The Competitions and Markets Authority (CMA) has been urged to examine the UK fertiliser market following record profits.
NFU Scotland said for farmers faced with an unprecedented spike in fertiliser prices, the profits "reek of profiteering by a very small group of manufacturers".
During 2022, there was a record rise in fertiliser prices, peaking in July of that year at an average price of £841 per tonne for UK produced ammonium nitrate.
During that month, the average price for UK produced ammonium nitrate was recorded at £326 per tonne and in 2020 the price was £206 per tonne.
In new analysis, the Energy & Climate Intelligence Unit claimed the three biggest fertiliser suppliers in the UK – CF Industries, Yara and Origin Enterprises - made £5.45 billion in combined net profit in 2022, up from £909m the previous year.
According to the report, which was published earlier this week, the fertiliser company profits "leapt 500 percent in 2022, relative to 2020.”
NFU Scotland said it had been in contact with other UK farming unions – NFU, NFU Cymru and Ulster Farmers’ Union – about the concerns.
The union said it would approach the CMA and the UK government on the state of the fertiliser market, as well as the impact that has had on agriculture and the wider implications for food inflation.
“We believe it is in the interests of the sector and the public that the CMA establish whether these profits are justifiable," NFU Scotland President Martin Kennedy said.
“The scale of profits achieved is set against a backdrop of record gas prices, which fertiliser manufacturers identified as a major factor in driving price increases.
"One UK manufacturer also received significant taxpayer support in September 2021 to continue production as it indicated it would not be viable without government intervention.
“We have contacted fellow farming unions in the past few days, and we will also write to the UK government on the matter next week."
NFU Scotland’s own intention surveys, conducted in June and December 2022, indicated that the huge increase in costs involving fertiliser, fuel, energy, labour and animal feed were having an impact on UK food production.
Mr Kennedy said it was 'imperative' that the UK government acted "with a sense of urgency" on this matter.
"For farmers and crofters, faced with an unprecedented spike in fertiliser prices, these figures reek of profiteering by a very small group of manufacturers."
