The war in Eastern Europe caused prices of fertilizers, grains, and oilseeds to surge. Prices have dropped after the initial aftermath of the conflict passed but remain at higher levels than in 2021. Russia has slowed down natural gas supplies in Europe, which could raise nitrogen fertilizer production prices. Moreover, the continued geopolitical headwinds could send prices higher once again.
Furthermore, a growing population, rising rural incomes, and an increasing need for enhanced soil nutrients coupled with increased crop yield are expected to boost the fertilizer market. The market is projected to reach $241.87 billion, growing at a CAGR of 2.4% between 2022 and 2030.
