Asia-Pacific: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Asia-Pacific

The Asia-Pacific NPK fertilizer market reduced modestly to $X in 2022, waning by -2.1% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Npk Fertilizer Production in Asia-Pacific

In value terms, NPK fertilizer production dropped to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 13% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Npk Fertilizer Exports

Exports in Asia-Pacific

In 2022, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -17.8% to X tons, falling for the second consecutive year after four years of growth. Total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -30.4% against 2020 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 35% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, NPK fertilizer exports expanded markedly to $X in 2022. Total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +118.0% against 2016 indices. The most prominent rate of growth was recorded in 2019 with an increase of 25%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

China was the main exporter of mixed nitrogen, phosphorus and potassium (NPK) fertilizers in Asia-Pacific, with the volume of exports finishing at X tons, which was approx. 44% of total exports in 2022. It was distantly followed by Vietnam (X tons), South Korea (X tons), Thailand (X tons) and Malaysia (X tons), together creating a 48% share of total exports. The following exporters - Japan (X tons) and India (X tons) - each amounted to a 3.9% share of total exports.

China was also the fastest-growing in terms of the mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports, with a CAGR of +30.9% from 2012 to 2022. At the same time, Thailand (+7.4%) and Japan (+4.7%) displayed positive paces of growth. Vietnam experienced a relatively flat trend pattern. By contrast, South Korea (-1.5%), Malaysia (-1.6%) and India (-9.3%) illustrated a downward trend over the same period. China (+40 p.p.) and Thailand (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia, India, South Korea and Vietnam saw its share reduced by -3.7%, -4.7%, -7.3% and -7.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest NPK fertilizer supplier in Asia-Pacific, comprising 45% of total exports. The second position in the ranking was held by South Korea ($X), with a 16% share of total exports. It was followed by Vietnam, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +30.2%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+0.8% per year) and Vietnam (-2.5% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, growing by 35% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price attained 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 Japan ($X per ton), while India ($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 mixed trends in the export price figures.

Npk Fertilizer Imports

Imports in Asia-Pacific

In 2022, purchases abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -15.8% to X tons, falling for the second year in a row after four years of growth. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 16%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, NPK fertilizer imports skyrocketed to $X in 2022. Total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.9% against 2016 indices. The growth pace was the most rapid in 2021 when imports increased by 23%. 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 key importers of mixed nitrogen, phosphorus and potassium (NPK) fertilizers, together mixing up 85% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +17.2%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest NPK fertilizer importing markets in Asia-Pacific were India ($X), China ($X) and Thailand ($X), together accounting for 64% of total imports.

India, with a CAGR of +17.5%, saw the highest growth rate of 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

The import price in Asia-Pacific stood at $X per ton in 2022, growing by 40% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +80.8% against 2020 indices. As a result, import 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 importing countries. In 2022, 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

Frequently Asked Questions (FAQ) :