Latin America and the Caribbean: Monoammonium Phosphate Market 2024

Monoammonium Phosphate Market Size in Latin America and the Caribbean

For the seventh consecutive year, the Latin American monoammonium phosphate market recorded growth in sales value, which increased by 9.2% to $X in 2022. Over the period under review, consumption, however, recorded resilient growth. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in years to come.

Monoammonium Phosphate Production in Latin America and the Caribbean

In value terms, monoammonium phosphate production stood at $X in 2022 estimated in export price. In general, production, however, saw a noticeable shrinkage. The pace of growth was the most pronounced in 2018 when the production volume increased by 22% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Monoammonium Phosphate Exports

Exports in Latin America and the Caribbean

In 2022, the amount of monoammonium phosphate (MAP) exported in Latin America and the Caribbean declined dramatically to X tons, waning by -93.3% compared with the previous year. In general, exports showed a precipitous shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 218%. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, monoammonium phosphate exports reduced remarkably to $X in 2022. Over the period under review, exports saw a precipitous decrease. The most prominent rate of growth was recorded in 2018 with an increase of 210%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Peru was the major exporting country with an export of about X tons, which finished at 41% of total exports. Brazil (X tons) held a 19% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (18%), Uruguay (9.9%) and Paraguay (5%). Guatemala (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to monoammonium phosphate exports from Peru stood at +1.7%. At the same time, Paraguay (+85.0%), Uruguay (+26.4%) and Brazil (+10.8%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +85.0% from 2012-2022. By contrast, Guatemala (-4.6%) and Mexico (-37.1%) illustrated a downward trend over the same period. While the share of Peru (+40 p.p.), Brazil (+19 p.p.), Uruguay (+9.9 p.p.), Paraguay (+5 p.p.) and Guatemala (+3.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mexico (-78.8 p.p.) displayed negative dynamics.

In value terms, Peru ($X), Brazil ($X) and Mexico ($X) constituted the countries with the highest levels of exports in 2022, together comprising 73% of total exports. Uruguay, Paraguay and Guatemala lagged somewhat behind, together accounting for a further 24%.

In terms of the main exporting countries, Paraguay, with a CAGR of +175.9%, recorded 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 export price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 40% against the previous year. Export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monoammonium phosphate export price increased by +100.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 43%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+49.1%), while the other leaders experienced more modest paces of growth.

Monoammonium Phosphate Imports

Imports in Latin America and the Caribbean

In 2022, after three years of growth, there was significant decline in overseas purchases of monoammonium phosphate (MAP), when their volume decreased by -23.4% to X tons. Over the period under review, imports, however, saw resilient growth. The growth pace was the most rapid in 2019 when imports increased by 29% against the previous year. The volume of import peaked at X tons in 2021, and then shrank sharply in the following year.

In value terms, monoammonium phosphate imports soared to $X in 2022. In general, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 88%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Brazil was the key importing country with an import of around X tons, which reached 70% of total imports. It was distantly followed by Argentina (X tons), achieving a 16% share of total imports. The following importers - Mexico (X tons), Colombia (X tons), Paraguay (X tons), Uruguay (X tons) and Chile (X tons) - together made up 13% of total imports.

From 2012 to 2022, average annual rates of growth with regard to monoammonium phosphate imports into Brazil stood at +8.7%. At the same time, Paraguay (+35.0%), Mexico (+8.3%), Argentina (+4.7%), Colombia (+4.2%) and Chile (+2.9%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +35.0% from 2012-2022. By contrast, Uruguay (-1.9%) illustrated a downward trend over the same period. While the share of Brazil (+8.1 p.p.) and Paraguay (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Uruguay (-2.7 p.p.) and Argentina (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported monoammonium phosphate (MAP) in Latin America and the Caribbean, comprising 73% of total imports. The second position in the ranking was held by Argentina ($X), with a 15% share of total imports. It was followed by Mexico, with a 3.2% share.

In Brazil, monoammonium phosphate imports increased at an average annual rate of +14.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (+9.4% per year) and Mexico (+10.2% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 57% against the previous year. Overall, the import price posted moderate growth. The growth pace was the most rapid in 2021 when the import price increased by 84%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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