The Pesticides market (India, China and Japan) is expected to be worth US$16.2 billion by 2016, charting a CAGR of 6.8% as it grows from its estimated market value of US$11.7 billion in 2011. These are the findings of a market research report published by Transparency Market Research, a U.S.-based market research firm. The report, ‘titled Pesticides Market: India, China and Japan Industry Analysis, Size, Share, Growth, Trends and Forecast, 2009 – 2016’, states that China rank as the biggest market for pesticides by 2016, with Japan following closely.
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Currently, among all the three Asian markets studied as part of the report, China is the largest market for pesticides, not just in terms of consumption, but also revenue. China’s overall pesticides market is chiefly composed of the herbicide segment, which the study forecasts, will also be the fastest growing segment over the forecast period of the report.
According to the report, the largest end-consumers of the pesticides market in the future will be vegetables, nuts and fruits.
The scenario in Japan is slightly different in that an increasing shortage of arable land is being felt here. Urbanization is the key reason for this. Given this situation, farmers are compelled to use more pesticides per hectare to maximize crop yield, ultimately spurring a higher demand for pesticides.
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India is the third region whose pesticides market has been analyzed in this report. According to the report, the insecticide segment is showing the fastest growth here as agricultural standards remain poor, making it difficult to rein in insect troubles. Moreover, the lack of mechanization to a large degree has contributed to the lower adoption rate of pesticides in most regions in India.
Overall, the report states that the global pesticides market has been witnessing steady growth, especially so in India, China, and Japan. These economies continue to rely on agriculture, creating a sound foundation for the growth of the pesticides market here.
By type, the pesticide market is segmented as: fungicides, insecticides, and others. The crop types analyzed in this report include: cotton, cereals, vegetables, fruits, nuts, soybean, corn, rice, and others.
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