Morocco: Urea Market 2024

Urea Market Size in Morocco

The Moroccan urea market surged to $X in 2022, jumping by 55% against the previous year. Over the period under review, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +8.8% 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 +60.6% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Urea Production in Morocco

In value terms, urea production contracted modestly to $X in 2022 estimated in export price. Overall, production recorded a dramatic shrinkage. The growth pace was the most rapid in 2021 with an increase of 0.7%. Urea production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Urea Exports

Exports from Morocco

Urea exports from Morocco skyrocketed to X tons in 2022, growing by 82% compared with the previous year's figure. Overall, exports continue to indicate prominent growth. The pace of growth was the most pronounced in 2015 when exports increased by 992% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, urea exports soared to $X in 2022. In general, exports saw a significant expansion. The growth pace was the most rapid in 2015 when exports increased by 948%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Angola (X tons), Portugal (X tons) and Senegal (X tons) were the main destinations of urea exports from Morocco, together comprising 97% of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +25.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Angola ($X), Portugal ($X) and Senegal ($X) appeared to be the largest markets for urea exported from Morocco worldwide, together comprising 99% of total exports.

In terms of the main countries of destination, Senegal, with a CAGR of +41.2%, 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 average urea export price stood at $X per ton in 2022, rising by 33% against the previous year. In general, the export price posted measured growth. The most prominent rate of growth was recorded in 2021 an increase of 56%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while the average price for exports to Mauritania ($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 Angola (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Morocco

In 2022, urea imports into Morocco skyrocketed to X tons, rising by 19% compared with the year before. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +9.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.5% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 54%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, urea imports surged to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +8.7% 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 +74.1% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) constituted the largest urea supplier to Morocco, with a 72% share of total imports. Moreover, urea imports from Russia exceeded the figures recorded by the second-largest supplier, Uzbekistan (X tons), sixfold. The third position in this ranking was held by Slovakia (X tons), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Uzbekistan (0.0% per year) and Slovakia (+138.3% per year).

In value terms, Russia ($X) constituted the largest supplier of urea to Morocco, comprising 47% of total imports. The second position in the ranking was held by Uzbekistan ($X), with a 23% share of total imports. It was followed by Azerbaijan, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia stood at +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Uzbekistan (0.0% per year) and Azerbaijan (0.0% per year).

Import Prices by Country

In 2022, the average urea import price amounted to $X per ton, surging by 46% against the previous year. Overall, the import price, however, recorded a mild descent. Over the period under review, average import prices attained the peak figure 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 Azerbaijan ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (-4.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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