(Credit: Canva)Based on newly released data from the Business Research Company, the Global AgroScience Market is expected to experience significant growth, increasing from $218.2 billion in 2022 to $235.6 billion in 2023, with a compound annual growth rate (CAGR) of around 8%.
However, the recent Russia-Ukraine conflict has disrupted the chances of global economic recovery from the COVID-19 pandemic, leading to economic sanctions, supply chain disruptions, and inflationary pressures that have affected many markets worldwide. Despite this, the market is forecasted to continue growing and reach $287.7 billion by 2027, with a CAGR of more than 5%.
Agricultural communities across the globe are increasingly adopting sustainable practices to protect the environment, improve soil and water quality, and safeguard critical habitats.
For instance, Yara, a prominent crop nutrition company, is supporting India's first sustainable agriculture program, the Agoro Carbon Alliance, set to launch in October 2021. The program aims to make food production more sustainable and profitable. Consequently, the growing adoption of sustainable agriculture practices is expected to propel the market forward.
Strategic partnerships and collaborations have emerged as a prominent trend in the agroscience market, as major players seek to expand their R&D activities. These collaborations and partnerships involve teaming up with other market participants to jointly explore new opportunities for growth and innovation.
For instance, in April 2021, Corteva Agriscience, a leading US-based agricultural chemical and seed company, partnered with Ginkgo Bioworks, a biotechnology company. The collaboration brings together Ginkgo's cell engineering platform and DNA codebase with Corteva's natural product development and agricultural expertise to develop sustainable solutions that draw inspiration from nature.
In 2022, North America took the lead as the top region in the agroscience market, and it is anticipated to uphold this position in the coming years. The report encompasses various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global agroscience market is segmented by product into biopesticides, biostimulants, and GM seeds. It is also segmented by active ingredient into acid-based biostimulants and extract-based biostimulants, and by application into crops, food, and vegetables.
