The world continues to suffer severe food shortages, especially of wheat and sunflower oil, thanks to production hold ups by their largest producers—Russia and Ukraine. A decline in fertilizer supply has fostered the global food shortage. The supply-demand imbalance has caused fertilizer prices to skyrocket of late. However, the supply chain bottleneck is expected to ease with federal spending policies. The United States Department of Agriculture (USDA) plans to double its investment in domestic fertilizer production to $500 million.
As demand for food multiplies with the global population rising considerably, the fertilizer industry is also expected to face robust demand. According to Research Dive, the global fertilizer market is projected to grow at a 3.6% CAGR from 2022 to 2030.
