India: Iodine Market 2024

Iodine Market Size in India

The Indian iodine market surged to $X in 2022, picking up by 60% 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). In general, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +50.8% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iodine Exports

Exports from India

After two years of decline, shipments abroad of iodine increased by 84% to X tons in 2022. Overall, exports, however, continue to indicate a perceptible setback. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, iodine exports soared to $X in 2022. Over the period under review, exports continue to indicate a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons), Saudi Arabia (X tons) and Germany (X tons) were the main destinations of iodine exports from India, with a combined 49% share of total exports. Russia, Vietnam, Australia, Nigeria, Pakistan, the United Arab Emirates, Uzbekistan, New Zealand and the Netherlands lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +162.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iodine exported from India were Russia ($X), Turkey ($X) and Saudi Arabia ($X), together comprising 54% of total exports. Germany, Vietnam, Australia, Nigeria, Pakistan, Uzbekistan, the Netherlands, the United Arab Emirates and New Zealand lagged somewhat behind, together accounting for a further 40%.

Australia, with a CAGR of +179.6%, saw the highest rates of growth with regard to 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 iodine export price stood at $X per ton in 2022, jumping by 35% against the previous year. Overall, the export price recorded a resilient expansion. The pace of growth was the most pronounced in 2014 an increase of 49%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Netherlands (+32.4%), while the prices for the other major destinations experienced more modest paces of growth.

Iodine Imports

Imports into India

In 2022, the amount of iodine imported into India soared to X tons, jumping by 26% compared with the year before. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% 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 +32.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 33% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, iodine imports soared to $X in 2022. Over the period under review, imports saw a perceptible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Chile (X tons) constituted the largest iodine supplier to India, with a 44% share of total imports. Moreover, iodine imports from Chile exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.0% per year) and the United Arab Emirates (+30.0% per year).

In value terms, Chile ($X) constituted the largest supplier of iodine to India, comprising 50% of total imports. The second position in the ranking was held by Japan ($X), with an 18% share of total imports. It was followed by the United Arab Emirates, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Chile was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+8.5% per year) and the United Arab Emirates (+19.6% per year).

Import Prices by Country

In 2022, the average iodine import price amounted to $X per ton, jumping by 42% against the previous year. In general, the import price, however, saw a noticeable contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Georgia ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Georgia (+98.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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