Republic of Korea - Fertilizers - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Fertilizer Market 2024
Fertilizer Market Size in Republic of Korea
In 2023, the South Korean fertilizer market decreased by X% to $X, falling for the second year in a row after six years of growth. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.
Fertilizer Production in Republic of Korea
In value terms, fertilizer production stood at $X in 2023 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by 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.
Fertilizer Exports
Exports from Republic of Korea
In 2023, fertilizer exports from South Korea rose sharply to X tons, surging by X% compared with the year before. Overall, exports, however, continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.
In value terms, fertilizer exports dropped to $X in 2023. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2022, and then declined in the following year.
Exports by Country
Thailand (X tons) was the main destination for fertilizer exports from South Korea, accounting for a X% share of total exports. Moreover, fertilizer exports to Thailand exceeded the volume sent to the second major destination, India (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume to Thailand totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Vietnam (X% per year).
In value terms, the largest markets for fertilizer exported from South Korea were Thailand ($X), India ($X) and Vietnam ($X), with a combined X% share of total exports. Japan, the Philippines, Australia, the United States, Mexico, Myanmar, Indonesia, New Zealand, Turkey and Malaysia lagged somewhat behind, together comprising a further X%.
Among the main countries of destination, Myanmar, with a CAGR of X%, 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 fertilizer export price stood at $X per ton in 2023, dropping by X% against the previous year. Overall, export price indicated a mild increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, fertilizer export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced dramatically in the following year.
There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.
Fertilizer Imports
Imports into Republic of Korea
In 2023, purchases abroad of fertilizers decreased by X% to X tons, falling for the second year in a row after six years of growth. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports failed to regain momentum.
In value terms, fertilizer imports dropped to $X in 2023. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then shrank modestly in the following year.
Imports by Country
In 2023, China (X tons) constituted the largest supplier of fertilizer to South Korea, with a X% share of total imports. Moreover, fertilizer imports from China exceeded the figures recorded by the second-largest supplier, Canada (X tons), twofold. Belarus (X tons) ranked third in terms of total imports with a X% share.
From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Belarus (X% per year).
In value terms, China ($X) constituted the largest supplier of fertilizers to South Korea, comprising X% of total imports. The second position in the ranking was taken by Qatar ($X), with a X% share of total imports. It was followed by Canada, with an X% share.
From 2012 to 2023, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (X% per year) and Canada (X% per year).
Import Prices by Country
The average fertilizer import price stood at $X per ton in 2023, waning by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per ton in 2022, and then dropped modestly in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for Belarus ($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 prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the fertilizer market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 4025 - Potassium nitrate
- FCL 4004 - Calcium ammonium nitrate (CAN) and other mixtures with calcium carbonate
- FCL 4005 - Sodium nitrate
- FCL 4023 - Monoammonium phosphate (MAP)
- FCL 4001 - Urea
- FCL 4002 - Ammonium sulphate
- FCL 4003 - Ammonium nitrate (AN)
- FCL 4006 - Urea and ammonium nitrate solutions (UAN)
- FCL 4016 - Potassium chloride (muriate of potash) (MOP)
- FCL 4021 - NPK fertilizers
- FCL 4014 - Other phosphatic fertilizers, n.e.c.
- FCL 4022 - Diammonium phosphate (DAP)
- FCL 4027 - PK compounds
- FCL 4024 - Other NP compounds
- FCL 4008 - Other nitrogenous fertilizers, n.e.c.
- FCL 4012 - Superphosphates above 35%
- FCL 4013 - Superphosphates, other
- FCL 4018 - Other potassic fertilizers, n.e.c.
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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