August 8, 2012
Global pesticide industry sees growth of US$68.5 billion in 2017
A Compound Annual Growth Rate (CAGR) of 5.5% over the next five years is expected by the global pesticide industry as it witness good growth and reach an estimated US$68.5 billion in 2017.
A rise in the global demand for nutritious and high-quality food and the shrinking of arable land is expected to drive the pesticide industry over the forecast period.
Lucintel, a leading global management consulting and market research firm, has analysed the global pesticide market and presents its findings in "Global Pesticides Industry 2012-17: Trend, Profit, and Forecast Analysis."
The pesticide industry is highly consolidated and consists of insecticides, fungicides, and herbicides. Lucintel''s research indicates that developing countries such as China and India are demanding higher volumes of nutritious food, which will increase demand for pesticides during the forecast period. Pesticides have significantly increased farm productivity in both developed and developing countries.
Recent innovations in pesticides are proven to be both effective and environmentally friendly. Increased production of soy and sugarcane in Latin America is driving growth in pesticides consumption in the region.
In the global pesticide industry, APAC is forecast to witness the highest growth during the next five years. Asia and ROW represent growth opportunities for the pesticides industry. Lucintel''s research identifies China, India, Brazil, and Argentina as key growth areas during the forecast period. Countries in the APAC region (such as China and Thailand) are projected to post strong growth in agricultural output, which will ultimately boost the pesticides industry.
Fungicide products based on innovative technology offer efficient and long-lasting disease control and have positive effects on plant physiology, which in turn increases its adaptability across the globe. Population growth, shrinking of arable land and awareness for health and nutrition are likely to drive growth to the new horizons.
Lucintel''s research provides a concise overview of the global pesticides industry. This research report categorises the global industry for pesticides on the basis of application and geography.