Global agrochemical market worth $196 billion by 2014
Sep. 3, 2009
According to a new market research report, Global Agrochemical Market (2009 - 2014), the total global Agrochemical market is expected to be worth $196 billion by 2014, and the Asia market will account for nearly 43.1% of the total revenues. The global Agrochemical market is expected to grow at a CAGR of 10.4% from 2009 to 2014.
With a growing global population, the pressure on the limited agricultural land is increasing and to meet this demand, the agro-chemicals have proved to be a rescue. Agro-chemicals, which includes fertilizers and pesticides, give the boost to the agricultural yield for agricultural land by providing nutrients and protecting the crops against pests and non-essential herbs. Agrochemical product market is segmented into fertilizers and pesticides. Out of it, fertilizers are estimated to contribute 57% of global agrochemical revenue in 2009.
With all the large agricultural nations like U.S, Brazil, China, India, Canada, Argentina, and Australia acting towards increasing their food yield for internal consumption as well as for export, the governments in these countries are encouraging the extensive usage of these agrochemicals. This has in turn boosted the market, prompting companies to spend extensively on the research and development of new chemicals and improving upon the performance of the existing ones. This has acted as a most important positive push for the market and with the government support and initiatives, this market is sure to grow at a decent pace for the next several years.
China and India are the worlds largest consumer of agrochemicals, which made Asia the dominating market; accounted for 43.1% of global agrochemical revenue in 2008. U.S. is estimated to be second largest with 18.5% share of the market.
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