Bulgaria: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Bulgaria

In 2022, the Bulgarian sunflower-seed and safflower oil market was finally on the rise to reach $X after two years of decline. In general, consumption showed buoyant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Sunflower-Seed And Safflower Oil in Bulgaria

In value terms, sunflower-seed and safflower oil production soared to $X in 2022 estimated in export price. Over the period under review, production saw a significant expansion. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Sunflower-Seed And Safflower Oil

Exports from Bulgaria

In 2022, approx. X tons of sunflower-seed and safflower oil were exported from Bulgaria; growing by 65% on 2021. In general, exports showed significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 71% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, sunflower-seed and safflower oil exports soared to $X in 2022. Overall, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons), Spain (X tons) and South Africa (X tons) were the main destinations of sunflower-seed and safflower oil exports from Bulgaria, with a combined 45% share of total exports. Greece, Italy, Iraq, the Netherlands, France, Romania and North Macedonia lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +131.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), India ($X) and South Africa ($X) constituted the largest markets for sunflower-seed and safflower oil exported from Bulgaria worldwide, with a combined 44% share of total exports. Greece, Italy, Iraq, the Netherlands, France, Romania and North Macedonia lagged somewhat behind, together comprising a further 44%.

In terms of the main countries of destination, France, with a CAGR of +148.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, increasing by 31% against the previous year. In general, the export price enjoyed a tangible expansion. The growth pace was the most rapid in 2021 when the average export price increased by 58% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+12.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Bulgaria

In 2022, sunflower-seed and safflower oil imports into Bulgaria soared to X tons, rising by 1,124% on the previous year. Over the period under review, imports recorded significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sunflower-seed and safflower oil imports skyrocketed to $X in 2022. In general, imports showed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest sunflower-seed and safflower oil supplier to Bulgaria, accounting for a 79% share of total imports. Moreover, sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Romania (X tons), sevenfold. The third position in this ranking was taken by Moldova (X tons), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from Ukraine totaled +59.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+11.1% per year) and Moldova (+50.2% per year).

In value terms, Ukraine ($X) constituted the largest supplier of sunflower-seed and safflower oil to Bulgaria, comprising 77% of total imports. The second position in the ranking was held by Romania ($X), with a 12% share of total imports. It was followed by Moldova, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value from Ukraine stood at +61.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+12.7% per year) and Moldova (+50.8% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, growing by 3.4% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 66% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Moldova ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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