Bulgaria: Groundnut Oil Market 2024

Groundnut Oil Market Size in Bulgaria

After two years of growth, the Bulgarian groundnut oil market decreased by X% to $X in 2022. Over the period under review, consumption recorded a deep downturn. Groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Groundnut Oil Production in Bulgaria

In value terms, groundnut oil production rose markedly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Groundnut Oil Exports

Exports from Bulgaria

In 2022, approx. X tons of groundnut oil were exported from Bulgaria; jumping by X% on the previous year's figure. In general, exports posted a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, groundnut oil exports surged to $X in 2022. Over the period under review, exports continue to indicate significant growth. The growth pace was the most rapid in 2018 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Italy (X tons) was the main destination for groundnut oil exports from Bulgaria, accounting for a X% share of total exports. Moreover, groundnut oil exports to Italy exceeded the volume sent to the second major destination, Romania (X tons), fourfold. Greece (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Italy amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (X% per year) and Greece (X% per year).

In value terms, Italy ($X) remains the key foreign market for groundnut oil exports from Bulgaria, comprising X% of total exports. The second position in the ranking was taken by Romania ($X), with a X% share of total exports. It was followed by Greece, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (X% per year) and Greece (X% per year).

Export Prices by Country

In 2022, the average groundnut oil export price amounted to $X per ton, dropping by X% against the previous year. In general, the export price, however, saw a pronounced increase. The pace of growth was the most pronounced in 2015 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Italy ($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 Denmark (X%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into Bulgaria

In 2022, supplies from abroad of groundnut oil increased by X% to X tons, rising for the second year in a row after three years of decline. In general, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, groundnut oil imports amounted to $X in 2022. Over the period under review, imports saw a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Greece (X tons) constituted the largest groundnut oil supplier to Bulgaria, with a X% share of total imports. Moreover, groundnut oil imports from Greece exceeded the figures recorded by the second-largest supplier, Portugal (X tons), ninefold. The third position in this ranking was taken by Romania (X kg), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Greece amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (X% per year) and Romania (X% per year).

In value terms, Greece ($X) constituted the largest supplier of groundnut oil to Bulgaria, comprising X% of total imports. The second position in the ranking was held by Portugal ($X), with an X% share of total imports. It was followed by Romania, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Greece stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (X% per year) and Romania (X% per year).

Import Prices by Country

In 2022, the average groundnut oil import price amounted to $X per ton, declining by X% against the previous year. In general, the import price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Romania ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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