GfK values Chinese crop protection market at $14 billion
Drawing on newly enhanced resources in the region, GfK has estimated the value of China’s crop protection market at $14 billion at the farmer level, making it the largest in the world by far.
The GfK figure represents a substantial increase over the previous year’s assessments (this is due to more comprehensive coverage of the whole market, as well as growing intensification) – emphasizing the importance and opportunities of China’s fast-growing crop protection marketplace. By contrast, the second-largest market, Brazil, is valued at $11.2 billion.
To arrive at the new finding, GfK’s new ProvinceTrak study applied an extremely robust approach, bringing together multiple government datasets, its existing AgriInsight™ China farm-level panel data (which covers roughly 50% of the market), and expanded interviews with farmers and retailers across the country. This combination of resources gives GfK a unique advantage in helping agricultural marketers understand how to make the most of China’s great potential.
“Now that we understand more clearly the huge opportunity that China represents, the need for insights and understanding of this market has become even more urgent,” said Ai Chen Kueh, head of Animal & Crop Health in the region for GfK.
Li Bin, GfK’s director for this ProvinceTrak in Beijing, says, “Finding the right ways to engage and serve wholesalers, retailers, farmers, and their influencers will be key to effective decisions in the region. GfK has invested in the assets and methodologies that will give crop protection manufacturers and others a powerful head-start toward success in China’s burgeoning crop inputs marketplace.”