From Marketwire, and SBI
NEW YORK, NY–(Marketwire – November 24, 2008) – The worldwide
pesticides market is forecasted to boom over the next several years
to the tune of a multi-billion dollar crescendo despite global
economic instability and pressure from the media and the eco-friendly
Green Revolution. According to market research publisher SBI’s all-
new report, Emerging Trends and Opportunities in the World Pesticides
Market, the worldwide market surged 29% from $41 billion in 2007 to
$52 billion in 2008, a record increase.
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.”
This message brought to you by Bee Culture, The Magazine Of American
Beekeeping