Bulgaria: Footwear Market 2023

Footwear Market Size in Bulgaria

In 2021, the Bulgarian footwear market increased by 21% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +57.0% against 2019 indices. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the near future.

Footwear Production in Bulgaria

In value terms, footwear production shrank to $X in 2021 estimated in export price. In general, production recorded a abrupt contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 14%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Footwear Exports

Exports from Bulgaria

In 2021, shipments abroad of footwear decreased by -7.9% to X pairs, falling for the second year in a row after two years of growth. Over the period under review, exports showed a deep setback. The pace of growth was the most pronounced in 2013 with an increase of 7.4% against the previous year. The exports peaked at X pairs in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, footwear exports rose markedly to $X in 2021. Overall, exports recorded a noticeable downturn. The growth pace was the most rapid in 2013 with an increase of 12% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Italy (X pairs) was the main destination for footwear exports from Bulgaria, with a 45% share of total exports. Moreover, footwear exports to Italy exceeded the volume sent to the second major destination, Poland (X pairs), fivefold. The third position in this ranking was held by Greece (X pairs), with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume to Italy stood at -12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+15.4% per year) and Greece (-2.1% per year).

In value terms, the largest markets for footwear exported from Bulgaria were Italy ($X), Poland ($X) and Germany ($X), with a combined 48% share of total exports. Greece, Slovakia, Romania, Croatia, Slovenia, France, Saudi Arabia, Hungary and Kosovo lagged somewhat behind, together comprising a further 33%.

In terms of the main countries of destination, Slovakia, with a CAGR of +102.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average footwear export price stood at $X per pair in 2021, picking up by 21% against the previous year. Over the period under review, the export price enjoyed prominent growth. The pace of growth was the most pronounced in 2020 when the average export price increased by 52% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Germany ($X per pair), while the average price for exports to Kosovo ($X per pair) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Croatia (+31.4%), while the prices for the other major destinations experienced more modest paces of growth.

Footwear Imports

Imports into Bulgaria

In 2021, footwear imports into Bulgaria expanded slightly to X pairs, with an increase of 4.5% against the previous year's figure. In general, total imports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +3.0% 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 -34.3% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 35%. Imports peaked at X pairs in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, footwear imports surged to $X in 2021. Overall, imports posted a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey (X pairs), China (X pairs) and Greece (X pairs) were the main suppliers of footwear imports to Bulgaria, together comprising 53% of total imports. Poland, Italy, Germany, Romania and Slovakia lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +35.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) constituted the largest supplier of footwear to Bulgaria, comprising 27% of total imports. The second position in the ranking was held by Germany ($X), with a 10% share of total imports. It was followed by Turkey, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Poland amounted to +53.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+18.4% per year) and Turkey (+12.1% per year).

Import Prices by Country

The average footwear import price stood at $X per pair in 2021, growing by 27% against the previous year. Over the period under review, the import price saw a prominent expansion. The most prominent rate of growth was recorded in 2020 an increase of 52%. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Poland ($X per pair), while the price for Greece ($X per pair) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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