The world economy has broadly strengthened over the past three years and is expected to continue this strengthening during 2014-2015. The world cereal production in 2014 is estimated to reach 2 498 000 000 tonnes, or 2.2 percent below that of the record production in 2013. World demand for total fertilizer nutrients is estimated to grow at 1.8 percent per annum from 2014 to 2018.
The demand for nitrogen, phosphate, and potash is forecast to grow annually by 1.4, 2.2, and 2.6 percent, respectively, during the period. The global potential nitrogen balance (i.e. the difference between N potentially available for fertilizers and N fertilizer demand) as a percentage of N fertilizer demand is expected to steadily rise and reach 9.5 percent in 2018, that of phosphorous from 6.4 percent of total demand to 8.5 percent and that of potassium from 25 percent of total demand to 33 percent.