CIS: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in CIS

After two years of decline, the CIS potassium sulphate (SOP) market increased by 116% to $X in 2022. The total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Potassium Sulphate (Sop) Production in CIS

In value terms, potassium sulphate (SOP) production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, faced a abrupt contraction. The growth pace was the most rapid in 2018 when the production volume increased by 56%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Potassium Sulphate (Sop) Exports

Exports in CIS

After two years of growth, overseas shipments of potassium sulphate (SOP) decreased by -13.3% to X tons in 2022. Over the period under review, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2018 with an increase of 43%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, potassium sulphate (SOP) exports declined modestly to $X in 2022. In general, exports showed a drastic downturn. The growth pace was the most rapid in 2021 when exports increased by 52% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Russia dominates exports structure, finishing at X tons, which was near 90% of total exports in 2022. It was distantly followed by Uzbekistan (X tons), generating a 9% share of total exports.

Exports from Russia decreased at an average annual rate of -6.8% from 2012 to 2022. At the same time, Uzbekistan (+464.9%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing exporter exported in the CIS, with a CAGR of +464.9% from 2012-2022. Uzbekistan (+9 p.p.) significantly strengthened its position in terms of the total exports, while Russia saw its share reduced by -9% from 2012 to 2022, respectively.

In value terms, Russia ($X) remains the largest potassium sulphate (SOP) supplier in the CIS, comprising 75% of total exports. The second position in the ranking was taken by Uzbekistan ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Russia totaled -9.4%.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, growing by 12% against the previous year. In general, the export price, however, recorded a slight downturn. The pace of growth appeared the most rapid in 2021 an increase of 21% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Uzbekistan ($X per ton), while Russia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+22.5%).

Potassium Sulphate (Sop) Imports

Imports in CIS

In 2022, overseas purchases of potassium sulphate (SOP) increased by 1.8% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2016 with an increase of 85% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, potassium sulphate (SOP) imports amounted to $X in 2022. In general, imports continue to indicate a strong increase. The growth pace was the most rapid in 2019 when imports increased by 77% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) represented the major importer of potassium sulphate (SOP), achieving 67% of total imports. Azerbaijan (X tons) ranks second in terms of the total imports with a 12% share, followed by Kazakhstan (6.8%), Belarus (4.8%) and Uzbekistan (4.5%). Armenia (X tons) followed a long way behind the leaders.

Imports into Russia increased at an average annual rate of +21.4% from 2012 to 2022. At the same time, Armenia (+54.4%), Kazakhstan (+25.9%), Belarus (+10.4%) and Azerbaijan (+5.7%) displayed positive paces of growth. Moreover, Armenia emerged as the fastest-growing importer imported in the CIS, with a CAGR of +54.4% from 2012-2022. By contrast, Uzbekistan (-13.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Russia, Uzbekistan, Kazakhstan and Armenia increased by +25, +4.5, +3.8 and +3.5 percentage points, respectively.

In value terms, Russia ($X) constitutes the largest market for imported potassium sulphate (SOP) in the CIS, comprising 56% of total imports. The second position in the ranking was taken by Azerbaijan ($X), with a 21% share of total imports. It was followed by Kazakhstan, with a 7.1% share.

In Russia, potassium sulphate (SOP) imports increased at an average annual rate of +18.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Azerbaijan (+12.2% per year) and Kazakhstan (+28.4% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, picking up by 9.7% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 13%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, 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 Uzbekistan (+14.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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