Thailand: Fertilizer Market 2022

Fertilizer Market Size in Thailand

In 2021, the Thai fertilizer market increased by 20% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Fertilizer Production in Thailand

In value terms, fertilizer production amounted to $X in 2021 estimated in export price. In general, production continues to indicate prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 87%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Fertilizer Exports

Exports from Thailand

In 2021, overseas shipments of fertilizers increased by 35% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2016 with an increase of 50%. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, fertilizer exports soared to $X in 2021. Over the period under review, exports showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Cambodia (X tons), Myanmar (X tons) and Lao People's Democratic Republic (X tons) were the main destinations of fertilizer exports from Thailand, with a combined 71% share of total exports. These countries were followed by Malaysia, Vietnam, Australia, Uruguay and Indonesia, which together accounted for a further 16%.

From 2012 to 2021, the biggest increases were in Malaysia (with a CAGR of +19.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X), Myanmar ($X) and Lao People's Democratic Republic ($X) appeared to be the largest markets for fertilizer exported from Thailand worldwide, with a combined 82% share of total exports. These countries were followed by Vietnam, Malaysia, Uruguay, Australia and Indonesia, which together accounted for a further 9.5%.

Malaysia, with a CAGR of +17.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fertilizer export price stood at $X per ton in 2021, jumping by 22% against the previous year. Overall, the export price, however, saw a noticeable shrinkage. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Myanmar ($X per ton), while the average price for exports to Indonesia ($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 Vietnam (+0.2%), while the prices for the other major destinations experienced a decline.

Fertilizer Imports

Imports into Thailand

In 2021, supplies from abroad of fertilizers increased by 8.7% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, fertilizer imports surged to $X in 2021. Overall, imports, however, continue to indicate a slight curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Saudi Arabia (X tons) and Malaysia (X tons) were the main suppliers of fertilizer imports to Thailand, with a combined 46% share of total imports. These countries were followed by Russia, Oman, Canada, Qatar, South Korea, Belarus, Norway and Germany, which together accounted for a further 45%.

From 2012 to 2021, the biggest increases were in Oman (with a CAGR of +36.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Saudi Arabia ($X) and Malaysia ($X) constituted the largest fertilizer suppliers to Thailand, together comprising 45% of total imports. Russia, Qatar, Oman, Norway, Canada, South Korea, Belarus and Germany lagged somewhat behind, together comprising a further 43%.

Oman, with a CAGR of +30.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, jumping by 42% against the previous year. Overall, the import price, however, showed a mild reduction. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Norway ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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