Bulgaria: Virgin Olive Oil Market 2023

Virgin Olive Oil Market Size in Bulgaria

The Bulgarian virgin olive oil market surged to $X in 2021, jumping by 49% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a buoyant expansion. Virgin olive oil consumption peaked in 2021 and is expected to retain growth in years to come.

Virgin Olive Oil Exports

Exports from Bulgaria

Virgin olive oil exports from Bulgaria declined markedly to X tons in 2021, falling by -27.8% on the year before. Overall, exports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 198%. The exports peaked at X tons in 2020, and then shrank notably in the following year.

In value terms, virgin olive oil exports reduced markedly to $X in 2021. Over the period under review, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 212% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Romania (X tons), Germany (X tons) and Georgia (X tons) were the main destinations of virgin olive oil exports from Bulgaria, together accounting for 93% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Georgia (with a CAGR of +257.1%), while the other leaders experienced more modest paces of growth.

In value terms, Romania ($X) remains the key foreign market for virgin olive oil exports from Bulgaria, comprising 51% of total exports. The second position in the ranking was held by Germany ($X), with a 24% share of total exports. It was followed by Georgia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Romania stood at +44.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-11.2% per year) and Georgia (+228.6% per year).

Export Prices by Country

In 2021, the average virgin olive oil export price amounted to $X per ton, waning by -20.3% against the previous year. Over the period under review, the export price saw a deep slump. The growth pace was the most rapid in 2017 an increase of 17% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Germany ($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 Bosnia and Herzegovina (+1.3%), while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports

Imports into Bulgaria

In 2021, the amount of virgin olive oil imported into Bulgaria soared to X tons, growing by 49% against the previous year. Over the period under review, imports recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 57%. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, virgin olive oil imports soared to $X in 2021. In general, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 46% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Italy (X tons), Hungary (X tons) and Romania (X tons) were the main suppliers of virgin olive oil imports to Bulgaria, together comprising 81% of total imports.

From 2012 to 2021, the biggest increases were in Hungary (with a CAGR of +114.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of virgin olive oil to Bulgaria, comprising 48% of total imports. The second position in the ranking was taken by Hungary ($X), with a 14% share of total imports. It was followed by Romania, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Italy stood at +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+106.6% per year) and Romania (+20.4% per year).

Import Prices by Country

In 2021, the average virgin olive oil import price amounted to $X per ton, waning by -6% against the previous year. Overall, the import price showed a noticeable setback. The pace of growth appeared the most rapid in 2013 when the average import price increased by 22%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 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 Greece ($X per ton), while the price for Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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