IMARC Group’s report titled “Agroscience Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. Offers a comprehensive analysis of the industry, which comprises insights on the global agroscience market growth. The global market size reached US$ 36.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 56.4 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.
Factors Affecting the Growth of the Agroscience Industry:
- Global Food Demand and Security:
The agroscience market is experiencing significant growth due to the ever-increasing global demand for food and the imperative to ensure food security. With the world’s population steadily growing, there is a heightened need to produce more food sustainably and efficiently. Agroscience, encompassing agricultural research and technology, plays a pivotal role in this endeavor. It strives to develop solutions for improving crop yields, enhancing disease resistance, and optimizing farming practices. Addressing the global food demand and environmental concerns simultaneously is a major driver propelling extensive research and investment in agroscience.
- Climate Change and Environmental Sustainability:
Climate change presents formidable challenges to agriculture, including erratic weather patterns, heightened pest pressures, and water scarcity. As a result, there is an escalating demand for agroscience solutions capable of mitigating these impacts while promoting environmental sustainability. This encompasses the creation of drought-resistant crops, environmentally friendly pesticides, and precision agriculture techniques that optimize resource utilization. Urgency surrounds the need to adapt agriculture to evolving environmental conditions. This fuels substantial innovation and investment in the agroscience market to develop eco-friendly solutions that balance productivity with sustainability.
- Ongoing Technological Advancements and Digital Agriculture:
The rapid progression of technology, particularly in biotechnology and data analytics, constitutes a major driver of the agroscience market. Biotechnology has facilitated the creation of genetically modified crops with enhanced traits, while digital agriculture harnesses data and automation to revolutionize crop management, reduce waste, and bolster productivity. These technological innovations provide farmers with the tools to make informed decisions and optimize their farming practices. The integration of technology into agriculture is accelerating research and investment in agroscience to unlock the full potential of these innovations, revolutionizing food production to meet the challenges of the modern world.
Leading Companies Operating in the Global Agroscience Industry:
- Agrinos Inc.
- Nutrien
- Arysta LifeScience Corporation (United Phosphorus Ltd.)
- BASF, Bayer
- Corteva Agriscience
- Novozymes (Novo A/S)
- Sumitomo Chemical
- Syngenta (ChemChina).
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Agroscience Market Report Segmentation:
By Product:
- Genetically Modified (GM) Seeds
- By Trait
- Herbicide-Tolerant
- Insect-Resistant
- Others
- By Seed Type
- Corn
- Soybean
- Cotton
- Canola
- Others
- By Trait
- Biopesticides
- Bioherbicides
- Bioinsecticides
- Biofungicides
- Others
- Biostimulants
- Acid-based
- Humic Acid
- Fulvic Acid
- Amino Acid
- Extract-based
- Seaweed Extract
- Other Plant Extracts
- Others
- Microbial Soil Amendments
- Chitin & Chitosan
- Others
- Acid-based
Genetically Modified (GM) seeds represented the leading segment due to their widespread adoption for improved crop yields and pest resistance.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Global Agroscience Market Trends:
The agroscience market is witnessing substantial growth driven by the rising global population that necessitates enhanced agricultural productivity to meet food demand, escalating the need for advanced agroscience solutions. Apart from this, climate change and environmental challenges are pushing for sustainable farming practices and the development of resilient crop varieties, fostering innovation in agroscience. Moreover, the heightening adoption of precision agriculture technologies, such as drones and IoT devices that optimize farming operations, is propelling market growth. Furthermore, the increasing awareness of food safety and the escalating demand for organic and non-GMO products that encourage the development of new crop protection and biotechnology solutions are contributing to market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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