Monoammonium Phosphate Market

The article provides an in-depth analysis of the global monoammonium phosphate (MAP) market, forecasting an increase in consumption and value over the next eight years. Market performance, trends, and patterns in key areas such as China, Brazil, the United States, and other major consuming and producing countries are discussed. The analysis covers consumption volumes, market values, production, imports, and exports, highlighting growth rates, fluctuations, and trends in the industry.

Market Forecast

Driven by increasing demand for monoammonium phosphate (MAP) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 58M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $35B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Monoammonium Phosphate (MAP)

In 2022, consumption of monoammonium phosphate (MAP) decreased by -2% to 47M tons, falling for the third year in a row after four years of growth. The total consumption volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at 49M tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global monoammonium phosphate market value expanded to $25.7B in 2022, with an increase of 3.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the maximum level in 2022 and is likely to see gradual growth in the near future.

Consumption By Country

China (12M tons) constituted the country with the largest volume of monoammonium phosphate consumption, comprising approx. 26% of total volume. Moreover, monoammonium phosphate consumption in China exceeded the figures recorded by the second-largest consumer, Brazil (5.3M tons), twofold. The United States (3.1M tons) ranked third in terms of total consumption with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +3.1%. The remaining consuming countries recorded the following average annual rates of consumption growth: Brazil (+5.4% per year) and the United States (+0.9% per year).

In value terms, the largest monoammonium phosphate markets worldwide were China ($5.5B), Brazil ($4B) and the United States ($1.5B), together accounting for 43% of the global market. Canada, Mexico, Nigeria, Australia, Argentina, Italy, South Korea, Iran, Saudi Arabia and Russia lagged somewhat behind, together accounting for a further 26%.

In terms of the main consuming countries, South Korea, with a CAGR of +14.8%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of monoammonium phosphate per capita consumption in 2022 were Australia (47 kg per person), Canada (38 kg per person) and Argentina (31 kg per person).

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +13.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Monoammonium Phosphate (MAP)

Global monoammonium phosphate production contracted modestly to 48M tons in 2022, shrinking by -4.1% on the previous year. The total output volume increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 18%. Over the period under review, global production hit record highs at 50M tons in 2021, and then shrank in the following year.

In value terms, monoammonium phosphate production shrank to $21.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 29%. As a result, production reached the peak level of $24.6B, and then dropped in the following year.

Production By Country

China (14M tons) constituted the country with the largest volume of monoammonium phosphate production, comprising approx. 30% of total volume. Moreover, monoammonium phosphate production in China exceeded the figures recorded by the second-largest producer, the United States (4.6M tons), threefold. Russia (4.4M tons) ranked third in terms of total production with a 9.1% share.

In China, monoammonium phosphate production expanded at an average annual rate of +4.1% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+0.3% per year) and Russia (+2.9% per year).

Imports

World Imports of Monoammonium Phosphate (MAP)

In 2022, approx. 12M tons of monoammonium phosphate (MAP) were imported worldwide; which is down by -13.6% compared with 2021 figures. Overall, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 22%. Over the period under review, global imports reached the peak figure at 14M tons in 2021, and then fell in the following year.

In value terms, monoammonium phosphate imports surged to $10.6B in 2022. Over the period under review, imports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2021 with an increase of 79%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

Brazil represented the key importing country with an import of about 4.1M tons, which reached 33% of total imports. Canada (1.5M tons) took the second position in the ranking, followed by Argentina (1.4M tons), Australia (1.2M tons) and the United States (0.8M tons). All these countries together held approx. 40% share of total imports. The following importers - India (451K tons), South Africa (244K tons), Mexico (226K tons) and Paraguay (199K tons) - together made up 9.1% of total imports.

Imports into Brazil increased at an average annual rate of +8.7% from 2012 to 2022. At the same time, Paraguay (+39.0%), Argentina (+9.6%), Mexico (+8.8%), India (+7.3%), Australia (+6.5%), Canada (+5.8%), South Africa (+5.7%) and the United States (+5.1%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in the world, with a CAGR of +39.0% from 2012-2022. While the share of Brazil (+7.1 p.p.), Argentina (+3.2 p.p.) and Paraguay (+1.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($4B) constitutes the largest market for imported monoammonium phosphate (MAP) worldwide, comprising 37% of global imports. The second position in the ranking was taken by Canada ($1.2B), with an 11% share of global imports. It was followed by Australia, with a 9.8% share.

In Brazil, monoammonium phosphate imports increased at an average annual rate of +14.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Canada (+10.1% per year) and Australia (+11.2% per year).

Import Prices By Country

In 2022, the average monoammonium phosphate import price amounted to $863 per ton, jumping by 46% against the previous year. Overall, the import price showed a perceptible expansion. The pace of growth appeared the most rapid in 2021 an increase of 67%. Global import price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($979 per ton), while Argentina ($576 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+5.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Monoammonium Phosphate (MAP)

In 2022, approx. 13M tons of monoammonium phosphate (MAP) were exported worldwide; waning by -18.4% on the previous year's figure. Overall, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 27%. As a result, the exports reached the peak of 16M tons, and then dropped sharply in the following year.

In value terms, monoammonium phosphate exports soared to $10.3B in 2022. Over the period under review, exports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 91%. Over the period under review, the global exports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

In 2022, Morocco (3.8M tons), Russia (2.9M tons), the United States (2.3M tons) and China (2.1M tons) represented the major exporter of monoammonium phosphate (MAP) in the world, committing 84% of total export. It was distantly followed by Saudi Arabia (1.3M tons), creating a 9.5% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Saudi Arabia (with a CAGR of +42.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest monoammonium phosphate supplying countries worldwide were Russia ($2.6B), Morocco ($2B) and the United States ($1.9B), with a combined 64% share of global exports. China and Saudi Arabia lagged somewhat behind, together accounting for a further 28%.

Among the main exporting countries, Saudi Arabia, with a CAGR of +48.6%, recorded 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

In 2022, the average monoammonium phosphate export price amounted to $774 per ton, growing by 50% against the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monoammonium phosphate export price increased by +125.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 50% against the previous year. The global export price peaked in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($932 per ton), while Morocco ($535 per ton) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform