Republic of Korea: Mixed Fertilizer Market 2025

Mixed Fertilizer Market Size in Republic of Korea

The South Korean mixed fertilizer market declined to $X in 2022, falling by -1.6% against the previous year. In general, consumption showed a abrupt contraction. Mixed fertilizer consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Mixed Fertilizer Production in Republic of Korea

In value terms, mixed fertilizer production shrank modestly to $X in 2022 estimated in export price. Overall, production recorded a deep contraction. The pace of growth appeared the most rapid in 2021 when the production volume increased by 4.5%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Mixed Fertilizer Exports

Exports from Republic of Korea

In 2022, mixed fertilizer exports from South Korea shrank to X tons, which is down by -5.2% on 2021 figures. Over the period under review, exports saw a mild curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 16% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, mixed fertilizer exports fell to $X in 2022. In general, exports showed a perceptible decrease. The pace of growth was the most pronounced in 2021 with an increase of 30%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X tons), Vietnam (X tons) and the Philippines (X tons) were the main destinations of mixed fertilizer exports from South Korea, together accounting for 65% of total exports. India, Australia, Myanmar and Japan lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +57.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), the Philippines ($X) and Vietnam ($X) were the largest markets for mixed fertilizer exported from South Korea worldwide, together accounting for 58% of total exports. India, Australia, Myanmar and Japan lagged somewhat behind, together accounting for a further 35%.

Among the main countries of destination, Myanmar, with a CAGR of +57.1%, saw the highest growth rate of 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 mixed fertilizer export price stood at $X per ton in 2022, declining by -6.8% against the previous year. Over the period under review, the export price showed a noticeable downturn. The pace of growth appeared the most rapid in 2021 an increase of 16%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Thailand ($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 Japan (+0.3%), while the prices for the other major destinations experienced a decline.

Mixed Fertilizer Imports

Imports into Republic of Korea

In 2022, after five years of growth, there was significant decline in overseas purchases of mixed fertilizers, when their volume decreased by -16.6% to X tons. Overall, total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +50.6% against 2016 indices. The pace of growth appeared the most rapid in 2014 with an increase of 47%. Imports peaked at X tons in 2021, and then dropped significantly in the following year.

In value terms, mixed fertilizer imports fell to $X in 2022. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +62.3% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37%. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of mixed fertilizer to South Korea, with a 66% share of total imports. Moreover, mixed fertilizer imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), eightfold. The Netherlands (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +21.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-14.8% per year) and the Netherlands (+17.0% per year).

In value terms, China ($X) constituted the largest supplier of mixed fertilizers to South Korea, comprising 49% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 9.2% share of total imports. It was followed by the Netherlands, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +20.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-13.5% per year) and the Netherlands (+13.9% per year).

Import Prices by Country

The average mixed fertilizer import price stood at $X per ton in 2022, rising by 3.9% against the previous year. In general, the import price, however, continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2018 an increase of 15%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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