Asia: Nitrogenous Fertilizer Market 2024

Nitrogenous Fertilizer Market Size in Asia

In 2023, the Asian nitrogenous fertilizer market decreased by X% to $X, falling for the second year in a row after five years of growth. In general, consumption recorded a deep reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Nitrogenous Fertilizer Production in Asia

In value terms, nitrogenous fertilizer production rose notably to $X in 2023 estimated in export price. The total production indicated modest growth from 2012 to 2023: its value 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. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

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Nitrogenous Fertilizer Exports

Exports in Asia

Nitrogenous fertilizer exports totaled X tons in 2023, picking up by X% against 2022. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, nitrogenous fertilizer exports declined to $X in 2023. In general, exports saw notable growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then dropped in the following year.

Exports by Country

In 2023, China (X tons) represented the major exporter of nitrogenous fertilizers (mineral or chemical), committing X% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a X% share, followed by Oman (X%), Iran (X%), the United Arab Emirates (X%), Malaysia (X%) and Indonesia (X%).

Exports from China increased at an average annual rate of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%), Malaysia (X%), Indonesia (X%) and Oman (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. Saudi Arabia experienced a relatively flat trend pattern. By contrast, Iran (X%) illustrated a downward trend over the same period. While the share of China (X p.p.), the United Arab Emirates (X p.p.) and Malaysia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Oman (X p.p.), Iran (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Saudi Arabia ($X) and Oman ($X) constituted the countries with the highest levels of exports in 2023, together comprising X% of total exports. The United Arab Emirates, Iran, Indonesia and Malaysia lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of X%, saw the highest growth rate of 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

In 2023, the export price in Asia amounted to $X per ton, dropping by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then dropped significantly in the following year.

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

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

Nitrogenous Fertilizer Imports

Imports in Asia

In 2023, after three years of decline, there was significant growth in supplies from abroad of nitrogenous fertilizers (mineral or chemical), when their volume increased by X% to X tons. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2019 when imports increased by X%. As a result, imports reached the peak of X tons. From 2020 to 2023, the growth of imports failed to regain momentum.

In value terms, nitrogenous fertilizer imports fell markedly to $X in 2023. In general, imports recorded a modest increase. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then dropped rapidly in the following year.

Imports by Country

In 2023, India (X tons) represented the largest importer of nitrogenous fertilizers (mineral or chemical), mixing up X% of total imports. It was distantly followed by Turkey (X tons), Thailand (X tons), the Philippines (X tons) and Vietnam (X tons), together achieving a X% share of total imports. Malaysia (X tons), Indonesia (X tons), South Korea (X tons) and Bangladesh (X tons) took a little share of total imports.

Imports into India increased at an average annual rate of X% from 2012 to 2023. At the same time, Turkey (X%), the Philippines (X%) and Bangladesh (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2023. Thailand and Indonesia experienced a relatively flat trend pattern. By contrast, Malaysia (X%), South Korea (X%) and Vietnam (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of India, Turkey and the Philippines increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported nitrogenous fertilizers (mineral or chemical) in Asia, comprising X% of total imports. The second position in the ranking was taken by Turkey ($X), with a X% share of total imports. It was followed by Thailand, with an X% share.

In India, nitrogenous fertilizer imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Turkey (X% per year) and Thailand (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2023, waning by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2022, and then reduced sharply in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bangladesh ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform