02 July 2010 17:19 [Source: ICIS news]
LONDON (ICIS news)-- Global fertilizer demand has bounced back from a poor 2009 and is forecast to hit 188.3m tonnes of nutrient in 2014-2015, the International Fertilizer Industry Association (IFA) said on Friday.
In its Fertilizer Outlook 2010-2014, the IFA forecasts that demand for the period 2010-2011 would increase by 4.8% over 2009-2010 levels to reach 170.4m tonnes of nutrients, and would hit 188.3m tonnes in 2014-2015.
“After a gloomy year in 2009, fertilizer demand is seen firmly rebounding in 2010 and growing at sustained rates in the next four years,” the IFA said.
Most of this increase would come from Asia and the ?xml:namespace>
Over the period 2009-2014, global fertilizer trade was projected to expand by 15-33%, depending on the nutrient product and region.
The IFA highlighted that, after two consecutive bumper crops, world cereal output in 2010 would reach a new record of 2.28bn tonnes, according to the Food and Agriculture Organization (FAO) of the United Nations, representing a rise of 1.5-2.0% on last year.
The IFA stressed the need for improved efficiency going forward to achieve greater agricultural output to meet increased demand global demand for food, animal feed, fibre and bioenergy.
“Meeting increasing demand for agricultural products and reducing the environmental footprint of farming will require both greater and more efficient fertilizer use,” it said.
Fertilizer capacity growth had been slower than expected over the past year due to project delays, but in the long term production of nitrogen and potassium fertilizers could outstrip demand, IFA said.
In the meantime, investment in the fertilizer sector continued apace, IFA added
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