Iran: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Iran

In 2022, after two years of growth, there was decline in the Iranian NPK fertilizer market, when its value decreased by -1.7% to $X. In general, consumption recorded a pronounced slump. The most prominent rate of growth was recorded in 2021 when the market value increased by 9%. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Npk Fertilizer Production in Iran

In value terms, NPK fertilizer production shrank modestly to $X in 2022 estimated in export price. Overall, production recorded a abrupt contraction. The growth pace was the most rapid in 2018 when the production volume increased by 7.9% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Npk Fertilizer Exports

Exports from Iran

After two years of decline, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers increased by 4.2% to X tons in 2022. In general, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 16,688% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, NPK fertilizer exports surged to $X in 2022. Over the period under review, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 37,101% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Armenia (X tons) was the main destination for NPK fertilizer exports from Iran, accounting for a 90% share of total exports. Moreover, NPK fertilizer exports to Armenia exceeded the volume sent to the second major destination, Slovenia (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Armenia stood at +139.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (0.0% per year) and Bosnia and Herzegovina (0.0% per year).

In value terms, Slovenia ($X) emerged as the key foreign market for mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports from Iran, comprising 82% of total exports. The second position in the ranking was held by Armenia ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Slovenia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Armenia (+95.1% per year) and Bosnia and Herzegovina (0.0% per year).

Export Prices by Country

The average NPK fertilizer export price stood at $X per ton in 2022, increasing by 606% against the previous year. Overall, the export price showed a significant increase. 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 Slovenia ($X per ton), while the average price for exports to Armenia ($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 Georgia (+25.3%), while the prices for the other major destinations experienced a decline.

Npk Fertilizer Imports

Imports into Iran

After two years of decline, supplies from abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers increased by 1.6% to X tons in 2022. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -15.6% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 86%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, NPK fertilizer imports dropped to $X in 2022. Overall, total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -7.6% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 95%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of NPK fertilizer to Iran, accounting for a 30% share of total imports. Moreover, NPK fertilizer imports from Turkey exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Germany (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey amounted to +24.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+8.3% per year) and Germany (+11.5% per year).

In value terms, Turkey ($X), Italy ($X) and Germany ($X) appeared to be the largest NPK fertilizer suppliers to Iran, together accounting for 48% of total imports. Greece, Belgium, Spain, Jordan and Bulgaria lagged somewhat behind, together comprising a further 10%.

Bulgaria, with a CAGR of +69.2%, recorded the highest growth rate of the value of imports, in terms of 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 NPK fertilizer import price stood at $X per ton in 2022, which is down by -8.9% against the previous year. In general, the import price continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2021 an increase of 25% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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