Global Fertilizer Industry
The world fertilizers and agricultural chemicals industry is expected to slow to yearly growth rate of just over 6% between 2010 and 2015 to exceed $276.4 billion, according to research from MarketLine. In terms of consumption volume, the market grew at a yearly rate of almost 3% for the four-year period ending 2010 to exceed 164,000 thousand metric tons.
Global fertilizer demand is expected to maintain its current yearly growth rate of 3% to reach 380 million metric tons in 2010, reports Freedonia. Market growth is driven by an expanding global population, rising biofuel production crop requirements, and declining arable land putting pressure on farmers to boost crop yields. Growing consumption of high-protein products is also driving demand for fertilizer-intensive grains.