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Global agrochemical market shows healthy growth
Jun. 5, 2008
The global agrochemical market grew by 7.8% over the previous year to reach $33,200 million. The EU was the biggest market, followed by Asia (including Ocreania) and the NAFTA region.
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Global agrochemical market share by region
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Region
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Market share
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Europe (EU 27)
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25%
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Asia (including Oceania)
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23%
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NAFTA
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22%
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Latin America (not including Mexico)
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19%
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Eastern Europe (non EU)
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7%
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Africa
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4%
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Source: IVA.
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The EU, comprising its 27 members, accounted for around 25% of the global market at €6,100 million ($9,562.9 million at current rates). The rise in global food prices spurred farmers to maximise yields by careful use of crop protection chemicals. The IVA lists France, Germany, Italy, Spain, the UK and Portugal as the most important agrochemical markets in the EU.
Asia (including Oceania) with a market share of 23% was the second-largest global market, even though its share declined from the previous year’s 24%. Growth was led by China and India, while the Japanese market remained in decline.
The market share of the NAFTA region decreased to 22% because of a decline in the area under cotton and soybeans.
The Latin American market (not including Mexico) took a 19% share on account of: higher soybean prices; increasing demand for maize and sugar cane; and 7% growth in the area under cultivation.
The Eastern Europe market displayed double-digit growth, driven by the modernising of farming systems in Russia, Belarus and Ukraine. It accounted for 7% of the global market, up from the previous year’s share of 5%.
Africa had the least share at 4%, the same as its share in 2006.
Source: IVA
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