Guatemala: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Guatemala

The Guatemalan mixed fertilizer market soared to $X in 2022, jumping by 20% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +86.4% against 2019 indices. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in years to come.

Mixed Fertilizer Exports

Exports from Guatemala

In 2022, shipments abroad of mixed fertilizers decreased by -6.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 29%. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, mixed fertilizer exports soared to $X in 2022. In general, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +93.4% against 2017 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Belize (X tons) was the main destination for mixed fertilizer exports from Guatemala, accounting for a 48% share of total exports. Moreover, mixed fertilizer exports to Belize exceeded the volume sent to the second major destination, Honduras (X tons), threefold. El Salvador (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Belize totaled -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+19.1% per year) and El Salvador (-5.1% per year).

In value terms, the largest markets for mixed fertilizer exported from Guatemala were Belize ($X), Honduras ($X) and El Salvador ($X), together comprising 70% of total exports. Nicaragua and Costa Rica lagged somewhat behind, together comprising a further 22%.

Costa Rica, with a CAGR of +16.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average mixed fertilizer export price stood at $X per ton in 2022, picking up by 46% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Belize ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Mixed Fertilizer Imports

Imports into Guatemala

In 2022, after two years of growth, there was significant decline in supplies from abroad of mixed fertilizers, when their volume decreased by -8.6% to X tons. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 30% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, mixed fertilizer imports skyrocketed to $X in 2022. Overall, imports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 42%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Russia (X tons), Norway (X tons) and Mexico (X tons) were the main suppliers of mixed fertilizer imports to Guatemala, with a combined 77% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +94.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest mixed fertilizer suppliers to Guatemala were Russia ($X), Norway ($X) and China ($X), together accounting for 71% of total imports.

Russia, with a CAGR of +81.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average mixed fertilizer import price stood at $X per ton in 2022, surging by 42% against the previous year. In general, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mixed fertilizer import price increased by +96.9% against 2020 indices. As a result, import 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 supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform