Mineral fertilizers (global market)

Mineral fertilizers (Russian market)

Main article: Mineral fertilizers (Russian market)

2023: Market Growth 4% to 192.5 Mt

In 2023, fertilizer consumption worldwide reached 192.5 million tons. This is 4% more compared to the indicator for 2022. Such data are given in a study by the International Association of Fertilizer Producers (IFA), the results of which TAdviser got acquainted with in mid-August 2024.

It is noted that a record volume of mineral fertilizer production was recorded in 2020: then a value of 200.2 million tons was shown. Consumption of these products on a global scale has decreased due to availability problems and high prices.

Bloomberg

The production of ammonia fertilizers (nitrogen fertilizers that contain nitrogen in ammonia form) decreased by about 1% - to 182.2 million tons in 2022. It is noted that the decrease in availability is the main reason for the fall in fertilizer consumption in the period from 2020 to 2022. At the same time, according to Rabobank estimates, 2023 was much more stable than 2022: global use of fertilizers rose after a decrease of 7% in 2022. The use of nitrogen fertilizers in 2023 increased by about 2% after falling by 5.9% in 2022.

Samuel Taylor, an agricultural resources analyst at Rabobank, said nitrogen fertilizers are becoming more affordable. In 2023, prices decreased and fluctuate at the level of average historical values. According to analysts, in 2024, total fertilizer consumption will increase by almost 5% compared to the previous year. Prices for these products are expected to be at a lower level, and the availability of fertilizers will increase.

Experts also note that prices for nitrogen and potash fertilizers returned to average values ​ ​ for 10 years (by the end of 2023). At the same time, prices for phosphorus fertilizers remain quite high.^[1]

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