Bulgaria: Sugars Market 2024

Sugars Market Size in Bulgaria

In 2021, the Bulgarian sugars market increased by 60% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, showed a abrupt setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Sugars Production in Bulgaria

In value terms, sugars production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 26%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Sugars Exports

Exports from Bulgaria

For the fourth consecutive year, Bulgaria recorded growth in shipments abroad of sugars, sugar ethers and salts, which increased by 12% to X tons in 2021. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 1,530% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, sugars exports surged to $X in 2021. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 5,236% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the near future.

Exports by Country

Germany (X tons) was the main destination for sugars exports from Bulgaria, with a 76% share of total exports. Moreover, sugars exports to Germany exceeded the volume sent to the second major destination, Iran (X tons), sevenfold. The third position in this ranking was held by North Macedonia (X tons), with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany stood at +107.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (+16.2% per year) and North Macedonia (+74.1% per year).

In value terms, Germany ($X) remains the key foreign market for sugars, sugar ethers and salts exports from Bulgaria, comprising 93% of total exports. The second position in the ranking was taken by Iran ($X), with a 3.8% share of total exports. It was followed by North Macedonia, with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at +131.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (+15.6% per year) and North Macedonia (+67.5% per year).

Export Prices by Country

The average sugars export price stood at $X per ton in 2021, surging by 44% against the previous year. Overall, the export price recorded a strong increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 655% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+11.6%), while the prices for the other major destinations experienced a decline.

Sugars Imports

Imports into Bulgaria

For the fourth year in a row, Bulgaria recorded growth in supplies from abroad of sugars, sugar ethers and salts, which increased by 8% to X tons in 2021. In general, imports posted a significant expansion. The growth pace was the most rapid in 2019 with an increase of 409%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, sugars imports skyrocketed to $X in 2021. Overall, imports recorded significant growth. The pace of growth appeared the most rapid in 2020 when imports increased by 332% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

Imports by Country

Slovakia (X tons), Austria (X tons) and Germany (X tons) were the main suppliers of sugars imports to Bulgaria, with a combined 92% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Austria (with a CAGR of +184.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X) constituted the largest supplier of sugars, sugar ethers and salts to Bulgaria, comprising 63% of total imports. The second position in the ranking was taken by Slovakia ($X), with a 22% share of total imports. It was followed by Germany, with a 4.5% share.

From 2012 to 2021, the average annual growth rate of value from Austria amounted to +170.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (+139.8% per year) and Germany (+55.5% per year).

Import Prices by Country

The average sugars import price stood at $X per ton in 2021, picking up by 15% against the previous year. Overall, the import price, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2020 when the average import price increased by 58%. The import price peaked at $X per ton in 2012; however, from 2013 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 Italy ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (+29.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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