MENA: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in MENA

In 2022, the MENA's potassium sulphate (SOP) market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption saw a deep reduction. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in MENA

In value terms, potassium sulphate (SOP) production stood at $X in 2022 estimated in export price. In general, production recorded a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 3,271%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports in MENA

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -6.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 95% against the previous year. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, potassium sulphate (SOP) exports soared to $X in 2022. In general, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 77%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Egypt dominates exports structure, resulting at X tons, which was near 82% of total exports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 7% share, followed by Saudi Arabia (5%). Turkey (X tons) took a little share of total exports.

Egypt was also the fastest-growing in terms of the potassium sulphate (SOP) exports, with a CAGR of +67.3% from 2012 to 2022. At the same time, Turkey (+23.7%) and the United Arab Emirates (+11.7%) displayed positive paces of growth. By contrast, Saudi Arabia (-2.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Egypt increased by +78 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Egypt ($X) remains the largest potassium sulphate (SOP) supplier in MENA, comprising 87% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 4.7% share of total exports. It was followed by Turkey, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value in Egypt stood at +77.6%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+11.9% per year) and Turkey (+26.7% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, picking up by 61% against the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.2% 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) export price increased by +102.8% against 2019 indices. As a result, the export 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+6.1%), while the other leaders experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports in MENA

In 2022, approx. X tons of potassium sulphate (SOP) were imported in MENA; with a decrease of -11.7% compared with the year before. In general, imports showed a deep downturn. The growth pace was the most rapid in 2019 when imports increased by 31% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, potassium sulphate (SOP) imports skyrocketed to $X in 2022. Over the period under review, imports saw a pronounced slump. The most prominent rate of growth was recorded in 2019 with an increase of 37%. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Morocco (X tons), Turkey (X tons), Egypt (X tons), Iran (X tons), Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented the main importer of potassium sulphate (SOP) in MENA, generating 83% of total import. It was distantly followed by Tunisia (X tons), constituting a 5.2% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +6.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Morocco ($X), Turkey ($X) and Egypt ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 64% of total imports.

Among the main importing countries, Morocco, with a CAGR of +8.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, with an increase of 43% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. As a result, import 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 importers, the country with the highest price was Morocco ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform