Bulgaria: Safflower Seed Market 2024

Safflower Seed Market Size in Bulgaria

In 2023, the Bulgarian safflower seed market increased by X% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption enjoyed a significant increase. Over the period under review, the market hit record highs in 2023 and is expected to retain growth in years to come.

Safflower Seed Production in Bulgaria

In value terms, safflower seed production stood at $X in 2023 estimated in export price. Over the period under review, production enjoyed a resilient increase. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. Safflower seed production peaked in 2023 and is expected to retain growth in years to come.

In 2023, the average safflower seed yield in Bulgaria totaled less than X kg per ha, remaining stable against 2022. In general, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, approx. less than X ha of safflower seed were harvested in Bulgaria; approximately equating 2022 figures. Overall, the harvested area showed a relatively flat trend pattern.

Safflower Seed Exports

Exports from Bulgaria

In 2023, overseas shipments of safflower seed decreased by X% to X tons, falling for the second consecutive year after five years of growth. Over the period under review, exports, however, showed a notable expansion. The growth pace was the most rapid in 2017 with an increase of X%. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, safflower seed exports reduced markedly to $X in 2023. In general, exports, however, saw a measured increase. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for safflower seed exports from Bulgaria, with a X% share of total exports. Moreover, safflower seed exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), sixfold. Greece (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to the UK totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Greece (X% per year).

In value terms, the UK ($X) emerged as the key foreign market for safflower seed exports from Bulgaria, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the UK totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and South Korea (X% per year).

Export Prices by Country

The average safflower seed export price stood at $X per ton in 2023, falling by X% against the previous year. In general, the export price continues to indicate a slight decline. The pace of growth appeared the most rapid in 2022 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then declined notably in the following year.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Safflower Seed Imports

Imports into Bulgaria

In 2023, purchases abroad of safflower seed decreased by X% to X tons, falling for the second year in a row after three years of growth. Overall, imports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2017 with an increase of X%. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, safflower seed imports fell remarkably to $X in 2023. In general, imports, however, posted buoyant growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Russia (X tons) constituted the largest supplier of safflower seed to Bulgaria, with a X% share of total imports. Moreover, safflower seed imports from Russia exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold.

From 2012 to 2023, the average annual growth rate of volume from Russia amounted to X%.

In value terms, Russia ($X) and Turkey ($X) appeared to be the largest safflower seed suppliers to Bulgaria.

In terms of the main suppliers, Russia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2023, the average safflower seed import price amounted to $X per ton, which is down by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Russia totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Russia (X%).

Source: IndexBox Platform