A recent report from Rabobank says the outlook for global fertilizer markets is positive in the coming years. However, there are some challenges and potential risks to monitor.
The global fertilizer market is recovering, with an estimated increase in usage of around three percent this year after a seven percent drop in 2022 because of significant market complications. The Rabobank Affordability Index shows a positive outlook for fertilizer purchasing in 2024, with an expected increase of almost five percent next year. The Farm Input Division at Rabobank says nitrogen growth grew two percent this year, phosphate 3.9 percent, and potash was up five percent.
There is a potential impact from the Israel-Hamas War as Israel is a sizable supplier of phosphate and potash. Israel accounts for about three percent of the world’s phosphate exports and eight percent of the global potash supply. Currently, there is sufficient availability and alternative supply sources.