Thailand: Npk Fertilizer Market 2025

Npk Fertilizer Market Size in Thailand

In 2022, the Thai NPK fertilizer market decreased by -8.1% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption saw a noticeable decline. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Npk Fertilizer Exports

Exports from Thailand

In 2022, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -32.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, showed a strong increase. The pace of growth was the most pronounced in 2013 when exports increased by 39% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then fell markedly in the following year.

In value terms, NPK fertilizer exports rose rapidly to $X in 2022. Overall, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 57%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Cambodia (X tons) was the main destination for NPK fertilizer exports from Thailand, accounting for a 59% share of total exports. Moreover, NPK fertilizer exports to Cambodia exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), threefold. Myanmar (X tons) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cambodia amounted to +16.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+7.5% per year) and Myanmar (-3.8% per year).

In value terms, Cambodia ($X) remains the key foreign market for mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports from Thailand, comprising 57% of total exports. The second position in the ranking was taken by Lao People's Democratic Republic ($X), with a 22% share of total exports. It was followed by Myanmar, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia amounted to +20.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+12.2% per year) and Myanmar (-2.2% per year).

Export Prices by Country

In 2022, the average NPK fertilizer export price amounted to $X per ton, jumping by 55% against the previous year. Over the period under review, 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 +80.0% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Myanmar ($X per ton), while the average price for exports to Lao People's Democratic Republic ($X per ton) and Cambodia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Npk Fertilizer Imports

Imports into Thailand

In 2022, overseas purchases of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -34.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports showed a abrupt descent. The pace of growth was the most pronounced in 2013 with an increase of 27%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, NPK fertilizer imports expanded significantly to $X in 2022. Over the period under review, imports continue to indicate a slight curtailment. The growth pace was the most rapid in 2021 with an increase of 32% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Russia (X tons), Norway (X tons) and China (X tons) were the main suppliers of NPK fertilizer imports to Thailand, with a combined 89% share of total imports. Finland, Lao People's Democratic Republic and the Netherlands lagged somewhat behind, together comprising a further 9.6%.

From 2012 to 2022, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +82.3%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest NPK fertilizer suppliers to Thailand were Russia ($X), Norway ($X) and China ($X), with a combined 85% share of total imports. Finland, the Netherlands and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 12%.

Lao People's Democratic Republic, with a CAGR of +86.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average NPK fertilizer import price stood at $X per ton in 2022, growing by 66% against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +4.0% 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 +110.6% against 2020 indices. 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 origin: amid the top importers, the country with the highest price was Finland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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