Summary
Major players in the agroscience market are Agrinos Inc., Nutrien, Arysta LifeScience Corporation (United Phosphorus Ltd.), BASF, Corteva Agriscience, Novozymes (Novo A/S), BioWorks, Dow AgroSciences, DuPont, Biostadt, Koppert, Nufarm, Valent BioSciences, Valagro, AgBiTech, SRT Agro Science Pvt. Ltd., GNP AGROSCIENCES PVT. Ltd., Himalaya Agro Science, Green Earth Agro Science, Sigma Agriscience, Eurofins Scientific, and Arysta LifeScience.
The global agroscience market grew from $218.27 billion in 2022 to $235.67 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The agroscience market is expected to grow to $287.76 billion in 2027 at a CAGR of 5.1%.
The agroscience market includes revenues earned by entities by soil cultivation, crop cultivation and harvesting, and animal production.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Agroscience refers to disciplines pertaining to the production and processing of food and fibre, including agronomy, soil science, horticulture, and the study of scientific crop production systems.It refers to the sciences that deal with the processing and production of food and fibre.
They cover techniques for cultivating soil, growing and harvesting crops, raising animals, and preparing plant and animal products for use and consumption by humans.
North America was the largest region in the agroscience market in 2022.North America is expected to be the largest market in agroscience market.
The regions covered in the agroscience market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of agroscience are biopesticides, biostimulants, and GM seeds.The biopesticide market consists of sales of biopesticide products by entities (organizations, sole traders, and partnerships) that refer to certain types of pesticides derived from natural materials such as animals, plants, bacteria, and certain minerals.
They are sourced from acid-based biostimulants and extract-based biostimulants and are used in crops, food, and vegetable applications.
The growing adoption of sustainable agriculture is expected to propel the growth of the agroscience market.Agricultural communities across the globe are shifting towards sustainable agricultural practices to preserve and restore critical habitats, help protect watersheds, and improve soil health and water quality.
For instance, in October 2021, the Agoro Carbon Alliance, the first sustainable agriculture programme backed by Yara, one of the global agriculture leaders in crop nutrition, was launched in India.The Agoro Carbon Alliance aims to create a more sustainable and profitable food future.
Therefore, the growing adoption of sustainable agriculture is driving the growth of the agroscience market.
Strategic partnerships and collaborations are a key trend gaining popularity in the agroscience market.The key players in the agroscience market are expanding their research and development activities through strategic collaborations and partnerships with relevant players in the market.
For instance, in April 2021, Corteva Agriscience, a US-based agricultural chemical and seed company, collaborated with a US-based biotechnology company, Ginkgo Bioworks. As part of the collaboration, Ginkgo’s cell engineering platform and DNA codebase are being combined with Corteva’s natural product development and agricultural expertise to explore the next generation of organically inspired sustainable solutions.
In October 2020, American Vanguard, an American producer of agrochemicals and pesticide delivery systems, acquired Agrinos, a US-based biological crop input supplier and developer of biological crop input technologies, for an undisclosed amount. Through the acquisition, American Vanguard is aiming to capitalise on the strong market demand for sustainable crop production as well as the Agrinos portfolio will complement American Vanguard’s Green Plant liquid nutrition products, which have enjoyed successful growth in the Central American market.
The countries covered in the agroScience market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced.It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The agroscience market research report is one of a series of new reports that provides agroscience market statistics, including agroscience industry global market size, regional shares, competitors with an agroscience market share, detailed agroscience market segments, market trends and opportunities, and any further data you may need to thrive in the agroscience industry. This agroscience market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
