Mexico: Fertilizer Market 2023

Fertilizer Market Size in Mexico

In 2021, the Mexican fertilizer market increased by 20% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2012; afterwards, it flattened through to 2021.

Fertilizer Production in Mexico

In value terms, fertilizer production expanded notably to $X in 2021 estimated in export price. In general, production, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Fertilizer Exports

Exports from Mexico

In 2021, the amount of fertilizers exported from Mexico reduced markedly to X tons, which is down by -48.9% on the year before. In general, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 210%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, fertilizer exports shrank remarkably to $X in 2021. Overall, exports faced a deep setback. The pace of growth appeared the most rapid in 2018 when exports increased by 206% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for fertilizer exports from Mexico, with a 40% share of total exports. Moreover, fertilizer exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), more than tenfold. The third position in this ranking was taken by Argentina (X tons), with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (-21.0% per year) and Argentina (-18.7% per year).

In value terms, the United States ($X) remains the key foreign market for fertilizers exports from Mexico, comprising 40% of total exports. The second position in the ranking was held by Argentina ($X), with a 3% share of total exports. It was followed by Chile, with a 2.7% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (-18.6% per year) and Chile (-23.9% per year).

Export Prices by Country

In 2021, the average fertilizer export price amounted to $X per ton, growing by 41% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Uruguay (+4.0%), while the prices for the other major destinations experienced mixed trend patterns.

Fertilizer Imports

Imports into Mexico

Fertilizer imports into Mexico stood at X tons in 2021, picking up by 9.7% on the previous year's figure. Overall, imports, however, saw a slight descent. The pace of growth was the most pronounced in 2018 with an increase of 23%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, fertilizer imports reached $X in 2021. Over the period under review, imports, however, saw a pronounced reduction. The growth pace was the most rapid in 2018 with an increase of 18% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Russia (X tons), China (X tons) and the United States (X tons) were the main suppliers of fertilizer imports to Mexico, together comprising 34% of total imports. These countries were followed by Indonesia, Morocco, Algeria, Qatar, Oman, Belgium, Ukraine, Norway and Chile, which together accounted for a further 11%.

From 2012 to 2021, the biggest increases were recorded for Qatar (with a CAGR of +29.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), China ($X) and the United States ($X) appeared to be the largest fertilizer suppliers to Mexico, together comprising 35% of total imports. Indonesia, Morocco, Algeria, Qatar, Oman, Ukraine, Belgium, Norway and Chile lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, Qatar, with a CAGR of +22.4%, saw the highest rates of growth with regard to 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 2021, the average fertilizer import price amounted to $X per ton, surging by 4.1% against the previous year. In general, the import price, however, saw a slight setback. The pace of growth appeared the most rapid in 2015 when the average import price increased by 10%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Norway ($X per ton), while the price for Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Algeria (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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