Global Urea Market 2023

Urea Market Size

The global urea market surged to $X in 2021, jumping by 25% against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Urea Production

In value terms, urea production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Urea Exports

Exports

In 2021, after three years of growth, there was decline in shipments abroad of urea, when their volume decreased by -1.5% to X tons. The total export volume increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when exports increased by 4.4%. Over the period under review, the global exports hit record highs at X tons in 2020, and then fell slightly in the following year.

In value terms, urea exports soared to $X in 2021. Overall, total exports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +79.5% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons), China (X tons), Qatar (X tons), Saudi Arabia (X tons), Nigeria (X tons), Oman (X tons), Algeria (X tons), Egypt (X tons), the United Arab Emirates (X tons), Indonesia (X tons), Malaysia (X tons) and the Netherlands (X tons) represented roughly 79% of total exports in 2021. Poland (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +51.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($X), Qatar ($X) and China ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 32% of global exports. Saudi Arabia, Oman, Algeria, the United Arab Emirates, Egypt, Nigeria, Malaysia, Indonesia, the Netherlands and Poland lagged somewhat behind, together comprising a further 48%.

Nigeria, with a CAGR of +42.5%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average urea export price amounted to $X per ton, surging by 59% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The global export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Nigeria ($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 (+3.2%), while the other global leaders experienced more modest paces of growth.

Urea Imports

Imports

In 2021, approx. X tons of urea were imported worldwide; approximately reflecting the year before. The total import volume increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when imports increased by 8.2%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of global imports failed to regain momentum.

In value terms, urea imports surged to $X in 2021. In general, total imports indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) and India (X tons) represented the major importers of ureaaround the world, together accounting for near 26% of total imports. It was followed by Brazil (X tons), Australia (X tons) and Thailand (X tons), together generating a 19% share of total imports. The following importers - Argentina (X tons), France (X tons), Mexico (X tons), Turkey (X tons), South Africa (X tons), Spain (X tons), Italy (X tons) and Canada (X tons) - together made up 20% of total imports.

From 2012 to 2021, the biggest increases were recorded for Argentina (with a CAGR of +26.9%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest urea importing markets worldwide were India ($X), the United States ($X) and Brazil ($X), together accounting for 34% of global imports. These countries were followed by Australia, Thailand, Argentina, France, Mexico, Turkey, Spain, South Africa, Italy and Canada, which together accounted for a further 32%.

In terms of the main importing countries, Argentina, with a CAGR of +27.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average urea import price amounted to $X per ton, with an increase of 64% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Spain ($X per ton) and Argentina ($X per ton), while the United States ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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