ASEAN: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in ASEAN

The ASEAN NPK fertilizer market stood at $X in 2022, growing by 2.4% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2019; afterwards, it flattened through to 2022.

Npk Fertilizer Production in ASEAN

In value terms, NPK fertilizer production shrank to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 31%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Npk Fertilizer Exports

Exports in ASEAN

After two years of growth, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -19% to X tons in 2022. Over the period under review, exports showed a noticeable curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 32% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, NPK fertilizer exports fell to $X in 2022. In general, exports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Vietnam (X tons) represented the largest exporter of mixed nitrogen, phosphorus and potassium (NPK) fertilizers, generating 53% of total exports. It was distantly followed by Thailand (X tons) and Malaysia (X tons), together generating a 40% share of total exports. The following exporters - the Philippines (X tons) and Lao People's Democratic Republic (X tons) - together made up 5.4% of total exports.

Vietnam experienced a relatively flat trend pattern with regard to volume of exports of mixed nitrogen, phosphorus and potassium (NPK) fertilizers. At the same time, Lao People's Democratic Republic (+80.4%) and Thailand (+7.4%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +80.4% from 2012-2022. By contrast, Malaysia (-1.6%) and the Philippines (-21.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Vietnam, Malaysia and Lao People's Democratic Republic increased by +14, +12, +2.4 and +2 percentage points, respectively.

In value terms, the largest NPK fertilizer supplying countries in ASEAN were Vietnam ($X), Thailand ($X) and Malaysia ($X), with a combined 90% share of total exports. The Philippines and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further 6.8%.

Lao People's Democratic Republic, with a CAGR of +75.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, increasing by 13% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 15%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Npk Fertilizer Imports

Imports in ASEAN

In 2022, overseas purchases of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -16.8% to X tons, falling for the second year in a row after two years of growth. Overall, imports continue to indicate a mild slump. The growth pace was the most rapid in 2017 when imports increased by 27%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, NPK fertilizer imports reached $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 16% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Thailand (X tons), distantly followed by Vietnam (X tons), Malaysia (X tons), the Philippines (X tons), Indonesia (X tons), Myanmar (X tons) and Lao People's Democratic Republic (X tons) represented the main importers of mixed nitrogen, phosphorus and potassium (NPK) fertilizers, together generating 99% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Myanmar (with a CAGR of +13.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported mixed nitrogen, phosphorus and potassium (NPK) fertilizers in ASEAN, comprising 37% of total imports. The second position in the ranking was held by the Philippines ($X), with a 16% share of total imports. It was followed by Indonesia, with a 15% share.

In Thailand, NPK fertilizer imports declined by an average annual rate of -1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Philippines (+13.6% per year) and Indonesia (+0.3% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, rising by 38% against the previous year. Import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, NPK fertilizer import price increased by +79.5% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform