Asia: Fertilizer Market 2024

Fertilizer Market Size in Asia

In 2023, the Asian fertilizer market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2022, and then contracted modestly in the following year.

Fertilizer Production in Asia

In value terms, fertilizer production expanded rapidly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

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Fertilizer Exports

Exports in Asia

In 2023, fertilizer exports in Asia skyrocketed to X tons, growing by X% compared with 2022. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, fertilizer exports expanded remarkably to $X in 2023. In general, exports continue to indicate a tangible increase. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2023 and are expected to retain growth in the immediate term.

Exports by Country

In 2023, China (X tons) represented the largest exporter of fertilizers, creating X% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a X% share, followed by Oman (X%). Jordan (X tons), Malaysia (X tons), the United Arab Emirates (X tons), Iran (X tons), Indonesia (X tons), Vietnam (X tons), South Korea (X tons), Turkey (X tons) and Israel (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of X% from 2012 to 2023. At the same time, Turkey (X%), the United Arab Emirates (X%), Malaysia (X%), Saudi Arabia (X%), Indonesia (X%), Israel (X%), Vietnam (X%) and Oman (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. Jordan and Iran experienced a relatively flat trend pattern. By contrast, South Korea (X%) illustrated a downward trend over the same period. China (X p.p.) and Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total exports, while Oman, South Korea, Jordan and Iran saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Saudi Arabia ($X) and Jordan ($X) constituted the countries with the highest levels of exports in 2023, together accounting for X% of total exports. Oman, the United Arab Emirates, Iran, Indonesia, Malaysia, Vietnam, Israel, South Korea and Turkey lagged somewhat behind, together accounting for a further X%.

Turkey, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Asia amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then shrank in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced more modest paces of growth.

Fertilizer Imports

Imports in Asia

Fertilizer imports shrank to X tons in 2023, waning by X% against the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when imports increased by X%. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, fertilizer imports dropped rapidly to $X in 2023. Overall, imports, however, showed a slight expansion. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports attained the peak of $X, and then fell notably in the following year.

Imports by Country

In 2023, India (X tons), distantly followed by China (X tons), Indonesia (X tons), Turkey (X tons), Thailand (X tons) and Malaysia (X tons) were the largest importers of fertilizers, together committing X% of total imports. The following importers - Bangladesh (X tons), Vietnam (X tons), the Philippines (X tons), South Korea (X tons) and Japan (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Turkey (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Turkey ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of total imports. Thailand, Bangladesh, Indonesia, Malaysia, Vietnam, the Philippines, South Korea and Japan lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Bangladesh, with a CAGR of X%, recorded 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 2023, the import price in Asia amounted to $X per ton, shrinking by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2022, and then contracted markedly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bangladesh ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bangladesh (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform