Global Urea Market 2024

Urea Market Size

For the fourth year in a row, the global urea market recorded growth in sales value, which increased by 27% to $X in 2022. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +71.2% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Urea Production

In value terms, urea production dropped to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 31%. As a result, production attained the peak level of $X, and then declined in the following year.

Urea Exports

Exports

In 2022, shipments abroad of urea decreased by -14% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 6.3% against the previous year. The global exports peaked at X tons in 2021, and then fell in the following year.

In value terms, urea exports shrank modestly to $X in 2022. Over the period under review, total exports indicated mild 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, exports increased by +57.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 63% against the previous year. As a result, the exports reached the peak of $X, and then shrank modestly in the following year.

Exports by Country

In 2022, Russia (X tons), followed by Egypt (X tons), Oman (X tons), Algeria (X tons), China (X tons), the Netherlands (X tons), Poland (X tons), the United Arab Emirates (X tons) and Germany (X tons) were the main exporters of urea, together comprising 62% of total exports. Malaysia (X tons), Nigeria (X tons), the United States (X tons) and Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +37.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($X), Egypt ($X) and China ($X) were the countries with the highest levels of exports in 2022, with a combined 25% share of global exports. Nigeria, the United States, Algeria, Oman, Germany, the Netherlands, Poland, Indonesia, the United Arab Emirates and Malaysia lagged somewhat behind, together accounting for a further 49%.

Among the main exporting countries, Nigeria, with a CAGR of +44.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average urea export price stood at $X per ton in 2022, growing by 12% against the previous year. In general, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, urea export price increased by +77.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 58% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.4%), while the other global leaders experienced more modest paces of growth.

Urea Imports

Imports

For the fourth consecutive year, the global market recorded growth in supplies from abroad of urea, which increased by 50% to X tons in 2022. In general, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.6% 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 +64.7% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea imports soared to $X in 2022. Overall, imports showed buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India was the major importer of urea in the world, with the volume of imports recording X tons, which was approx. 27% of total imports in 2022. It was distantly followed by Brazil (X tons), generating an 11% share of total imports. The following importers - Australia (X tons), Turkey (X tons), France (X tons), Thailand (X tons), Mexico (X tons), the UK (X tons), Germany (X tons), Poland (X tons), Canada (X tons), Argentina (X tons) and Italy (X tons) - together made up 30% of total imports.

Imports into India increased at an average annual rate of +11.6% from 2012 to 2022. At the same time, Argentina (+21.0%), Poland (+18.4%), Brazil (+11.5%), Germany (+9.1%), the UK (+8.1%), Turkey (+7.9%), France (+6.5%), Australia (+6.5%), Canada (+3.4%), Italy (+2.4%) and Mexico (+1.4%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in the world, with a CAGR of +21.0% from 2012-2022. By contrast, Thailand (-2.7%) illustrated a downward trend over the same period. India (+9.8 p.p.) and Brazil (+4.2 p.p.) significantly strengthened its position in terms of the global imports, while Mexico and Thailand saw its share reduced by -1.7% and -4.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X), Brazil ($X) and Australia ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 40% of global imports. Turkey, France, Thailand, the UK, Canada, Poland, Italy, Argentina, Mexico and Germany lagged somewhat behind, together accounting for a further 29%.

Among the main importing countries, Poland, with a CAGR of +24.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average urea import price stood at $X per ton in 2022, picking up by 33% against the previous year. Over the period under review, the import price continues to indicate moderate growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 56%. Over the period under review, average import prices attained the peak figure in 2022 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 Italy ($X per ton), while Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :