Europe: Urea Market 2024

Urea Market Size in Europe

In 2023, after two years of growth, there was significant decline in the Europe urea market, when its value decreased by X% to $X. Overall, consumption, however, saw a moderate expansion. As a result, consumption attained the peak level of $X, and then fell sharply in the following year.

Urea Production in Europe

In value terms, urea production dropped slightly to $X in 2023 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of production peaked at $X in 2022, and then reduced slightly in the following year.

Urea Exports

Exports in Europe

After five years of growth, overseas shipments of urea decreased by X% to X tons in 2023. In general, exports saw a mild contraction. The growth pace was the most rapid in 2022 with an increase of X%. As a result, the exports attained the peak of X tons, and then shrank notably in the following year.

In value terms, urea exports dropped rapidly to $X in 2023. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then declined sharply in the following year.

Exports by Country

Russia was the key exporting country with an export of around X tons, which accounted for X% of total exports. The Netherlands (X tons) took the second position in the ranking, followed by Germany (X tons) and Poland (X tons). All these countries together held approx. X% share of total exports. Belgium (X tons), Lithuania (X tons) and France (X tons) took a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to urea exports from Russia stood at X%. At the same time, Belgium (X%), Poland (X%), France (X%), Germany (X%) and the Netherlands (X%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in Europe, with a CAGR of X% from 2012-2023. By contrast, Lithuania (X%) illustrated a downward trend over the same period. While the share of Russia (X p.p.), Poland (X p.p.), Germany (X p.p.), the Netherlands (X p.p.) and Belgium (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest urea supplier in Europe, comprising X% of total exports. The second position in the ranking was taken by the Netherlands ($X), with an X% share of total exports. It was followed by Germany, with an X% share.

In Russia, urea exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: the Netherlands (X% per year) and Germany (X% per year).

Export Prices by Country

The export price in Europe stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the export price, however, saw modest growth. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then declined in the following year.

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

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

Urea Imports

Imports in Europe

After two years of growth, supplies from abroad of urea decreased by X% to X tons in 2023. Overall, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, urea imports contracted remarkably to $X in 2023. In general, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2022 when imports increased by X%. As a result, imports reached the peak of $X, and then shrank remarkably in the following year.

Imports by Country

In 2023, France (X tons), Italy (X tons), Poland (X tons), Spain (X tons), the UK (X tons), Germany (X tons), Belgium (X tons) and Romania (X tons) represented the largest importer of urea in Europe, constituting X% of total import. Ukraine (X tons), the Netherlands (X tons), the Czech Republic (X tons), Serbia (X tons) and Bulgaria (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, the largest urea importing markets in Europe were France ($X), Italy ($X) and Poland ($X), together accounting for X% of total imports. Spain, the UK, Romania, Germany, Belgium, Ukraine, the Netherlands, the Czech Republic, Serbia and Bulgaria lagged somewhat behind, together accounting for a further X%.

Romania, with a CAGR of X%, saw the highest growth rate of the value of imports, among 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

The import price in Europe stood at $X per ton in 2023, falling by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid 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 shrank sharply in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Ukraine ($X per ton) and the Czech Republic ($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 Ukraine (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform