Report Update Nov 1, 2024

Mexico - Urea - Market Analysis, Forecast, Size, Trends and Insights

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Mexico: Urea Market 2024

Urea Market Size in Mexico

For the third year in a row, the Mexican urea market recorded growth in sales value, which increased by 25% to $X in 2022. In general, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +66.5% against 2019 indices. Urea consumption peaked in 2022 and is expected to retain growth in years to come.

Urea Exports

Exports from Mexico

In 2022, after two years of growth, there was significant decline in overseas shipments of urea, when their volume decreased by -97.4% to X tons. Over the period under review, exports faced a precipitous setback. The pace of growth appeared the most rapid in 2020 with an increase of 448%. The exports peaked at X tons in 2021, and then reduced sharply in the following year.

In value terms, urea exports declined rapidly to $X in 2022. In general, exports showed a dramatic decline. The most prominent rate of growth was recorded in 2021 when exports increased by 66% against the previous year. As a result, the exports reached the peak of $X, and then dropped remarkably in the following year.

Exports by Country

The United States (X tons) was the main destination for urea exports from Mexico, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -24.6%.

In value terms, the United States ($X) also remains the key foreign market for urea exports from Mexico.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -24.8%.

Export Prices by Country

The average urea export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Overall, the export price, however, showed a slight descent. The growth pace was the most rapid in 2019 when the average export price increased by 270% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for Guatemala amounted to +13.5% per year.

Urea Imports

Imports into Mexico

For the third year in a row, Mexico recorded growth in overseas purchases of urea, which increased by 21% to X tons in 2022. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, urea imports soared to $X in 2022. In general, total imports indicated a modest 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 +70.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 27%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Oman (X tons), Russia (X tons) and Qatar (X tons) were the main suppliers of urea imports to Mexico, with a combined 76% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Qatar (with a CAGR of +39.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest urea suppliers to Mexico were Russia ($X), Oman ($X) and Nigeria ($X), together comprising 72% of total imports. Qatar, the United States, Algeria, Trinidad and Tobago and China lagged somewhat behind, together comprising a further 28%.

In terms of the main suppliers, Qatar, with a CAGR of +32.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average urea import price amounted to $X per ton, surging by 2.9% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 13% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Trinidad and Tobago ($X per ton), while the price for Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Algeria (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for urea in the world?

The country with the largest volume of urea consumption was India, accounting for 26% of total volume. Moreover, urea consumption in India exceeded the figures recorded by the second-largest consumer, China, threefold. The third position in this ranking was occupied by the United States, with a 5.9% share.

What are the largest producers of urea in the world?

The countries with the highest volumes of urea production in 2021 were India, China and Russia, together accounting for 41% of global production. These countries were followed by Iran, Indonesia, Pakistan, Qatar, Saudi Arabia, Oman, Canada, the United Arab Emirates, Algeria and Vietnam, which together accounted for a further 39%.

What are the leading suppliers of urea to Mexico?

In value terms, Malaysia constituted the largest supplier of urea to Mexico, comprising 59% of total imports. The second position in the ranking was occupied by the United States, with a 23% share of total imports.

What are the leading importers of urea from Mexico?

In value terms, the United States remains the key foreign market for urea exports from Mexico.

What is the average export price for urea in Mexico?

The average urea export price stood at $264 per ton in 2021, waning by -6.5% against the previous year.

What is the average import price for urea in Mexico?

The average urea import price stood at $226 per ton in 2021, declining by -23.4% against the previous year.

This report provides an in-depth analysis of the urea market in Mexico. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 4001 -

Country coverage:

Mexico

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Mexico
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023