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Record increase in global pesticides market to accelerate into 2013
Nov. 26, 2008
The current global financial crisis is anticipated to have an adverse interim impact on the global agricultural market and pesticides, though the strength of the worldwide market will accelerate into the foreseeable future. SBI forecasts a seven percent decline in 2009 to $49 billion, followed by a 10% growth in 2010 with high single digit percentage increases thereafter. As late as 2013, SBI expects growth to again accelerate into the double-digits at 16%.
The U.S. pesticides market trends similar to the worldwide market. SBI estimates a growth of 25% from $17 billion in 2007 to $21 billion in 2008, with an anticipated downturn of 13% in 2009 to $18 billion. However, growth is forecasted to return at around seven to eight percent between 2010 and 2012. As late as 2013, SBI projects the U.S. market growth to regain momentum with about an 11% growth to $25 billion.
Because the sustainability of the pesticides market hinges as much on the public's perception of the industry as it does on the economic climate, pesticide manufactures must be vigilant about protecting their image. According to Shelley Carr, associate publisher of SBI, this requires a level of transparency and manufacturers' willingness to delineate their position on sustainable development in a modern world.
"Being forthright in the pursuit of sustainability is a necessary part of doing business in the 21st century," says Carr. "Global interest and growth in organic and green will have minimal effect on the core business of pesticides in the long term as long as the industry continues to make strides in sustainable innovations in crop protection, and keeps an open dialogue going."
Source: Market Watch
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