At a glance
With Global Fertilizer Day falling on Oct. 13, it was a reminder of the importance of various kinds of fertilizer to farmers and food supply around the world.
But this event has only been officially celebrated since 2017, and in everyday life we may easily overlook the role of fertilizer in helping to grow the food we eat. So, let’s find out more about it and where Samsung C&T comes in.
Checking back in on a global necessity
The reason Oct. 13 marks Global Fertilizer Day is because it was on this day over a hundred years ago that the Haber-Bosch process was patented, allowing nitrogen – the most abundant gas in our atmosphere – to be converted into ammonia. This is important as plants cannot generally access nitrogen directly from the air, but ammonia fertilizers help to increase crop yields by enriching soil with nitrogen.
While organic materials have been used to nourish crops for thousands of years, the Haber-Bosch process paved the way for the production of chemical fertilizers and the industry as we know it today – helping to advance global crop production to support the food needs of rapidly growing populations. As demonstrated by the infographic below, over 50 percent of the world’s food supply comes from chemical fertilizers such as ammonia-based products – and they are only going to grow in importance as the total global population moves towards 10 billion people by 2050.
Given the need for fertilizer, price fluctuations can create heightened international concerns. For instance, food prices were being pushed up by a fertilizer supply crisis when we last looked at the market, along with basic distinctions between chemical and organic fertilizers, here in early 2022. As you can also see below, the fertilizers price index has stabilized over the last year.
Where does Samsung C&T come in?
Interest in the global fertilizer market is only growing stronger, as it is set to reach US$251.57 billion by 2030, up from US$184.6 billion in 2021.
Having operated in the fertilizer business since the 1970s, Samsung C&T Trading & Investment Group is well placed with the necessary experience, expertise, and global network to assess and act upon market changes.
Going forward, the company is accelerating the growth of its fertilizer business by specifying strategies according to region and product – such as by expanding target regions and products for sales, and strengthening its customer pool.