Guatemala: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Guatemala

In 2022, the Guatemalan NPK fertilizer market increased by 2% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, recorded buoyant growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Npk Fertilizer Exports

Exports from Guatemala

In 2022, overseas shipments of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -12.1% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 29% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, NPK fertilizer exports surged to $X in 2022. In general, total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +83.0% against 2016 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 NPK fertilizer exports from Guatemala, with a 53% share of total exports. Moreover, NPK fertilizer exports to Belize exceeded the volume sent to the second major destination, Honduras (X tons), threefold. The third position in this ranking was held by El Salvador (X tons), with a 9.6% share.

From 2012 to 2022, the average annual growth rate of volume to Belize stood at -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+17.5% per year) and El Salvador (-6.3% per year).

In value terms, the largest markets for NPK fertilizer exported from Guatemala were Belize ($X), Honduras ($X) and El Salvador ($X), together comprising 69% of total exports. Nicaragua and Costa Rica lagged somewhat behind, together accounting for a further 23%.

In terms of the main countries of destination, Costa Rica, with a CAGR of +20.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average NPK fertilizer export price stood at $X per ton in 2022, growing by 44% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. 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 El Salvador (+6.4%), while the prices for the other major destinations experienced a decline.

Npk Fertilizer Imports

Imports into Guatemala

NPK fertilizer imports into Guatemala declined significantly to X tons in 2022, waning by -26.4% compared with the previous year's figure. In general, total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% 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 +1.8% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 63%. Imports peaked at X tons in 2021, and then dropped dramatically in the following year.

In value terms, NPK fertilizer imports skyrocketed to $X in 2022. Overall, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 58% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Norway (X tons) constituted the largest supplier of NPK fertilizer to Guatemala, with a 60% share of total imports. Moreover, NPK fertilizer imports from Norway exceeded the figures recorded by the second-largest supplier, Russia (X tons), fourfold. The third position in this ranking was held by El Salvador (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Norway was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+158.3% per year) and El Salvador (+8.3% per year).

In value terms, Norway ($X) constituted the largest supplier of mixed nitrogen, phosphorus and potassium (NPK) fertilizers to Guatemala, comprising 60% of total imports. The second position in the ranking was held by Russia ($X), with a 14% share of total imports. It was followed by El Salvador, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Norway totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+187.4% per year) and El Salvador (+12.1% per year).

Import Prices by Country

The average NPK fertilizer import price stood at $X per ton in 2022, rising by 89% against the previous year. In general, the import price showed resilient growth. 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 Germany ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform