Asia: Nitrogenous Fertilizer Market 2023

Nitrogenous Fertilizer Market Size in Asia

The Asian nitrogenous fertilizer market expanded rapidly to $X in 2022, growing by 12% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Nitrogenous Fertilizer Production in Asia

In value terms, nitrogenous fertilizer production totaled $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 14%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Nitrogenous Fertilizer Exports

Exports in Asia

In 2022, shipments abroad of nitrogenous fertilizers (mineral or chemical) decreased by -2.7% to X tons for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 19% against the previous year. The volume of export peaked at X tons in 2021, and then contracted in the following year.

In value terms, nitrogenous fertilizer exports stood at $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +98.1% against 2017 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 61% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

China prevails in exports structure, accounting for X tons, which was near 52% of total exports in 2022. Saudi Arabia (X tons) held the second position in the ranking, followed by Malaysia (X tons), Indonesia (X tons) and Oman (X tons). All these countries together held near 26% share of total exports. Turkey (X tons), the United Arab Emirates (X tons), Iran (X tons), South Korea (X tons) and Vietnam (X tons) took a relatively small share of total exports.

Exports from China increased at an average annual rate of +5.4% from 2012 to 2022. At the same time, Turkey (+23.8%), Malaysia (+10.6%), the United Arab Emirates (+10.3%), Indonesia (+6.3%), Oman (+2.0%), Saudi Arabia (+1.7%) and Vietnam (+1.4%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +23.8% from 2012-2022. By contrast, South Korea (-2.0%) and Iran (-12.2%) illustrated a downward trend over the same period. While the share of China (+7.3 p.p.), Turkey (+3.5 p.p.), Malaysia (+3.1 p.p.) and the United Arab Emirates (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-1.6 p.p.), Saudi Arabia (-1.6 p.p.) and Iran (-9.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest nitrogenous fertilizer supplier in Asia, comprising 46% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 8.8% share of total exports. It was followed by Indonesia, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +3.9%. In the other countries, the average annual rates were as follows: Saudi Arabia (+1.5% per year) and Indonesia (+6.0% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, with an increase of 4.3% against the previous year. Over the period under review, the export price, however, showed a mild curtailment. The pace of growth was the most pronounced in 2021 an increase of 51% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.5%), while the other leaders experienced a decline in the export price figures.

Nitrogenous Fertilizer Imports

Imports in Asia

In 2022, approx. X tons of nitrogenous fertilizers (mineral or chemical) were imported in Asia; increasing by 20% against the previous year. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 21% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, nitrogenous fertilizer imports surged to $X in 2022. In general, imports showed strong growth. The pace of growth was the most pronounced in 2021 with an increase of 52%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, India (X tons) represented the largest importer of nitrogenous fertilizers (mineral or chemical), generating 48% of total imports. It was distantly followed by Turkey (X tons), Thailand (X tons) and Indonesia (X tons), together generating a 25% share of total imports. Vietnam (X tons), the Philippines (X tons), Malaysia (X tons), South Korea (X tons) and Bangladesh (X tons) held a minor share of total imports.

India was also the fastest-growing in terms of the nitrogenous fertilizers (mineral or chemical) imports, with a CAGR of +8.7% from 2012 to 2022. At the same time, Turkey (+7.0%), the Philippines (+3.1%), Bangladesh (+2.4%) and Indonesia (+2.0%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. By contrast, Malaysia (-1.7%), Vietnam (-2.2%) and Thailand (-3.0%) illustrated a downward trend over the same period. India (+18 p.p.) and Turkey (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Vietnam and Thailand saw its share reduced by -2.4%, -3.6% and -6.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported nitrogenous fertilizers (mineral or chemical) in Asia, comprising 51% of total imports. The second position in the ranking was taken by Turkey ($X), with a 15% share of total imports. It was followed by Thailand, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +10.5%. In the other countries, the average annual rates were as follows: Turkey (+9.8% per year) and Thailand (+1.2% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, picking up by 19% against the previous year. Import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nitrogenous fertilizer import price increased by +77.5% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 49% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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