Global fertilizer production is gradually recovering
According to the International Fertilizer Association, global fertilizer use is expected to recover by 4% in 2023 to 192.5 million metric tons. For comparison, in 2020, a record level of 200.2 million tons of fertilizer was used.
According to the IFA, global ammonia production is expected to decline by about 1% to 182.2 million tons in 2022.
Fertilizer use has fallen globally in recent years due to high raw material prices. Rabobank estimates that 2023 was much calmer than 2022, as global fertilizer use grew by 3% in 2023 after falling by 7% in 2022.
The forecast for 2024 is for an increase of almost 5%. With lower fertilizer prices, global farmers are expected to increase purchases through 2024.
Global consumption of nitrogen fertilizers is estimated at 108 million tons in 2024. The production of nitrogen fertilizers is forecast at 109 million tons. Global consumption is expected to grow through 2030, but at a modest CAGR of 1.42% from 2021 to 2030.
After falling by 5.9% in 2022, nitrogen use is projected to grow by 2% in 2023. This is less than the consumption of phosphorus and potassium, which grew by 3.9% and 5%, respectively. P and K have been declining since 2021, but farmers have started to increase their use again.
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