Japan: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Japan

The Japanese potassium sulphate (SOP) market soared to $X in 2022, rising by 54% 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). Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Potassium Sulphate (Sop) Exports

Exports from Japan

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -56% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, recorded noticeable growth. The growth pace was the most rapid in 2020 when exports increased by 727%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports reduced remarkably to $X in 2022. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2020 with an increase of 540% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for potassium sulphate (SOP) exports from Japan, accounting for a 55% share of total exports. Moreover, potassium sulphate (SOP) exports to the United States exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Bangladesh (X tons), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+12.7% per year) and Bangladesh (+11.3% per year).

In value terms, the United States ($X) emerged as the key foreign market for potassium sulphate (SOP) exports from Japan, comprising 56% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 20% share of total exports. It was followed by China, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+5.1% per year) and China (-6.9% per year).

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, which is down by -13.6% against the previous year. In general, the export price continues to indicate a deep setback. The pace of growth was the most pronounced in 2013 when the average export price increased by 21%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to China ($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 Bangladesh (-5.6%), while the prices for the other major destinations experienced a decline.

Potassium Sulphate (Sop) Imports

Imports into Japan

In 2022, supplies from abroad of potassium sulphate (SOP) was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 21% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports skyrocketed to $X in 2022. Overall, total imports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 +105.4% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest supplier of potassium sulphate (SOP) to Japan, accounting for a 66% share of total imports. Moreover, potassium sulphate (SOP) imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume from Taiwan (Chinese) amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-8.0% per year) and South Korea (-5.6% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of potassium sulphate (SOP) to Japan, comprising 68% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Taiwan (Chinese) amounted to +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-5.2% per year) and South Korea (-2.1% per year).

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, increasing by 72% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) import price increased by +95.6% 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 Vietnam ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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