Eastern Asia: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Eastern Asia

The East Asian NPK fertilizer market contracted to $X in 2022, waning by -7.8% against the previous year. Overall, consumption saw a perceptible slump. The pace of growth was the most pronounced in 2021 when the market value increased by 5.8% against the previous year. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Npk Fertilizer Production in Eastern Asia

In value terms, NPK fertilizer production reduced modestly to $X in 2022 estimated in export price. Overall, production showed a perceptible downturn. The most prominent rate of growth was recorded in 2014 when the production volume increased by 8.6%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Npk Fertilizer Exports

Exports in Eastern Asia

In 2022, overseas shipments of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -18% to X tons, falling for the second year in a row after four years of growth. In general, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2019 when exports increased by 100%. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, NPK fertilizer exports skyrocketed to $X in 2022. Overall, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2018 when exports increased by 94%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

China was the key exporting country with an export of around X tons, which resulted at 72% of total exports. It was distantly followed by South Korea (X tons), achieving a 22% share of total exports. Japan (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

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, Taiwan (Chinese) (+15.5%) and Japan (+4.7%) displayed positive paces of growth. By contrast, South Korea (-1.5%) illustrated a downward trend over the same period. While the share of China (+57 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-3 p.p.) and South Korea (-55.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest NPK fertilizer supplier in Eastern Asia, comprising 66% of total exports. The second position in the ranking was held by South Korea ($X), with a 23% share of total exports. It was followed by Japan, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +30.2%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+0.8% per year) and Japan (+3.2% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, picking up by 50% against the previous year. Overall, the export price showed 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.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($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 Eastern Asia

NPK fertilizer imports shrank dramatically to X tons in 2022, with a decrease of -39.3% compared with the previous year's figure. In general, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 29%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, NPK fertilizer imports shrank notably to $X in 2022. Over the period under review, imports continue to indicate a pronounced downturn. The pace of growth was the most pronounced in 2018 when imports increased by 39% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

China dominates imports structure, reaching X tons, which was approx. 85% of total imports in 2022. Japan (X tons) ranks second in terms of the total imports with a 6% share, followed by South Korea (4.7%). Taiwan (Chinese) (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to NPK fertilizer imports into China stood at -6.2%. At the same time, Taiwan (Chinese) (+16.3%) and South Korea (+4.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +16.3% from 2012-2022. By contrast, Japan (-10.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Taiwan (Chinese) and South Korea increased by +3.2 and +3 percentage points, respectively.

In value terms, China ($X) constitutes the largest market for imported mixed nitrogen, phosphorus and potassium (NPK) fertilizers in Eastern Asia, comprising 82% of total imports. The second position in the ranking was held by Japan ($X), with a 7.4% share of total imports. It was followed by South Korea, with a 6.6% share.

In China, NPK fertilizer imports plunged by an average annual rate of -3.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-7.2% per year) and South Korea (+6.5% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, picking up by 39% against the previous year. Import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% 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 +68.1% 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 South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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