Bulgaria: Cocoa Powder Market 2023

Cocoa Powder Market Size in Bulgaria

In 2021, the Bulgarian cocoa powder market increased by 83% to $X, rising for the sixth year in a row after three years of decline. Overall, consumption saw a resilient increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Cocoa Powder Production in Bulgaria

In value terms, cocoa powder production shrank dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 53% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then declined dramatically in the following year.

Cocoa Powder Exports

Exports from Bulgaria

In 2021, overseas shipments of cocoa powder (not sweetened) decreased by -56.7% to X tons for the first time since 2013, thus ending a seven-year rising trend. In general, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2014 when exports increased by 46%. The exports peaked at X tons in 2020, and then fell significantly in the following year.

In value terms, cocoa powder exports shrank markedly to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 59%. The exports peaked at $X in 2020, and then shrank markedly in the following year.

Exports by Country

Russia (X tons), Romania (X tons) and Poland (X tons) were the main destinations of cocoa powder exports from Bulgaria, with a combined 35% share of total exports. These countries were followed by Turkey, Morocco, Germany, North Macedonia, Belarus, Ukraine, Serbia, Moldova, Greece and Peru, which together accounted for a further 50%.

From 2012 to 2021, the biggest increases were in Moldova (with a CAGR of +64.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa powder exported from Bulgaria were Russia ($X), Poland ($X) and Romania ($X), with a combined 32% share of total exports. Germany, Turkey, Morocco, Ukraine, Belarus, North Macedonia, Greece, Serbia, Moldova and Peru lagged somewhat behind, together comprising a further 50%.

Morocco, with a CAGR of +87.5%, recorded 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 cocoa powder export price stood at $X per ton in 2021, growing by 19% against the previous year. In general, the export price, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 20% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Greece ($X per ton), while the average price for exports to Serbia ($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 Morocco (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Bulgaria

In 2021, approx. X tons of cocoa powder (not sweetened) were imported into Bulgaria; surging by 6.6% against the year before. Over the period under review, imports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2019 with an increase of 21%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, cocoa powder imports surged to $X in 2021. Overall, imports, however, recorded a pronounced curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest cocoa powder supplier to Bulgaria, with a 45% share of total imports. Moreover, cocoa powder imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. Turkey (X tons) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+0.2% per year) and Turkey (+13.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of cocoa powder to Bulgaria, comprising 44% of total imports. The second position in the ranking was held by Spain ($X), with a 17% share of total imports. It was followed by Turkey, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands amounted to +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-3.8% per year) and Turkey (+6.5% per year).

Import Prices by Country

In 2021, the average cocoa powder import price amounted to $X per ton, rising by 23% against the previous year. In general, the import price, however, recorded a perceptible decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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