) were the main destinations of preserved sardines exports from Bulgaria, with a combined 80% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Serbia (with a CAGR of +49.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for preserved sardines exported from Bulgaria were Serbia ($X), Romania ($X) and Greece ($X), together accounting for 84% of total exports.

Serbia, with a CAGR of +51.5%, recorded the highest growth rate of 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

In 2022, the average preserved sardines export price amounted to $X per ton, surging by 4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2017 an increase of 17% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Greece ($X per ton) and Serbia ($X per ton), while the average price for exports to Bosnia and Herzegovina ($X per ton) and Romania ($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 Romania (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Sardines Imports

Imports into Bulgaria

After three years of growth, supplies from abroad of sardines (prepared or preserved) decreased by -20.5% to X tons in 2022. Overall, imports saw a slight decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 125% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, preserved sardines imports declined remarkably to $X in 2022. Over the period under review, imports, however, posted a measured increase. The most prominent rate of growth was recorded in 2013 with an increase of 101% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Germany (X tons), Thailand (X tons) and Lithuania (X tons) were the main suppliers of preserved sardines imports to Bulgaria, with a combined 69% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +62.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of sardines (prepared or preserved) to Bulgaria, comprising 39% of total imports. The second position in the ranking was held by Lithuania ($X), with a 16% share of total imports. It was followed by Greece, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +59.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+26.5% per year) and Greece (+15.1% per year).

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved sardines import price increased by +14.9% against 2018 indices. The growth pace was the most rapid in 2018 an increase of 36% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :