Source: Oleoscope (Russia)
According to a report by Implements cited by TASS, global fertilizer demand is projected to rise by 11%, primarily driven by growth in Latin America and South Asia.
Experts anticipate that the average annual growth rate will slow down due to improvements in nutrient use efficiency and a more moderate pace of population expansion. The demand for phosphate and potash fertilizers is expected to grow at a faster rate compared to nitrogen fertilizers.
By 2030, Latin America is set to become the leading consumer of fertilizers, with consumption projected to increase by 5.4 million tonnes of active ingredient (d.e.m.), largely fueled by higher soybean and corn production. South Asia’s fertilizer use is also forecasted to grow by 5.3 million tonnes of d.o.v., with India playing a significant role in this increase.
“The largest proportional rise in fertilizer demand may occur in African markets. North America, along with Western and Central Europe, being mature markets, are predicted to show modest growth, collectively contributing approximately 2.6 million tonnes of d.c. to the global consumption by 2030. Similarly, Eastern Europe and Central Asia are expected to augment global fertilizer use by 2.6 million tonnes of d.o.i. by the same year,” experts predict.
The East Asian market is anticipated to expand its fertilizer consumption by over 2.3 million tonnes. Despite overall moderate growth, this region is experiencing a structural shift favoring phosphate and potash fertilizers, particularly influenced by trade cooperation between Russia and China.