What You Should Know About Floral Fertilizer Prices in 2023
Like many other categories that saw dramatic increases in price over the past few years, fertilizer prices skyrocketed in 2022. While they have come down in early 2023 so far, they continue to be higher than normal.
A recent blog post from Plant-Prod, a supplier of plant nutrition products, highlights how price increases have affected all types of fertilizers – regular fertilizers, water-soluble fertilizers for flowers, vegetables and cannabis, micronutrient fertilizers, and many others. It has particularly affected potash, phosphate, and potassium nitrogen fertilizers. The question is, will fertilizer prices go back down to normal in 2023?
“While we’re already seeing some softening in prices early in 2023, if you’re expecting prices to return to pre-pandemic prices, the news doesn’t look as promising,” the post predicts.
Why Were Fertilizer Prices so High in 2022?
Fertilizer prices are typically determined by supply and demand, and there are a lot of things that happened globally this past year that affected supply and demand: a war between Russia and Ukraine, China restricting exports, and other supply chain issues.
Because of the spike in price, businesses started to stockpile supplies. Then the demand became unprecedented because clients were stocking up and usage was high.
So, will prices normalize in 2023?
“There will be a softening in the market – we are seeing it already – but they may not return to pre-pandemic levels,” the post states. “The ag market affects the horticultural market. Manufacturers look at the net back on each. So, if ag goes up, horticultural goes up within two to six months. The same is true if it goes down.”
Continue reading at PlantProd.com.
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