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 sharp downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Urea Production in MENA

In value terms, urea production rose notably to $X in 2023 estimated in export price. In general, production recorded a moderate increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Urea Exports

Exports in MENA

In 2023, the amount of urea exported in MENA expanded notably to X tons, increasing by X% against the previous year. Total exports indicated perceptible growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, urea exports fell to $X in 2023. Overall, exports enjoyed a strong expansion. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then reduced 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) held a minor share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Algeria (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest urea supplying countries in MENA were Saudi Arabia ($X), Algeria ($X) and Egypt ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Algeria, with a CAGR of X%, recorded 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

The export price in MENA stood at $X per ton in 2023, waning by X% against the previous year. In general, the export price, however, recorded a measured expansion. The pace of growth was the most pronounced in 2022 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined dramatically 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, the amount of urea imported in MENA skyrocketed to X tons, increasing by X% compared with the previous year's figure. Total imports indicated a resilient increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, urea imports declined sharply to $X in 2023. Over the period under review, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2022, and then shrank dramatically in the following year.

Imports by Country

Turkey prevails in imports structure, amounting to X tons, which was approx. X% of total imports in 2023. It was distantly followed by Djibouti (X tons), achieving a X% share of total imports. Morocco (X tons), Israel (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

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. Turkey (X p.p.) significantly strengthened its position in terms of the total imports, while Djibouti saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Turkey stood at X%. In the other countries, the average annual rates were as follows: Djibouti (X% per year) and Morocco (X% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X%. The level of import peaked at $X per ton in 2022, and then reduced remarkably in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Djibouti ($X per ton) and Israel ($X per ton), while Turkey ($X per ton) and the United Arab Emirates ($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