World market for crop protection and seeds to grow to US$129 billion by 2020: Bayer

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Publish time: 19th September, 2014      Source: www.cnchemicals.com
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September 19, 2014
   

World market for crop protection and seeds to grow to US$129 billion by 2020: Bayer

   

   
   
   

   

Bayer CropScience expects the global market for crop protection products, seeds and traits to grow to about US$129.2 billion by 2020, according to the company''s CEO, Liam Condon.

   

   

"Helping growers produce high-quality, safe and healthy food for everybody around the world, and thereby contributing to a better life for all is our mission", Condon said during an annual press conference in Monheim, Germany. "…we are convinced of the long-term growth potential of the agricultural markets despite increasing volatility."

   

   

Condon identified intensification and professionalisation of agriculture as among the key drivers for mid to long-term market development as he cited a growing need for sustainable farming solutions.

   

   

To meet demands for the company''s products, Bayer is expanding its facilities and investments in research and development (R&D). In 2013, it has embarked on an investment programme which will see capital expenditures of US$3.1 billion through 2016. Over the next few years, Bayer will invest around US$1.3 billion in R&D annually.

   

   

Out of the US$3.1 billion investment, US$1.7 billion will be spent in Europe, with US$1.03 billion being planned for Germany alone.

   

   

Between 2013 and 2016, Bayer is also planning capital expenditures of some US$905 million in North America and approximately US$517 million in South America and Asia Pacific. The largest individual investments are planned for the Dormagen, Frankfurt and Knapsack sites in Germany, as well as Mobile and Kansas City in the US.

   

   

Another focus is research and development of improved wheat varieties. According to Condon, Bayerhas "…mapped out a comprehensive 10 year plan to invest US$1.9 billion in the research and development of new solutions for wheat through 2020, encompassing both seeds and crop protection products."

   

   

"Seven wheat breeding stations across the crop''s main growing areas around the world are now operating, and the first seeds are to be sold next year in Eastern Europe", Condon revealed. "Hybrid seed varieties with improved yield are expected after 2020…"