Asia: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Asia

The Asian NPK fertilizer market declined to $X in 2022, reducing by -8.4% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the market value increased by 8.1% against the previous year. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Npk Fertilizer Production in Asia

In value terms, NPK fertilizer production contracted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 11%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Npk Fertilizer Exports

Exports in Asia

In 2022, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -13.9% to X tons, falling for the second consecutive year after four years of growth. In general, exports, however, saw tangible growth. The growth pace was the most rapid in 2019 when exports increased by 36% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, NPK fertilizer exports expanded significantly to $X in 2022. Total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +114.8% against 2016 indices. The growth pace was the most rapid in 2019 with an increase of 25% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

China was the largest exporter of mixed nitrogen, phosphorus and potassium (NPK) fertilizers in Asia, with the volume of exports recording X tons, which was near 33% of total exports in 2022. It was distantly followed by Vietnam (X tons), South Korea (X tons), Turkey (X tons), Thailand (X tons), the United Arab Emirates (X tons), Saudi Arabia (X tons) and Malaysia (X tons), together achieving a 54% share of total exports.

Exports from China increased at an average annual rate of +30.9% from 2012 to 2022. At the same time, Saudi Arabia (+37.4%), Turkey (+16.4%), the United Arab Emirates (+12.4%) and Thailand (+7.4%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +37.4% from 2012-2022. Vietnam experienced a relatively flat trend pattern. By contrast, South Korea (-1.5%) and Malaysia (-1.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Turkey, Saudi Arabia, the United Arab Emirates and Thailand increased by +30, +5, +4.9, +2.7 and +1.5 percentage points, respectively.

In value terms, China ($X) remains the largest NPK fertilizer supplier in Asia, comprising 32% of total exports. The second position in the ranking was held by South Korea ($X), with an 11% share of total exports. It was followed by Vietnam, with a 9.3% share.

In China, NPK fertilizer exports increased at an average annual rate of +30.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+0.8% per year) and Vietnam (-2.5% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, with an increase of 33% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Turkey ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.3%), while the other leaders experienced more modest paces of growth.

Npk Fertilizer Imports

Imports in Asia

In 2022, supplies from abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -15.7% to X tons, falling for the third consecutive year after three years of growth. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 21%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, NPK fertilizer imports surged to $X in 2022. The total import value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 22%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, India (X tons), distantly followed by China (X tons), Thailand (X tons), Vietnam (X tons), Malaysia (X tons), the Philippines (X tons) and Indonesia (X tons) represented the largest importers of mixed nitrogen, phosphorus and potassium (NPK) fertilizers, together mixing up 80% of total imports. Myanmar (X tons), Turkey (X tons) and Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +17.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest NPK fertilizer importing markets in Asia were India ($X), China ($X) and Thailand ($X), together comprising 61% of total imports.

India, with a CAGR of +17.5%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, surging by 39% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 +77.0% 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 Turkey ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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