Hungary: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Hungary

In 2022, the Hungarian mixed fertilizer market increased by 10% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in the near future.

Mixed Fertilizer Production in Hungary

In value terms, mixed fertilizer production shrank notably to $X in 2022 estimated in export price. Over the period under review, production showed a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 169% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Mixed Fertilizer Exports

Exports from Hungary

In 2022, after two years of growth, there was significant decline in shipments abroad of mixed fertilizers, when their volume decreased by -30.7% to X tons. Over the period under review, exports, however, saw a temperate increase. The growth pace was the most rapid in 2013 with an increase of 50% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, mixed fertilizer exports reached $X in 2022. In general, total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +66.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 64%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Slovakia (X tons), Romania (X tons) and Croatia (X tons) were the main destinations of mixed fertilizer exports from Hungary, together comprising 79% of total exports. Ukraine, the Czech Republic, Slovenia and Serbia lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ukraine (with a CAGR of +62.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for mixed fertilizer exported from Hungary were Slovakia ($X), Romania ($X) and Ukraine ($X), with a combined 74% share of total exports.

Ukraine, with a CAGR of +44.2%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the average mixed fertilizer export price amounted to $X per ton, picking up by 46% against the previous year. In general, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mixed fertilizer export price increased by +89.5% against 2020 indices. 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 the Czech Republic ($X per ton), while the average price for exports to Croatia ($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 the Czech Republic (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Mixed Fertilizer Imports

Imports into Hungary

After three years of growth, supplies from abroad of mixed fertilizers decreased by -18.7% to X tons in 2022. The total import volume increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 25% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, mixed fertilizer imports skyrocketed to $X in 2022. In general, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +69.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 42%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Austria (X tons), Romania (X tons) and Slovenia (X tons) were the main suppliers of mixed fertilizer imports to Hungary, together comprising 50% of total imports.

From 2012 to 2022, the biggest increases were recorded for Slovenia (with a CAGR of +112.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest mixed fertilizer suppliers to Hungary were Austria ($X), Slovenia ($X) and Poland ($X), together accounting for 50% of total imports.

In terms of the main suppliers, Slovenia, with a CAGR of +107.1%, saw the highest growth rate of the value of imports, 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, jumping by 47% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +107.4% 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 Slovenia ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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