Global agricultural commodity market to touch $ 217 billion by 2020

NEW DELHI: The global trade in agricultural commodities is expected to touch $ 217 billion by 2020, a agri-business consulting firm High Quest Partners said today.

"Agricultural commodities trade is forecast to reach 526 million tonnes by 2020 and will be worth $ 217 billion at current prices," Blair Fortner, Director, at High Quest Partners, said here.

Speaking at an event here, he said commodities markets across the globe have entered a period of high and volatile prices.

"Strong demand fundamentals driven by population growth, rising incomes and fossil fuel substitution are leading to a rise in prices," he added.

Explaining the dynamics of rising prices, Fortner said that global demand is being driven by three key factors -- population growth, rising protein consumption and growing demand for biofuels.