Global agrochemical market down 10% in 2009
The global agrochemical market in 2009 fell 9.6% to $37,700 million, reveals the provisional estimate by the German agrochemical industry association, the IVA. The fall comes after the record 25.6% increase in 2008 ( Agrow No 568, p 22). A large part of the drop was due to currency effects, with the average annual exchange rate for the euro against the US dollar having gone up by 5.9% in 2009. The decline in euro terms was less drastic at 4.6%, with sales down to €27,100 million. That compared with a 7.8% rise in 2008 ( Agrow ibid). Western Europe, which the IVA defines as the EU’s 27 member states, accounted for 27% of the global market. The shares of other regions were: Asia and the Asia-Pacific region 25%; the NAFTA region 21%; Latin America (excluding Mexico) 20%; Africa and the Middle East 4%; and eastern Europe 3%.