Asia-Pacific: Nitrogenous Fertilizer Market 2023

Nitrogenous Fertilizer Market Size in Asia-Pacific

The Asia-Pacific nitrogenous fertilizer market was estimated at $X in 2022, increasing by 15% against the previous year. The market value increased at an average annual rate of +1.9% 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-Pacific

In value terms, nitrogenous fertilizer production reached $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 13% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Nitrogenous Fertilizer Exports

Exports in Asia-Pacific

In 2022, after three years of growth, there was decline in shipments abroad of nitrogenous fertilizers (mineral or chemical), when their volume decreased by -4.8% to X tons. Total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.9% 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 +47.5% against 2018 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 36% against the previous year. The volume of export peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, nitrogenous fertilizer exports stood at $X in 2022. Overall, exports, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2021 when exports increased by 65%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

China dominates exports structure, reaching X tons, which was near 72% of total exports in 2022. Malaysia (X tons) took the second position in the ranking, followed by Indonesia (X tons). All these countries together held near 18% share of total exports. South Korea (X tons), Vietnam (X tons) and Japan (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, Malaysia (+10.6%), Indonesia (+6.3%) and Vietnam (+1.4%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +10.6% from 2012-2022. By contrast, South Korea (-2.0%) and Japan (-6.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and China increased by +3.8 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest nitrogenous fertilizer supplier in Asia-Pacific, comprising 68% of total exports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total exports. It was followed by Malaysia, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +3.9%. In the other countries, the average annual rates were as follows: Indonesia (+6.0% per year) and Malaysia (+6.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, with an increase of 9.6% against the previous year. Overall, the export price, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2021 when the export price increased by 49%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Japan (+2.9%), while the other leaders experienced a decline in the export price figures.

Nitrogenous Fertilizer Imports

Imports in Asia-Pacific

In 2022, supplies from abroad of nitrogenous fertilizers (mineral or chemical) increased by 15% to X tons, rising for the fifth consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.6% 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 22% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, nitrogenous fertilizer imports surged to $X in 2022. In general, imports showed a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by 51% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

In 2022, India (X tons) was the major importer of nitrogenous fertilizers (mineral or chemical), creating 50% of total imports. Australia (X tons) took the second position in the ranking, followed by Thailand (X tons), Indonesia (X tons) and Vietnam (X tons). All these countries together took near 28% share of total imports. The Philippines (X tons), Malaysia (X tons), South Korea (X tons), New Zealand (X tons) and Bangladesh (X tons) followed a long way behind the leaders.

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, Australia (+6.1%), the Philippines (+3.1%), Bangladesh (+2.4%) and Indonesia (+2.0%) displayed positive paces of growth. South Korea and New Zealand 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. From 2012 to 2022, the share of India and Australia increased by +19 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported nitrogenous fertilizers (mineral or chemical) in Asia-Pacific, comprising 49% of total imports. The second position in the ranking was held by Australia ($X), with a 17% share of total imports. It was followed by Thailand, with a 9.4% share.

In India, nitrogenous fertilizer imports expanded at an average annual rate of +10.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Australia (+10.8% per year) and Thailand (+1.2% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, jumping by 26% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% 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 +86.9% against 2020 indices. The pace of growth appeared 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.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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