MOSCOW (Reuters) -Russian fertilizer producers are expected to raise their global market share to 25% by 2030, up from 20%, despite an EU ban on Russian imports, as they pivot sales to BRICS nations,
Russian Fertilizer Producers Aim for 25% Global Market Share by 2030
MOSCOW (Reuters) -Russian fertilizer producers are expected to raise their global market share to 25% by 2030, up from 20%, despite an EU ban on Russian imports, as they pivot sales to BRICS nations, the head of the industry lobby told President Vladimir Putin on Thursday.
The European Union has imposed new tariffs on Russian fertilizers, which took effect on July 1 and will rise to a prohibitive level over three years. Russia previously accounted for 25% of the EU’s fertilizer imports.
"We are not afraid of any duties or tariffs. The market is large. The main thing is that we are moving specifically to the BRICS countries’ market," Andrei Guryev, head of the Russian Fertilizer Producers Association, told Putin.
"Today, the BRICS market accounts for almost 50% of all mineral fertilizer consumption, and it is a market that will continue to grow," said Guryev, a former CEO and major shareholder of Phosagro, one of Russia’s leading firms.
Guryev said that Russia, the world’s largest fertilizer exporter, will produce 65 million tons of mineral fertilizers in 2025. He also noted that exports to India have grown four-fold in recent years.
Major Russian producers, including Phosagro, Uralkali, Eurochem, Acron, and Uralchem, produce and export phosphate, potash, and nitrogen fertilizers.
Guryev said he expects fertilizer prices to rise by up to 30% due to the EU's new tariffs. In Guryev’s view, the high cost of fertilizers combined with a ban on Russian imports will force EU farmers to reduce seeded areas and request more subsidies.
(Reporting by Gleb Bryanski and Nastya Lyrchikova; editing by Guy Faulconbridge)
