Bulgaria: Soya Bean Market 2024

Soya Bean Market Size in Bulgaria

In 2021, the Bulgarian soya bean market increased by 19% to $X, rising for the fourth year in a row after two years of decline. Overall, consumption showed significant growth. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Soya Bean Production in Bulgaria

In value terms, soya bean production expanded markedly to $X in 2021 estimated in export price. In general, production saw a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 198%. Soya bean production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

The average yield of soya beans in Bulgaria soared to X tons per ha in 2021, picking up by 16% compared with the previous year. The yield figure increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the yield increased by 32% against the previous year. Over the period under review, the average soya bean 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, the harvested area of soya beans in Bulgaria dropped to X ha, with a decrease of -5.2% compared with 2020. Overall, the harvested area, however, recorded significant growth. The growth pace was the most rapid in 2017 with an increase of 47% against the previous year. The soya bean harvested area peaked at X ha in 2020, and then contracted in the following year.

Soya Bean Exports

Exports from Bulgaria

In 2021, soya bean exports from Bulgaria soared to X tons, with an increase of 32% compared with the previous year's figure. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 18,601%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, soya bean exports surged to $X in 2021. In general, exports recorded a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 10,697% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Greece (X tons) was the main destination for soya bean exports from Bulgaria, with a approx. 99% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Greece totaled +38.9%.

In value terms, Greece ($X) also remains the key foreign market for soya bean exports from Bulgaria.

From 2012 to 2021, the average annual growth rate of value to Greece amounted to +42.4%.

Export Prices by Country

The average soya bean export price stood at $X per ton in 2021, rising by 54% against the previous year. Over the period under review, the export price saw a temperate increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 76%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Greece.

From 2012 to 2021, the rate of growth in terms of prices for Turkey amounted to +4.5% per year.

Soya Bean Imports

Imports into Bulgaria

In 2021, soya bean imports into Bulgaria skyrocketed to X tons, picking up by 115% against 2020. Over the period under review, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2015 with an increase of 3,267%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, soya bean imports skyrocketed to $X in 2021. In general, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2015 when imports increased by 2,611%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Romania (X tons) constituted the largest supplier of soya bean to Bulgaria, with a 39% share of total imports. Moreover, soya bean imports from Romania exceeded the figures recorded by the second-largest supplier, Greece (X tons), twofold. The third position in this ranking was held by Ukraine (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume from Romania totaled +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+133.9% per year) and Ukraine (-29.3% per year).

In value terms, the largest soya bean suppliers to Bulgaria were Romania ($X), the United States ($X) and Ukraine ($X), together accounting for 61% of total imports. Greece, Moldova, the Netherlands, Canada and Serbia lagged somewhat behind, together accounting for a further 31%.

Among the main suppliers, Greece, with a CAGR of +120.4%, recorded 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 soya bean import price amounted to $X per ton, growing by 43% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soya bean import price increased by +16.4% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Serbia (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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