1.There was unprecedented increase in international prices of fertilizers and raw materials during past 2 years owing to COVID and ongoing geopolitical conditions.Besides,the environmental concerns and sustainability in the use of fertilizers for continued agricultural growth are picking up momentum among policy makers around the globe.2.The sanctions on Belarus and Russia impacted the supply side of the fertilizer market,hampering the movement of ammonia and natural gas through the pipeline,raising the cost of production and thereby adversely affecting the production of nitrogenous fertilizers all around the globe.Consequently,the world consumption of fertilizers fell by around 2% in FY21 and by more than 4% in FY22.A drop in use of nitrogenous fertilizers by 5% is expected to reduce the production of four major crops viz.,wheat,rice,maize and soya bean by around 2.5%.
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