3 Key Drivers for Fertilizer Demand
Increase in World Population
World population totals 6,897,078,213 people with projections indicating that the 7 billion marker will be reached in 2012.World population is expected to surpass 9 billion by roughly 2045. Asia represents roughly 60% of the world's yearly population growth. As the world population increases the demand for fertilizer will continue to grow at a consistent pace.
Increase of Wealth in Emerging Economies
With the growth in wealth of emerging economies such as China, India & Brazil the desire for a more varied diet means that food production will increase. Increased demand for food will have a positive effect on the demand for fertilizers such as phosphate. China's current GDP totals $5.8 trillion and is expected to reach $10 trillion by 2015.
Decrease In Arable Land
Worldwide arable land per person has decreased by almost half since the 1960’s. Current forecasts see arable land decreasing at a faster rate due to population increases worldwide.As arable land becomes scarce the demand for fertilizers will increase to replenish the soil with nutrients.