EU: Urea Market 2024

Urea Market Size in the EU

In 2023, the EU urea market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. In general, consumption, however, enjoyed buoyant growth. As a result, consumption reached the peak level of $X, and then contracted rapidly in the following year.

Urea Production in the EU

In value terms, urea production fell to $X in 2023 estimated in export price. Over the period under review, production, however, saw modest growth. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, production reached the peak level of $X, and then declined in the following year.

Urea Exports

Exports in the EU

In 2023, overseas shipments of urea decreased by X% to X tons for the first time since 2015, thus ending a seven-year rising trend. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, the exports reached the peak of X tons, and then plummeted in the following year.

In value terms, urea exports fell remarkably to $X in 2023. In general, exports, however, enjoyed a slight expansion. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then declined dramatically in the following year.

Exports by Country

The biggest shipments were from the Netherlands (X tons), Germany (X tons) and Poland (X tons), together finishing at X% of total export. It was distantly followed by Belgium (X tons), making up an X% share of total exports. Lithuania (X tons), France (X tons), Slovakia (X tons), Spain (X tons), Romania (X tons), Italy (X tons) and Slovenia (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Slovenia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and Poland ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Belgium, Slovakia, France, Romania, Spain, Lithuania, Italy and Slovenia lagged somewhat behind, together accounting for a further X%.

Slovenia, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in the European Union amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then dropped in the following year.

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

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

Urea Imports

Imports in the EU

After two years of growth, overseas purchases of urea decreased by X% to X tons in 2023. Overall, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2022 when imports increased by X%. As a result, imports reached the peak of X tons, and then plummeted in the following year.

In value terms, urea imports declined sharply to $X in 2023. Over the period under review, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, imports reached the peak of $X, and then contracted notably in the following year.

Imports by Country

The purchases of the seven major importers of urea, namely France, Italy, Poland, Spain, Germany, Belgium and Romania, represented more than two-thirds of total import. The Netherlands (X tons), the Czech Republic (X tons), Bulgaria (X tons), Greece (X tons), Portugal (X tons) and Ireland (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Romania (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Italy ($X) and Poland ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Spain, Romania, Germany, Belgium, the Netherlands, the Czech Republic, Bulgaria, Greece, Portugal and Ireland lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Romania, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 the European Union amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2022, and then dropped rapidly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in the Czech Republic ($X per ton) and Ireland ($X per ton), while Belgium ($X per ton) and Germany ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform