Hungary: Vitamin Market 2024

Vitamin Market Size in Hungary

The Hungarian vitamin market skyrocketed to $X in 2021, picking up by 16% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Vitamin Production in Hungary

In value terms, vitamin production fell to $X in 2021 estimated in export price. Overall, production continues to indicate a precipitous decrease. The growth pace was the most rapid in 2020 with an increase of 12% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Vitamin Exports

Exports from Hungary

In 2021, overseas shipments of provitamins and vitamins increased by 14% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 450% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, vitamin exports surged to $X in 2021. Overall, exports recorded a remarkable increase. The growth pace was the most rapid in 2014 when exports increased by 845%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X tons) was the main destination for vitamin exports from Hungary, accounting for a 40% share of total exports. Moreover, vitamin exports to Germany exceeded the volume sent to the second major destination, Slovakia (X tons), threefold. The third position in this ranking was taken by Serbia (X tons), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume to Germany amounted to +270.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+14.5% per year) and Serbia (+2.7% per year).

In value terms, Romania ($X) remains the key foreign market for provitamins and vitamins exports from Hungary, comprising 50% of total exports. The second position in the ranking was taken by the United States ($X), with a 7.4% share of total exports. It was followed by Slovakia, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value to Romania amounted to +75.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+121.5% per year) and Slovakia (+10.9% per year).

Export Prices by Country

The average vitamin export price stood at $X per ton in 2021, surging by 35% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 72%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Germany ($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 Romania (+41.1%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Hungary

In 2021, imports of provitamins and vitamins into Hungary stood at X tons, picking up by 5.6% on the previous year. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +54.0% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 19%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, vitamin imports surged to $X in 2021. In general, total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -0.7% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 35% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Germany (X tons) and Austria (X tons) were the main suppliers of vitamin imports to Hungary, with a combined 65% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Austria (with a CAGR of +37.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of provitamins and vitamins to Hungary, comprising 39% of total imports. The second position in the ranking was held by Germany ($X), with a 19% share of total imports. It was followed by Austria, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from the Netherlands amounted to +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.4% per year) and Austria (+45.6% per year).

Import Prices by Country

In 2021, the average vitamin import price amounted to $X per ton, increasing by 14% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced slump. The pace of growth was the most pronounced in 2018 an increase of 21% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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