EU: Urea Market 2024

Urea Market Size in the EU

In 2023, after two years of growth, there was significant decline in the EU urea market, when its value decreased by X% to $X. Overall, consumption, however, saw a prominent expansion. As a result, consumption reached the peak level of $X, and then dropped notably in the following year.

Urea Production in the EU

In value terms, urea production shrank to $X in 2023 estimated in export price. In general, production, however, enjoyed a slight increase. The most prominent rate of growth was recorded in 2022 when the production volume increased by X%. As a result, production attained the peak level of $X, and then contracted in the following year.

Urea Exports

Exports in the EU

In 2023, after seven years of growth, there was significant decline in shipments abroad of urea, when their volume decreased by X% to X tons. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when exports increased by X%. As a result, the exports attained the peak of X tons, and then reduced sharply in the following year.

In value terms, urea exports dropped markedly to $X in 2023. Overall, exports, however, recorded a mild increase. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then contracted rapidly in the following year.

Exports by Country

The shipments of the three major exporters of urea, namely the Netherlands, Germany and Poland, represented more than two-thirds of total export. It was distantly followed by Belgium (X tons), achieving an X% share of total exports. Lithuania (X tons), France (X tons), Slovakia (X tons), Spain (X tons), Romania (X tons), Italy (X tons) and Slovenia (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Slovenia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and Poland ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Belgium, Slovakia, France, Romania, Spain, Lithuania, Italy and Slovenia lagged somewhat behind, together comprising a further X%.

Slovenia, with a CAGR of X%, recorded the highest growth rate of 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 the European Union amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2022, and then fell 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 Slovakia ($X per ton), while Lithuania ($X per ton) was amongst the lowest.

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

Urea Imports

Imports in the EU

After two years of growth, overseas purchases of urea decreased by X% to X tons in 2023. Over the period under review, imports, however, posted a remarkable increase. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, urea imports declined sharply to $X in 2023. In general, imports, however, saw buoyant growth. 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 plummeted in the following year.

Imports by Country

The countries with the highest levels of urea imports in 2023 were France (X tons), Italy (X tons), Poland (X tons), Spain (X tons), Germany (X tons), Belgium (X tons) and Romania (X tons), together accounting for X% of total import. The Netherlands (X tons), the Czech Republic (X tons), Bulgaria (X tons), Greece (X tons), Portugal (X tons) and Ireland (X tons) took a little share of total imports.

From 2012 to 2023, the biggest increases were recorded for Romania (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest urea importing markets in the European Union were France ($X), Italy ($X) and Poland ($X), with a combined X% share of total imports. Spain, Romania, Germany, Belgium, the Netherlands, the Czech Republic, Bulgaria, Greece, Portugal and Ireland lagged somewhat behind, together comprising a further X%.

Romania, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the European Union stood at $X per ton in 2023, which is down by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2022, and then contracted markedly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in the Czech Republic ($X per ton) and Ireland ($X per ton), while Belgium ($X per ton) and Germany ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform