Bulgaria: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in Bulgaria

The Bulgarian vegetable tanning extracts market declined slightly to $X in 2022, stabilizing at the previous year. Over the period under review, consumption saw a deep setback. Vegetable tanning extracts consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Vegetable Tanning Extracts Production in Bulgaria

In value terms, vegetable tanning extracts production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt contraction. The growth pace was the most rapid in 2021 when the production volume increased by 11%. Vegetable tanning extracts production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Vegetable Tanning Extracts Exports

Exports from Bulgaria

In 2022, overseas shipments of tanning extracts of vegetable origin, tannins and their salts other derivatives decreased by -67.2% to X tons, falling for the second year in a row after nine years of growth. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 333%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, vegetable tanning extracts exports shrank markedly to $X in 2022. Overall, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 190%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Armenia (X tons) was the main destination for vegetable tanning extracts exports from Bulgaria, accounting for a 55% share of total exports. Moreover, vegetable tanning extracts exports to Armenia exceeded the volume sent to the second major destination, Kyrgyzstan (X tons), twofold. North Macedonia (X tons) ranked third in terms of total exports with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume to Armenia totaled +96.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kyrgyzstan (0.0% per year) and North Macedonia (+9.1% per year).

In value terms, the largest markets for vegetable tanning extracts exported from Bulgaria were Armenia ($X), Kyrgyzstan ($X) and North Macedonia ($X), together comprising 75% of total exports. Georgia and Canada lagged somewhat behind, together accounting for a further 22%.

Georgia, with a CAGR of +47.2%, saw the highest rates of growth with regard to the value of exports, in terms of 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 vegetable tanning extracts export price amounted to $X per ton, growing by 10% against the previous year. Over the period under review, the export price, however, recorded a abrupt decrease. The pace of growth appeared the most rapid in 2018 an increase of 53% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Georgia ($X per ton), while the average price for exports to Armenia ($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 Georgia (+28.9%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Tanning Extracts Imports

Imports into Bulgaria

In 2022, approx. X tons of tanning extracts of vegetable origin, tannins and their salts other derivatives were imported into Bulgaria; surging by 35% compared with the previous year. Over the period under review, imports, however, recorded a deep slump. The growth pace was the most rapid in 2018 with an increase of 38%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable tanning extracts imports surged to $X in 2022. Overall, imports, however, continue to indicate a perceptible slump. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Italy (X tons), Greece (X tons) and France (X tons) were the main suppliers of vegetable tanning extracts imports to Bulgaria, together accounting for 87% of total imports. Austria, Spain and Romania lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +20.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Italy ($X), France ($X) and Austria ($X) were the largest vegetable tanning extracts suppliers to Bulgaria, together accounting for 77% of total imports. Spain, Greece and Romania lagged somewhat behind, together comprising a further 19%.

Among the main suppliers, Spain, with a CAGR of +23.8%, saw the highest rates of growth with regard to 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

The average vegetable tanning extracts import price stood at $X per ton in 2022, picking up by 14% against the previous year. Overall, the import price showed a prominent expansion. The most prominent rate of growth was recorded in 2013 an increase of 107%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+19.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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