Asia-Pacific: Fertilizer Market 2024

Fertilizer Market Size in Asia-Pacific

After two years of growth, the Asia-Pacific fertilizer market decreased by X% to $X in 2023. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2022, and then shrank slightly in the following year.

Fertilizer Production in Asia-Pacific

In value terms, fertilizer production expanded markedly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

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Fertilizer Exports

Exports in Asia-Pacific

In 2023, exports of fertilizers in Asia-Pacific expanded markedly to X tons, surging by X% on 2022 figures. Total exports indicated a measured increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, fertilizer exports reduced dramatically to $X in 2023. In general, exports enjoyed pronounced growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2022, and then contracted notably in the following year.

Exports by Country

China prevails in exports structure, accounting for X tons, which was near X% of total exports in 2023. Malaysia (X tons) ranks second in terms of the total exports with a X% share, followed by Indonesia (X%). Vietnam (X tons), South Korea (X tons), Brunei Darussalam (X tons) and Lao People's Democratic Republic (X tons) took a minor share of total exports.

Exports from China increased at an average annual rate of X% from 2012 to 2023. At the same time, Brunei Darussalam (X%), Lao People's Democratic Republic (X%), Malaysia (X%), Indonesia (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2023. By contrast, South Korea (X%) illustrated a downward trend over the same period. While the share of China (X p.p.), Brunei Darussalam (X p.p.), Lao People's Democratic Republic (X p.p.) and Malaysia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of South Korea (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest fertilizer supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual growth rate of value in China amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2023, the export price in Asia-Pacific amounted to $X per ton, shrinking by X% against the previous year. In general, the export price showed a slight decrease. The pace of growth was the most pronounced in 2021 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then contracted notably in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (X%), while the other leaders experienced more modest paces of growth.

Fertilizer Imports

Imports in Asia-Pacific

Fertilizer imports fell to X tons in 2023, waning by X% on the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, fertilizer imports declined dramatically to $X in 2023. In general, imports, however, showed a modest expansion. The growth pace was the most rapid in 2022 with an increase of X%. As a result, imports attained the peak of $X, and then dropped notably in the following year.

Imports by Country

In 2023, India (X tons), distantly followed by China (X tons), Indonesia (X tons), Australia (X tons), Thailand (X tons) and Malaysia (X tons) were the main importers of fertilizers, together creating X% of total imports. Bangladesh (X tons), Vietnam (X tons), the Philippines (X tons), South Korea (X tons) and Japan (X tons) held a minor share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Australia ($X) appeared to be the countries with the highest levels of imports in 2023, together accounting for X% of total imports. Thailand, Bangladesh, Indonesia, Malaysia, Vietnam, the Philippines, South Korea and Japan lagged somewhat behind, together comprising a further X%.

Bangladesh, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Asia-Pacific amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2022, and then contracted rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Bangladesh ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bangladesh (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform