Hungary: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in Hungary

The Hungarian vegetable tanning extracts market soared to $X in 2022, increasing by 24% against the previous year. In general, consumption, however, recorded a abrupt setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Vegetable Tanning Extracts Production in Hungary

In value terms, vegetable tanning extracts production rose to $X in 2022 estimated in export price. In general, production, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when the production volume increased by 14%. Vegetable tanning extracts production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Vegetable Tanning Extracts Exports

Exports from Hungary

Vegetable tanning extracts exports from Hungary reduced dramatically to X kg in 2022, with a decrease of -99.8% compared with the previous year's figure. Over the period under review, exports continue to indicate a sharp contraction. The pace of growth appeared the most rapid in 2021 when exports increased by 2,300%. As a result, the exports attained the peak of X tons, and then declined remarkably in the following year.

In value terms, vegetable tanning extracts exports dropped sharply to $X in 2022. In general, exports recorded a sharp reduction. The pace of growth was the most pronounced in 2021 when exports increased by 2,010% against the previous year. As a result, the exports attained the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Slovakia (X kg) was the main destination for vegetable tanning extracts exports from Hungary, with a 79% share of total exports. Moreover, vegetable tanning extracts exports to Slovakia exceeded the volume sent to the second major destination, Romania (X kg), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Slovakia stood at +28.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-26.4% per year) and Serbia (-57.9% per year).

In value terms, Slovakia ($X) emerged as the key foreign market for tanning extracts of vegetable origin, tannins and their salts other derivatives exports from Hungary, comprising 64% of total exports. The second position in the ranking was taken by Romania ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Slovakia amounted to +16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-18.1% per year) and Serbia (-58.3% per year).

Export Prices by Country

In 2022, the average vegetable tanning extracts export price amounted to $X per ton, with an increase of 282% against the previous year. Overall, the export price posted resilient growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Serbia ($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 Romania (+11.3%), while the prices for the other major destinations experienced a decline.

Vegetable Tanning Extracts Imports

Imports into Hungary

In 2022, overseas purchases of tanning extracts of vegetable origin, tannins and their salts other derivatives were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports showed a measured increase. The pace of growth appeared the most rapid in 2015 with an increase of 307% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, vegetable tanning extracts imports surged to $X in 2022. Overall, imports saw a modest increase. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Austria (X tons), Italy (X tons) and France (X tons) were the main suppliers of vegetable tanning extracts imports to Hungary, with a combined 92% 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 France (with a CAGR of +14.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X), Italy ($X) and France ($X) constituted the largest vegetable tanning extracts suppliers to Hungary, together comprising 84% of total imports.

Austria, with a CAGR of +5.8%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average vegetable tanning extracts import price amounted to $X per ton, with a decrease of -22.7% against the previous year. Overall, the import price continues to indicate a slight reduction. The growth pace was the most rapid in 2013 when the average import price increased by 69% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Belgium ($X per ton) and France ($X per ton), while the price for Slovenia ($X per ton) and Austria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+14.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :