Latin America and the Caribbean: Nitrogenous Fertilizer Market 2024

Nitrogenous Fertilizer Market Size in Latin America and the Caribbean

In 2023, after seven years of growth, there was significant decline in the Latin American nitrogenous fertilizer market, when its value decreased by X% to $X. In general, consumption, however, enjoyed temperate growth. As a result, consumption reached the peak level of $X. From 2014 to 2023, the growth of the market remained at a lower figure.

Nitrogenous Fertilizer Production in Latin America and the Caribbean

In value terms, nitrogenous fertilizer production expanded rapidly to $X in 2023 estimated in export price. Overall, production showed a noticeable reduction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Nitrogenous Fertilizer Exports

Exports in Latin America and the Caribbean

In 2023, after two years of growth, there was significant decline in overseas shipments of nitrogenous fertilizers (mineral or chemical), when their volume decreased by X% to X tons. Overall, exports saw a pronounced contraction. The pace of growth was the most pronounced in 2019 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, nitrogenous fertilizer exports dropped notably to $X in 2023. In general, exports recorded a slight downturn. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then plummeted in the following year.

Exports by Country

Trinidad and Tobago dominates exports structure, reaching X tons, which was near X% of total exports in 2023. Venezuela (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Bolivia (X%) and Chile (X%). Brazil (X tons), Colombia (X tons) and Honduras (X tons) followed a long way behind the leaders.

Exports from Trinidad and Tobago decreased at an average annual rate of X% from 2012 to 2023. At the same time, Honduras (X%), Brazil (X%) and Colombia (X%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Bolivia experienced a relatively flat trend pattern. By contrast, Chile (X%) and Venezuela (X%) illustrated a downward trend over the same period. While the share of Bolivia (X p.p.), Trinidad and Tobago (X p.p.), Brazil (X p.p.) and Honduras (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Chile (X p.p.) and Venezuela (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Trinidad and Tobago ($X) remains the largest nitrogenous fertilizer supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with an X% share of total exports. It was followed by Chile, with a X% share.

In Trinidad and Tobago, nitrogenous fertilizer exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Venezuela (X% per year) and Chile (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, shrinking by X% against the previous year. In general, the export price, however, saw a slight expansion. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of export peaked at $X per ton in 2022, and then reduced 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 Brazil ($X per ton), while Honduras ($X per ton) was amongst the lowest.

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

Nitrogenous Fertilizer Imports

Imports in Latin America and the Caribbean

In 2023, supplies from abroad of nitrogenous fertilizers (mineral or chemical) decreased by X% to X tons, falling for the second consecutive year after six years of growth. Total imports indicated strong growth from 2012 to 2023: its volume 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, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, nitrogenous fertilizer imports declined significantly to $X in 2023. Overall, imports, however, recorded notable growth. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2022, and then reduced dramatically in the following year.

Imports by Country

In 2023, Brazil (X tons) represented the largest importer of nitrogenous fertilizers (mineral or chemical), creating X% of total imports. Mexico (X tons) took the second position in the ranking, followed by Argentina (X tons). All these countries together held near X% share of total imports. The following importers - Peru (X tons), Chile (X tons), Colombia (X tons), Uruguay (X tons), Ecuador (X tons) and Guatemala (X tons) - together made up X% of total imports.

Brazil was also the fastest-growing in terms of the nitrogenous fertilizers (mineral or chemical) imports, with a CAGR of X% from 2012 to 2023. At the same time, Argentina (X%), Uruguay (X%), Colombia (X%), Chile (X%) and Mexico (X%) displayed positive paces of growth. Ecuador experienced a relatively flat trend pattern. By contrast, Guatemala (X%) and Peru (X%) illustrated a downward trend over the same period. While the share of Brazil (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Peru (X p.p.) and Mexico (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported nitrogenous fertilizers (mineral or chemical) in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Mexico ($X), with an X% share of total imports. It was followed by Argentina, with a X% share.

In Brazil, nitrogenous fertilizer imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (X% per year) and Argentina (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, waning by X% against the previous year. In general, the import price saw a mild slump. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then contracted sharply in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Chile ($X per ton), while Brazil ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform