Agrow Biotech News

Home	News	Biotech News	Agrow Magazine	Video	Feature	Interview	Events	Directory	About	Contact
Blog	RSS	Plant Biotech Project	Agrow Intelligence	Awards	Reports	Careers	Advertise	Media pack	Links	Subscribe

Agrow Reports
Reports 2007
Reports 2006
Reports 2005
Reports 2004
Reports 2003
Reports 2002
Reports 2001
Reports 2000
Categories
Biopesticides
Companies
Generics
Markets
Non-crop




Issue 546 > Contents > At a glance > Subscribe



July 2008 > Contents > Subscribe

Agrow Reports

Agrow’s Top 20: 2006 Edition - DS253
Published 31 May 2006

Reports 2006

> Not a subscriber? Subscribe to Agrow to receive the full report

CHAPTER 1 - INTRODUCTION

This chapter gives a brief overview of the world agrochemical market, ranks the 20 leading agrochemical companies in terms of sales and discusses some recent industry trends.

1.1 The Agrochemical Market

1.1.1 Agrochemical sales by region

In 2004 the value of the global agrochemical market was between $30 billion and $33 billion; published estimates vary depending on the source, the market research methodology and the point in the supply chain at which the market is measured. The period of declining agrochemical sales seen since 1998 unequivocally came to end in 2004 (Table 1.1). Whereas 2003 saw the first indications of recovery, in 2004 global agrochemical sales showed the greatest increase for ten years and the second largest since 1984.

Key drivers of this market expansion were the return to more normal climatic conditions after the 2003 drought in northern Europe and the economic recovery in Latin America. Another major factor was the explosive growth in the Brazilian soybean fungicide market. In 2001 this was worth $90 million, but in 2004 it increased to $600 million due to serious outbreaks of Asian soybean rust (Phakopsora pachyrhizi).

Table 1.1: World agrochemical sales by region, 1998–2004 ($ million)

Region	1998	1999	2000	2001	2002	2003	2004
North America	9,860	8,702	8,497	7,951	7,613	7,679	7,704
Asia/Pacific	5,673	7,489	8,030	7,356	6,936	6,731	7,504
Western Europe	9,054	7,489	6,570	5,902	5,648	6,307	7,276
Latin America	4,837	4,529	4,351	4,252	3,589	4,134	6,046
Eastern Europe	n/a	n/a	n/a	n/a	888	938	1,038
Rest of World	1,581	1,391	1,752	1,643	1,887	2,002	2,305
Total	31,005	29,600	29,200	27,104	26,561	27,791	31,873

Source: Agrow Reports/Wood Mackenzie/Cropnosis

Table 1.1 shows market data compiled by Cropnosis (formerly Wood Mackenzie). Figures from a survey by Allan Woodburn Associates (AWA) (published in February 2005) are shown in Table 1.2. According to this source, worldwide sales at the end-user level rose by 11.1% to $32,665 million in 2004. Excluding inflation and currency factors, sales in real terms were up by 4.6%.

Table 1.2: World agrochemical sales by region, 2003–2004
($ million). Estimates by Alan Woodburn Associates (2005)

Region	2003	2004	% growth
North America	8,380	8,820	+ 5.3
Asia/Pacific	7,635	8,275	+ 8.4
Western Europe	7,005	7,915	+13.0
Latin America	3,610	4,505	+24.8
Rest of World	2,760	3,150.1	+14.1
Total	29,390	32,665	+11.1

Source: Alan Woodburn Associates

The UK consultants Phillips McDougall Agriservice (PD) estimated in December 2004 that the market had grown by 13.5% in 2004 to $30,315 million at the distributor level. This figure was later revised upwards to $30,725 million. After taking currency effects and inflation into account, the global market grew by 5.5% in real terms (Table1.3). The German agrochemical industry association, the IVA issued market estimates in June 2005. According to this source, in 2004 global agrochemical market grew by 12.6% to $32,200 million. In euro terms, however, the market grew by just 2.4% to €25,900 million as a consequence of the $/€ exchange rates.

Table 1.3: World agrochemical sales by region, 2003–2004
($ million). Estimates by Phillips McDougall Agriservice (2004)

Region	2003	2004	% growth	% real growth 1
North America	7,849	7,855	+ 0.1	- 3.4
Western Europe	6,310	7,440	+17.9	+ 6.0
Eastern Asia	5,817	6,575	+13.0	+ 6.7
Latin America	4,194	5,450	+29.9	+16.2
Eastern Europe	1,200	1,420	+18.3	+ 4.8
Rest of World	1,340	1,575	+17.5	n/a
Total	26,710	30,315	+13.5	+ 5.5

Source: Phillips McDougall Agriservice. Notes: 1 excluding currency effects and inflation; n/a = not available

Although estimates of sales figures differ, there is a consensus that the region showing the greatest growth in 2004 was Latin America. Continued economic improvement, plus severe outbreaks of Asian soybean rust in Brazil, resulted in this region’s share of the global agrochemical market rising significantly. According to AWA, its share rose from 12.3% in 2003 to 13.8% in 2004. According to PD’s figures, the proportion increased from 15.7% to 18%. Within Latin America, Brazil dominates the agrochemical market and accounts for 63% of Latin American sales. Argentina accounts for 12%; Mexico for 7%; Colombia for 6%; Ecuador for 3%; Chile for 2% and the remaining countries account for 7%.

Despite the increase in the relative significance of Latin America, North America remains the largest regional market for agrochemicals in dollar terms but is now closely followed by Asia/Pacific and Western Europe. Table 1.4 shows the regional distribution of sales in dollar terms and euro terms according to four sources: Cropnosis, AWA, PD and IVA.

Table 1.4: Relative agrochemical sales by region, 2004 (% of total global sales)

Region	Source
Region	Cropnosis ($)	AWA ($)	PD ($)	IVA (€)
North America	24.2	27.0	25.9	23%1
Asia/Pacific	23.5	25.3	-	25%
Eastern Asia	-	-	21.7	-
Western Europe	22.8	24.2	24.5	25% 2
Latin America	19.0	13.8	18.0	20%
Eastern Europe	3.3	-	4.7	3%
Rest of World	7.2	9.7	5.2	4% 3

Notes: ($) percentages based on US dollar-based values. (€) percentages based on Euro-based values; 1NAFTA; 2EU -25; 3Africa

According to AWA, generally good growing conditions in North America contributed to a 4-6% increase in agrochemical sales in each of the US, Canadian and Mexican markets. In the case of the US, the market benefited from more widespread plantings of maize, soybeans, rice and cotton, but pricing pressure on glyphosate again affected much of the herbicide sector. PD gave a less positive view of North America. It considered that North America was the only major regional market to show a decline in agrochemical sales in real terms in 2004. Again a major depressant effect was considered to be the further uptake of genetically modified (GM) pest-resistant and herbicide-tolerant crops and falling glyphosate herbicide prices.

The weakness of the dollar was a further factor that contributed to the decline in North America’s share of the global market in 2004 (from 28.5% to 27%, according to AWA). In contrast, the relative strength of the euro helped the western European share to increase (from 23.8% to 24.2%, according to AWA). Agrochemical sales in Europe also benefited from an increased acreage and from an improvement in weather conditions from the hot, dry summer of 2003. Country market growth rates were generally in the 3-5% range, with a 6% increase in the UK contrasting with an estimated 1% improvement in Denmark.

According to the IVA, the largest crop protection markets in Western Europe are: France (29%), Germany (19%), Italy (13%), Spain (12%) and the UK (10%). Sales in the ten new EU member states accounted for around €710 million in 2004; this is roughly equivalent to the size of the Italian market.
The Japanese market showed unexpected growth in 2004, despite a further reduction in the rice area. AWA estimated this growth to be 3%. Similar increases were seen in China and South Korea, while India recorded 7% market growth. The Asia/Pacific region saw growth of 8%, but its share of the global market slipped from 26% to 25.3%.

An analysis of by the marketing and consultancy company ARN valued the 2004 Chinese agrochemical market at $1,900 million at the retail level and $1,700 million at the wholesale (provincial distributor) level. This represented a 9% increase on the previous year and double the growth rate seen in the global agrochemical market (which ARN estimated to be 4.6%, excluding inflation and currency factors). Chinese market growth was helped by favourable climatic conditions for insecticide and herbicide treatments. Sales of foreign pesticide brands increased by 8.4% in 2004 and were worth $479 million at the retail level. This was equivalent to $408 million at the wholesale level and $350 million at the ex-manufacturer level.

Elsewhere in the world, the Australian market continued to benefit from the ending of the severe drought that characterised the start of the decade, while better cereal-growing conditions in parts of eastern Europe resulted in higher demand for agrochemicals there.

1.1.2 Agrochemical sales by product category

The largest product category is herbicides, followed by insecticides and fungicides (see Figure 1.2).

Figure 1.1: World agrochemical sales by product category, 2004

World agrochemical sales by product category, 2004

Source: Alan Woodburn Associates. Note: percentages based on dollar-based values

During 2004 sales of all major product categories increased in dollar terms (Table 1.5). The product category showing the greatest growth was fungicides, largely due to the recovery in the northern European market and the Asian rust outbreak in Brazil. It was not a year of high insect pressure in any major area, but sales of insecticides did benefit from the replacement of products not re-registered in the EU. Sales of herbicides in northern Europe benefited from improved growing conditions, but the sector suffered in the US from falling glyphosate prices and GM crop expansion.

Table 1.5: World agrochemical sales by category, 2003–2004 ($ million)

Category	2003	2004	% change
Herbicides	13,246	14,820	+11.8
Insecticides	8,391	8,970	+6.9
Fungicides	5,975	7,080	+18.5
Others	1,778	1,795	+1.0
Total	29,390	32,665	+11.1

Source: Alan Woodburn Associates

1.1.3 Outlook

Preliminary estimates by Phillips McDougall (published in December 2005) suggested that global crop protection sales fell by 3% in real terms in 2005 (Table 1.6). However, in dollar terms the continued weakening of the currency contributed to a 1.9% increase to $31,310 million. All major regions, with the exception of Latin America, saw increased crop protection sales in dollar terms in 2005, but all experienced declines in real terms.

Table 1.6: World agrochemical sales by region, 2004–2005 ($ million)

Region	2004	2005	% growth	% real growth 1
North America	7,567	7,768	+ 2.7	- 1.6
Europe	9,015	9,283	+ 3.0	- 2.0
Asia	7,560	7,802	+ 3.2	- 1.6
Latin America	5,475	5,336	- 2.5	- 8.8
Rest of World	1,108	1,121	+ 1.2	n/a
Total	30,725	31,310	+ 1.9	- 3.0

Source: Phillips McDougall Agriservice (2005). Notes: 1 excluding currency effects and inflation; n/a = not available

Most longer-term forecasts of the agrochemical market project a modest overall growth, although estimates of the market size again vary. For example, AWA forecasts that global agrochemical sales will reach $33,795 million in 2009 (in 2004 dollar terms) and that the average annual growth rate until then will be 0.7%. In a 2005 report, the Freedonia Group anticipates that global agrochemical sales will increase by 1.7% per annum to reach $28,400 million in 2009.

In developed areas with mature agricultural markets, such as North America, Western Europe and Japan, pesticide volume growth is expected to be minimal. However, value gains will be prompted by increased use of newer active ingredients. Biopesticides are expected to record above-average growth, at the expense of lower-value products that are less effective, more environmentally problematic, or both. In developing regions, such as China and some countries in Latin America, Asia and Eastern Europe, volume gains are expected to be more significant. However, the increased planting of GM crops will restrain volume growth where the technology is being adopted.

China is now the fifth largest pesticide market after the US, France, Japan and Brazil; it is expected to become the third or fourth largest market by the end of the decade. ARN estimated the Chinese pesticide market will grow at an average rate of 7-9% p.a. and reach a value of $2,700 million by 2009. China’s share of the global agrochemical market is expected to grow from 5.8% in 2004 to 8% by 2009.

1.1.4 Agbiotech sector

According to estimates by the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the global area planted with GM crops rose by 19.6% to 81 million ha (200 million acres) in 2004 (Table 1.7). The 13.3 million ha expansion in GM crop areas was the second-largest increase on record after the 16.8 million ha rise seen in 1998. GM crop areas have shown double-digit percentage growth every year since the first crops were grown in 1996.

During 2004 there were 11 developing countries and six industrialised nations growing GM crops. More than one third of the global GM crop area was grown in developing countries, with the largest expansion occurring in China, India, Argentina, Brazil and South Africa.. The global spread of GM crops became more balanced as a broader range of countries adopted the technology. In 2003 there were ten nations growing more than 50,000 ha of GM crops. In 2004, Paraguay, Spain, Mexico and the Philippines joined this group, making the total 14.

Table 1.7: GM crop plantings, 2003–2004 (million ha)

Country	2003	2004	% change
US	42.8	47.6	+11.2
Argentina	13.9	16.2	+16.5
Canada	4.4	5.4	+22.7
Brazil	3.0	5.0	+66.6
China	2.8	3.7	+32.1
Paraguay	0	1.2	-
India	0.1	0.5	> 100
South Africa	0.4	0.5	+25.0
Uruguay	0.1	0.3	> 100
Australia	0.1	0.2	+100
Romania	<0.1	0.1	-
Mexico	<0.1	0.1	-
Spain	<0.1	0.1	-
Philippines	<0.1	0.1	-
Colombia	<0.1	0.1	-
Honduras	<0.1	0.1	-
Germany	<0.1	<0.1	-
Total	67.7	81.0	+19.6

Source: ISAAA

The largest increase in GM crop area was in India, where approved plantings of insect-resistant Bt cotton increased from some 100,000 ha to 500,000 ha. The only EU country to grow a significant area of GM crops, Spain, increased its Bt maize area by over 80% to 58,000 ha, representing 12% of the maize crop area. Elsewhere in Europe, Romania grew more than 50,000 ha of GM soybeans for the first time last year, while Germany planted a token area of Bt maize.

Soybeans remained the dominant GM crop in 2004, representing 60%, or 48.4 million ha, of global GM crop plantings (Table 1.8). GM soybeans accounted for 56% of the 86 million ha global soybean crop, compared with 55% in 2003. The GM maize area grew by 25% to 19.3 million ha. This represented 14% of the global maize area, compared with 11% a year earlier. Cotton remained the third-largest GM crop, with the area up by 25% to 9 million ha. GM cotton accounted for 28% of the 32 million ha global cotton crop, compared with 21% in 2003. GM canola plantings increased by 19.4% to 4.3 million ha, representing 19% of the global 23 million ha crop. The aggregate area for these four crops was 284 million ha, of which GM lines accounted for 29%, compared with 25% in 2003.

Herbicide tolerance has consistently been the dominant trait among GM crops and in 2004 herbicide-tolerant soybeans, maize and cotton covered 58.6 million ha, or 72% of the global GM crop area. There were 15.6 million ha of insecticide resistant Bt crops (19%), while stacked genes for herbicide tolerance and insect resistance in maize and cotton amounted to 6.8 million ha (9%). The area of herbicide-tolerant crops increased by 18% last year, while the expansion of Bt crops and twin-trait crops amounted to 28% and 17% respectively.

Table 1.8: Major GM crops in 2004

Crop	Area (million ha)	% of GM crop area
Herbicide-tolerant soybeans	48.4	59.8
Bt maize	11.2	13.8
Bt cotton	4.5	5.6
Herbicide-tolerant maize	4.3	5.3
Herbicide-tolerant canola	4.3	5.3
Bt/herbicide-tolerant maize	3.8	4.7
Bt/herbicide-tolerant cotton	3.0	3.7
Herbicide-tolerant cotton	1.5	1.9
Total	81.0	100

Source: ISAAA

The indications are that the global area of GM crops will continue to expand. ISAA anticipates that by 2010 up to 15 million farmers in 30 countries will have adopted GM crops and, on this basis, expects that the global area of GM crops will have risen to 150 million ha by the end of the decade.

1.1.5 Non-crop market

In addition to the agrochemical market, there is a substantial market for pesticides for non-crop uses. In 2004, Agricultural Information Services (AIS) estimated that the global non-crop sector was worth $14,000 million at end-user level and amounted to 33% of the value of the global pesticide market. It estimated this to be some $42,000 million and that the agrochemical sector accounted for the remaining 67% of pesticide sales at around $28,000 million.

A more recent survey by Phillips McDougall estimated that in 2004 non-crop pesticide sales increased by 4.5% to $4,885 million at the distributor level.

In contrast to the agrochemical market, the non-crop sector has grown consistently over the last decade. The AIS survey showed that, while growth in the agrochemical market had averaged 0-2.5% per year, the non-crop market had increased at a steady 4.5% per year. AIS saw no reason why this trend should not continue. At present, the two largest non-crop pesticide categories take more than 75% of the sector's total sales. They are insecticides (53%) and herbicides and plant growth regulators (24%). The other significant non-crop pesticide markets are fungicides and bactericides (9%) and rodenticides (4%).

1.2 Sales and ranking of 20 leading agrochemical companies

1.2.1 Total agrochemical sales

The world’s 20 leading agrochemical companies, selected and ranked by Agrow according to their 2004 turnover in US dollars, are shown in Table 1.9. Although the sales figures relate predominantly to agrochemicals, in some cases it is impossible to exclude other areas of agribusiness. This is particularly true of seeds and products of plant biotechnology. As more of the research-led companies pursue an integrated approach to innovation in which crop protection chemicals are designed to operate in conjunction with modified crops, it is becoming inappropriate (and in some cases impossible) to compartmentalise the sales figures too strictly.

Table 1.9: Agrochemical sales (1) of the leading 20 companies, 2004

Ranking		Company	$ million (2)			Recording currency million
2004	2003		2003	2004	% change	2003	2004	% change
1	(2)	Bayer CropScience(3)	5,394	6,120	+13.5	€4,801	€4,957	+3.2
2	(1)	Syngenta(4)	5,421	6,030	+11.2	$5,421	$6,030	+11.2
3	(3)	BASF	3,569	4,141	+16.0	€3,176	€3,354	+5.6
4	(5)	Dow AgroSciences (5)	3,009	3,368	+12.0	$3,009	$3,368	+12.0
5	(4)	Monsanto(6)	3,031	3,180	+4.9	$3,031	$3,180	+4.9
6	(6)	DuPont(7)	2,024	2,211	+9.2	$2,024	$2,211	+9.2
7	(8)	Makhteshim-Agan	1,035	1,358	+31.2	$1,035	$1,358	+31.2
8	(7)	Sumitomo Chemical (	1,141	1,308	+14.6	(¥132,306)	¥141,479	+ 6.9
9	(9)	Nufarm (9)	801	1,060	+32.3	Aus$1,234	Aus$1,441	+16.8
10	(11)	Arysta LifeScience	627	790	+26.0	¥72,700	¥85,500	+17.6
11	(10)	FMC	640	704	+10.0	$640	$704	+10.0
12	(12)	Cheminova	520	683	+31.3	DKr 3,420	DKr 4,094	+19.7
13	(14)	Nissan Chemical (8)	368	397	+7.9	¥42,700	¥42,900	+0.5
14	(13)	Kumiai Chemical (10)	375	375	0.0	¥43,442	¥40,547	- 6.7
15	(15)	Isihara Sangyo Kaisha	327	366	+1.9	¥37,900	¥39,600	+9.4
16	(17)	Sipcam	287	344	+19.9	€255	€279	+18.6
17	(-)	Nippon Soda (8)	256	339	+32.4	¥29,747	¥36,662	+23.2
18	(16)	Nihon Nohyaku (11)	305	329	+18.4	¥35,430	¥35,589	+0.4
19	(20)	Crompton	271	321	+10.0	$271	$321	+10.0
20	(18)	Hokko Chemical (12)	279	297	+6.5	¥32,317	¥32,158	-0.5

Source: Agrow

Notes: (1) unless otherwise stated; (2) converted using average annual exchange rates for 2004 and 2003; (3) excludes environmental and bioscience sales of $989 million in 2004 and $963 million in 2003; (4) 2003 figure restated due to change in accounting standards - excludes seed sales of $1,239 million in 2004 and $1,104 million in 2003; (5) includes some seed sales; (6) year ended 31 August 2003/04 - includes some animal health products - excludes seed & genomics sales of $2,277 million in 2004 and $1,879 million in 2003; (7) excludes seed sales of $2,618 million in 2004 and approximately $2,300 million in 2003; (8) year ended March 31st 2004/05; (9) year ended 31 July 2003/04; (10) year ended 31 October 2003/04; (11) year ended 30 September 2003/04; (12) year ended 30 November 2003/04.

2004 was a good year for the industry as a whole and saw all of the six agrochemical majors posting healthy sales increases. With the exception of Kumiai, all companies in the top 20 recorded sales increases in dollar terms and all but two companies (Kumiai and Hokko Chemicals) posted increases in their recording currencies.

As in the previous year, there was comparatively little movement in the dollar sales rankings. No company in the first 10 companies moved more than one place upwards or downwards. In the second tier of the table, two companies – Nihon Noyaku and Hoko Chemical – dropped two positions and one company, Nippon Soda, advanced from outside the top 20 ranking to 17th position.

During 2004 Bayer CropScience edged ahead of Syngenta to become the world’s leading agrochemical company, in dollar sales terms. Bayer’s rapid rise from sixth to first in the agrochemical sales ranking in just three years can be attributed to consolidation, currency effects and organic growth. The acquisition of Aventis CropScience propelled Bayer from sixth to second place in 2002, a position that it maintained behind Syngenta in 2003. However, 3% growth in Bayer’s euro reporting currency in 2004 represented a 14% expansion in dollar terms, outstripping Syngenta’s 11% rise in revenues. Among the six majors the only other change was Dow advancing to fourth position and Monsanto dropping back to fifth.

Acquisitions boosted the sales of two of the three companies immediately behind the six majors. Nufarm broke through the $1,000 million mark for the first time, joining Makhteshim-Agan Industries (MAI) and Sumitomo Chemical, which passed this threshold in the previous year.

The agrochemical sales of MAI rose by 31% in 2004, due in part to the company’s acquisition of stakes in two US companies, a Colombian business and the purchase of the Australian firm, Farmoz. The company posted double-digit sales increases in all regions, with a particularly strong performance in Brazil which it attributed to demand for fungicides to control Asian soybean rust. Nevertheless, MAI’s sales still trailed sixth-ranked DuPont by over $850 million.

Nufarm’s acquisition of BASF’s global phenoxy herbicide business contributed to a 17% increase in its sales in the year to 31 July 2004. The company’s domestic business benefited from Nufarm being appointed BASF’s exclusive distributor in Australia. The sales figures also included the first full year of sales of the Crop Care business following its purchase in 2002
The two US companies in the second tier of the ranking, FMC and Crompton (now Chemtura) each posted double-digit growth in 2004: 10% and 18% respectively. Higher insecticide sales, due to strong demand in Europe and Brazil, accounted for half of the increase in FMC sales.

Demand for fungicides to control Asian soybean rust and insecticides for cotton boll weevils and locusts contributed to a 20% increase in dollar sales for Cheminova (and a 31% increase in terms of the company’s recording currency). Most growth occurred in Brazil but the company’s performance in the US also exceeded expectations. The other European company in the second tier of the ranking, Sipcam, recorded a 9% increase in agrochemical sales in euros but a 20% rise in dollars.

The leading Japanese agrochemical companies had varied fortunes during 2004, their relative performance often being influenced by the extent to which they were dependent on the declining Japanese market. Only two, Nippon Soda and Arysta Life Sciences, posted double-digit sales increases in both yen and dollars.

Sumitomo’s sales increased by 7% in yen, and by 15% in dollars, in the year ended 31 March 2005. This was largely due to organic growth. New products boosted domestic growth, while increased sales in the US and Europe helped exports. Domestic agrochemical sales were up by 10% and exports rose by 4% during the year.

Nippon Soda recorded the greatest growth among the Japanese majors. Its 23% rise in sales in local currency terms partly reflected the contribution of the former Dainippon Ink and Chemicals’ agrochemical business, which the company acquired in 2004.

Strong growth in Europe and the Americas contributed to an 18% increase in the sales of Arysta LifeScience in yen. However, revenues in the Asia/Pacific region were flat and there was a decline elsewhere. During 2004 the company changed its fiscal year-end from 31 March to 31 December.

Ishihara Sangyo Kaisha (ISK) recorded a 5% increase in agrochemical sales. There was a 21% rise in Japanese revenues, which accounted for 29% of the total compared with 25% a year earlier. Exports were down by 1%, despite higher sales in Europe. Nissan Chemical, Nihon Nohyaku and Hokko Chemical each posted flat agrochemical sales in yen terms, representing 7-8% growth when expressed in dollars. Kumiai Chemical’s agrochemical sales slipped by 7% This was a reflection of the depressed Japanese market where 80% of the company's sales were made.

1.2.2 Regional sales and ranking

The sales of the top ten agrochemical companies in Latin America according to data assembled by Cropnosis are shown in ranked order in Table 1.10.

Table 1.10: Sales of top ten agrochemical companies in Latin America, 2004 ($ million)

Ranking	Company	Sales
1	Bayer Crop Science	1,415
2	Syngenta	1,017
3	BASF	849
4	Dow AgroSciences	699
5	Makhteshim-Agan Industries	410
6	Monsanto	394
7	DuPont	301
8	FMC	246
9	Sumitomo Chemical	55
10	Nufarm	28

Source : Cropnosis

In China the top ten overseas manufacturers accounted for 86.7% of the total sales for foreign branded products in 2004. Data on the relative shares of the 10 leading overseas manufacturers compiled by ARN are shown in Table 1.11. The producers that had the fastest growth in China during 2004 were ISK (+31%), Bayer (+28.1%), Nippon Soda (+25.7%), Cerexagri (+25.6%), FMC (+24.2%), Crompton (now Chemtura) (+15.9%) and Dow AgroSciences (+11%).

Table 1.11: Top ten overseas agrochemical manufacturers in China, 2004

Ranking	Company	Market share (%)
1	Syngenta	22.1
2	Bayer Crop Science