Global crop chem market surged 25% to $42bn last year - group

05 May 2009 17:07  [Source: ICIS news]

TORONTO (ICIS news)--The global market for crop protection chemicals was worth $41.7bn (€31.3bn) last year, up 25% from $33.2bn in 2007, a German industry group said on Tuesday.

Higher agricultural prices and limited land availability prompted farmers to intensify plantings, to the benefit of crop protection chemical producers, Frankfurt-based crop protection industry group Industrieverband Agrar (IVA) said.

In Germany, sales of crop protection chemicals were worth €1.38bn, up 12% from €1.23bn in 2007, the association said.

The increase was due to higher prices and more demand for innovative products while volumes dropped 2%, it said.

Meanwhile, IVA member companies had boosted their exports of crop protection products to €3.0bn last year, up 13% from €2.64bn in 2007, the association said.

Crop chemicals continued to have strong growth prospects, despite the economic crisis, it said.

However, in Europe and Germany innovation was often hampered by delays in obtaining approvals for new products, it said.

IVA president Hans Theo Jachmann called on politicians to ensure that approvals were based on sound scientific findings and not influenced by political ideology.

($1 = €0.75)

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