MENA: Urea Market 2024

Urea Market Size in MENA

In 2023, after four years of growth, there was decline in the MENA's urea market, when its value decreased by X% to $X. Overall, consumption recorded a mild expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2023, consumption failed to regain momentum.

Urea Production in MENA

In value terms, urea production expanded markedly to $X in 2023 estimated in export price. Over the period under review, production saw tangible growth. The growth pace was the most rapid in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Urea Exports

Exports in MENA

In 2023, the amount of urea exported in MENA expanded notably to X tons, increasing by X% against 2022 figures. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, urea exports reduced slightly to $X in 2023. In general, exports posted a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then declined in the following year.

Exports by Country

Saudi Arabia (X tons), Oman (X tons), Egypt (X tons), Algeria (X tons), Iran (X tons) and the United Arab Emirates (X tons) represented roughly X% of total exports in 2023. Bahrain (X tons) took a relatively small share of total exports.

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

In value terms, Saudi Arabia ($X), Algeria ($X) and Egypt ($X) constituted the countries with the highest levels of exports in 2023, together accounting for X% of total exports.

In terms of the main exporting countries, Algeria, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MENA stood at $X per ton in 2023, shrinking by X% against the previous year. In general, the export price, however, showed a tangible increase. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2022, and then contracted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Algeria ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Urea Imports

Imports in MENA

In 2023, imports of urea in MENA surged to X tons, with an increase of X% compared with 2022 figures. Total imports indicated strong growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of import peaked in 2023 and is likely to continue growth in years to come.

In value terms, urea imports declined markedly to $X in 2023. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2022, and then dropped significantly in the following year.

Imports by Country

Turkey prevails in imports structure, resulting at X tons, which was near X% of total imports in 2023. Morocco (X tons), Djibouti (X tons), Israel (X tons) and the United Arab Emirates (X tons) took a minor share of total imports.

From 2012 to 2023, average annual rates of growth with regard to urea imports into Turkey stood at X%. At the same time, Morocco (X%), Israel (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. By contrast, Djibouti (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Djibouti (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported urea in MENA, comprising X% of total imports. The second position in the ranking was held by Morocco ($X), with a X% share of total imports. It was followed by Israel, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Turkey totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Morocco (X% per year) and Israel (X% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2023, reducing by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then contracted markedly in the following year.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Israel ($X per ton) and Morocco ($X per ton), while Djibouti ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Djibouti (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform