Research Report on Southeast Asia Urea Industry 2023-2032
Urea is an important agricultural fertilizer for a variety of soils and plants, and is one of the fertilizers widely used worldwide because of its easy preservation, ease of use, and low damaging effect on soil. Agriculture is the main sector of the national economy in most countries in Southeast Asia. With population growth, improved agricultural development, and a clear trend toward industrialization and modernization in Southeast Asia, the demand for agricultural fertilizers such as urea continues to grow. Vietnam and Indonesia are the largest urea consuming countries in Southeast Asia.
Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of over 600 million by the end of 2021, Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.
According to CRI's analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$73,000 in 2021. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2021. The population and minimum wage levels of each country also vary greatly. Brunei, which has the smallest population, will have a total population of less than 500,000 people in 2021, while Indonesia, which has the largest population, will have a population of about 275 million people in 2021.
Some countries in Southeast Asia are rich in oil and gas resources, driven by demand, and have gradually expanded their production of urea in recent years, promoting the expansion of the urea industry in Southeast Asia. CRI expects the urea industry in Southeast Asia to maintain growth from 2023-2032.
Topics covered:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook