CIS: Iodine Market 2024

Iodine Market Size in CIS

In 2022, the CIS iodine market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption, however, showed a perceptible slump. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Iodine Production in CIS

In value terms, iodine production contracted to $X in 2022 estimated in export price. In general, production, however, saw a deep setback. The growth pace was the most rapid in 2021 when the production volume increased by 27%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Iodine Exports

Exports in CIS

Iodine exports soared to X tons in 2022, jumping by 74% compared with the year before. Total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 +89.5% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, iodine exports skyrocketed to $X in 2022. In general, exports showed a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Azerbaijan dominates exports structure, finishing at X tons, which was approx. 93% of total exports in 2022. Belarus (X tons) and Russia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iodine exports from Azerbaijan stood at +4.6%. At the same time, Belarus (+35.6%) and Russia (+2.0%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in the CIS, with a CAGR of +35.6% from 2012-2022. From 2012 to 2022, the share of Belarus and Azerbaijan increased by +4.1 and +2.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Azerbaijan ($X) remains the largest iodine supplier in the CIS, comprising 97% of total exports. The second position in the ranking was taken by Russia ($X), with a 1.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Azerbaijan stood at +6.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Russia (-9.9% per year) and Belarus (+46.6% per year).

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, rising by 36% against the previous year. Overall, the export price showed 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 Azerbaijan ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+8.1%), while the other leaders experienced mixed trends in the export price figures.

Iodine Imports

Imports in CIS

In 2022, supplies from abroad of iodine increased by 2.4% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports continue to indicate a perceptible increase. The most prominent rate of growth was recorded in 2018 with an increase of 86%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, iodine imports rose rapidly to $X in 2022. Overall, imports posted a perceptible expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 154% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Russia prevails in imports structure, finishing at X tons, which was near 90% of total imports in 2022. Uzbekistan (X tons), Belarus (X tons) and Kazakhstan (X tons) followed a long way behind the leaders.

Imports into Russia increased at an average annual rate of +2.4% from 2012 to 2022. At the same time, Belarus (+33.4%), Uzbekistan (+4.2%) and Kazakhstan (+2.7%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing importer imported in the CIS, with a CAGR of +33.4% from 2012-2022. While the share of Uzbekistan (+3.9 p.p.) and Belarus (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Russia (-6.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported iodine in the CIS, comprising 87% of total imports. The second position in the ranking was held by Uzbekistan ($X), with a 4.5% share of total imports. It was followed by Belarus, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia stood at +4.0%. In the other countries, the average annual rates were as follows: Uzbekistan (+2.7% per year) and Belarus (+20.2% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, growing by 2.8% against the previous year. Import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iodine import price increased by +84.8% against 2016 indices. The growth pace was the most rapid in 2018 when the import price increased by 36% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Kazakhstan ($X per ton) and Uzbekistan ($X per ton), while Russia ($X per ton) and Belarus ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+1.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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