Latin America and the Caribbean: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Latin America and the Caribbean

The Latin American NPK fertilizer market surged to $X in 2022, jumping by 40% against the previous year. The total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +102.2% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Npk Fertilizer Production in Latin America and the Caribbean

In value terms, NPK fertilizer production fell slightly to $X in 2022 estimated in export price. Overall, production recorded a noticeable setback. The pace of growth appeared the most rapid in 2019 with an increase of 11% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Npk Fertilizer Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of mixed nitrogen, phosphorus and potassium (NPK) fertilizers were exported in Latin America and the Caribbean; waning by -27% compared with the previous year. Overall, exports continue to indicate a noticeable setback. The pace of growth appeared the most rapid in 2018 when exports increased by 47%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, NPK fertilizer exports soared to $X in 2022. In general, exports recorded a perceptible setback. The growth pace was the most rapid in 2018 when exports increased by 66%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Brazil (X tons) represented the key exporter of mixed nitrogen, phosphorus and potassium (NPK) fertilizers, committing 44% of total exports. Colombia (X tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by El Salvador (11%), Chile (7.1%), Guatemala (6.7%) and Costa Rica (5.4%). Peru (X tons), Uruguay (X tons) and Mexico (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to NPK fertilizer exports from Brazil stood at -9.0%. At the same time, Chile (+18.8%), Mexico (+9.9%), Costa Rica (+6.1%), Peru (+5.7%) and El Salvador (+3.5%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +18.8% from 2012-2022. Guatemala and Colombia experienced a relatively flat trend pattern. By contrast, Uruguay (-10.9%) illustrated a downward trend over the same period. While the share of El Salvador (+6.4 p.p.), Chile (+6.3 p.p.), Colombia (+4.3 p.p.), Costa Rica (+3.6 p.p.), Guatemala (+2.9 p.p.), Peru (+2.7 p.p.) and Mexico (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Uruguay (-2.3 p.p.) and Brazil (-26.6 p.p.) displayed negative dynamics.

In value terms, Brazil ($X) remains the largest NPK fertilizer supplier in Latin America and the Caribbean, comprising 45% of total exports. The second position in the ranking was taken by Chile ($X), with a 15% share of total exports. It was followed by Guatemala, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil amounted to -6.5%. In the other countries, the average annual rates were as follows: Chile (+20.5% per year) and Guatemala (+2.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 61% against the previous year. Export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, NPK fertilizer export price increased by +77.8% 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 origin: amid the top suppliers, 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 Brazil (+2.8%), while the other leaders experienced more modest paces of growth.

Npk Fertilizer Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers increased by 9.5% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +39.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 28%. The volume of import peaked in 2022 and is likely to see steady growth in the near future.

In value terms, NPK fertilizer imports skyrocketed to $X in 2022. Over the period under review, imports showed a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 67%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Brazil prevails in imports structure, amounting to X tons, which was approx. 69% of total imports in 2022. Paraguay (X tons) took the second position in the ranking, followed by Mexico (X tons). All these countries together held approx. 10% share of total imports. Colombia (X tons), Argentina (X tons), Guatemala (X tons) and Venezuela (X tons) held a little share of total imports.

Brazil was also the fastest-growing in terms of the mixed nitrogen, phosphorus and potassium (NPK) fertilizers imports, with a CAGR of +16.5% from 2012 to 2022. At the same time, Colombia (+9.9%), Guatemala (+4.2%) and Argentina (+2.2%) displayed positive paces of growth. By contrast, Mexico (-2.7%), Paraguay (-8.4%) and Venezuela (-16.6%) illustrated a downward trend over the same period. While the share of Brazil (+42 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mexico (-6.3 p.p.), Venezuela (-16 p.p.) and Paraguay (-18.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported mixed nitrogen, phosphorus and potassium (NPK) fertilizers in Latin America and the Caribbean, comprising 68% of total imports. The second position in the ranking was taken by Paraguay ($X), with a 6.4% share of total imports. It was followed by Mexico, with a 4.9% share.

In Brazil, NPK fertilizer imports increased at an average annual rate of +19.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Paraguay (-6.0% per year) and Mexico (-0.9% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 46% against the previous year. Import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, NPK fertilizer import price increased by +91.3% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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