The study by the National Statistics Institute reveals that Bulgarians get through 10.9kgs of bread and bread products a month, whereas the national average for meat consumption stands at just 1kg per head per month - a figure that is well below the average 2.5kgs consumed each month in the European Union.
In recent years consumption of meat products has leveled off as a result of increased production associated with meat safety. This has impacted the growth of the meat market considerably, particularly as Bulgarian's still have a relatively low average income. The National Statistics Institute research also points out the fact that more than half the average family's monthly income - Levs 456.46 (€234.8) - is spent on food and beverage products.
The figures also reveal that each month individual members of the average family get through just 2 litres of milk, 10 eggs, 3kgs of cheese, 4.4kgs of fruit and 2.6kgs of potatoes. On top of that consumption of alcohol and tobacco is estimated to cost the average adult Levs 46 (€23.7). Although national consumption levels are still relatively low, this belies the overall importance of the food and beverage industry to the economy. Currently this segment accounts for 18.4 per cent of all industry in the country and is by far the largest sub sector in that category.
And despite the fact that the country's food and beverage industry is still relatively small, major progress towards entry to the EU and further signs of economic stability suggest that the future holds good investment potential.
After a recent visit to the country by the EU commissioner for agricultural, Franz Fischler, the Bulgarian food and beverage segment was said to be making good progress towards reaching the required standards for accession, which is currently mooted for 2007. If a provisional agreement is signed later on this year with the European Commission, which looks highly likely now, the 2007 entry date will be firmed up.
The country is also enjoying a period of economic stability, which should enable future development for the food and beverage sector. Currently unemployment has leveled off at around 12 per cent, down from 18 per cent in 2000 and growth in GDP is hovering around 4.5 per cent.
According to the Bulgarian Foreign Investment Agency, a number of key projects are currently being negotiated to attract foreign investment into the country's food and beverage segment. Reflecting the country's appetite for bread products, one of the biggest projects is the aim to expand the market for leading company Savimex Dobrich, which specializes in the production of flour, breads, pasta and confectionery. Other major projects include investment in a major mayonnaise manufacturer, a company specializing in powders for hot soft drinks and the development of several small breweries.