Bulgaria: Whisky Market 2024

Whisky Market Size in Bulgaria

In 2022, the Bulgarian whisky market increased by 1.9% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Whisky Production in Bulgaria

In value terms, whisky production declined to $X in 2022 estimated in export price. Overall, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +51.4% against 2016 indices. The growth pace was the most rapid in 2014 with an increase of 42% against the previous year. Whisky production peaked at $X in 2021, and then shrank in the following year.

Whisky Exports

Exports from Bulgaria

In 2022, approx. X litres of whisky were exported from Bulgaria; rising by 59% on the previous year's figure. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 225%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, whisky exports skyrocketed to $X in 2022. Overall, exports enjoyed strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 112%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The United Arab Emirates (X litres) was the main destination for whisky exports from Bulgaria, accounting for a 31% share of total exports. Moreover, whisky exports to the United Arab Emirates exceeded the volume sent to the second major destination, Turkey (X litres), twofold. Morocco (X litres) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at +152.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+74.0% per year) and Morocco (+125.6% per year).

In value terms, North Macedonia ($X), the Netherlands ($X) and Turkey ($X) constituted the largest markets for whisky exported from Bulgaria worldwide, together comprising 46% of total exports. Latvia, Morocco, the United Arab Emirates, Romania, Cyprus, Algeria, Poland, Georgia and Lithuania lagged somewhat behind, together accounting for a further 41%.

Latvia, with a CAGR of +179.9%, 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

The average whisky export price stood at $X per litre in 2022, with a decrease of -11.1% against the previous year. In general, the export price saw a abrupt downturn. The pace of growth was the most pronounced in 2013 an increase of 65% against the previous year. The export price peaked at $X per litre in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per litre), while the average price for exports to the United Arab Emirates ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+71.3%), while the prices for the other major destinations experienced more modest paces of growth.

Whisky Imports

Imports into Bulgaria

In 2022, overseas purchases of whisky increased by 32% to X litres, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.1% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, whisky imports soared to $X in 2022. The total import value increased at an average annual rate of +5.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 26%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Ireland (X litres), Romania (X litres) and Germany (X litres) were the main suppliers of whisky imports to Bulgaria, with a combined 44% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of +672.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Ireland ($X) and the Netherlands ($X) constituted the largest whisky suppliers to Bulgaria, with a combined 46% share of total imports.

Romania, with a CAGR of +544.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average whisky import price stood at $X per litre in 2022, falling by -12.4% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 22%. As a result, import price attained the peak level of $X per litre. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per litre), while the price for Albania ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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