LONDON, March 30, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the agroScience market forecasts the global agroscience market size to grow from $218.2 billion in 2022 to $235.6 billion in 2023 at a compound annual growth rate (CAGR) of about 8%. 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 size is then expected to grow to $287.7 billion in 2027 at a CAGR of more than 5%.
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The growing adoption of sustainable agriculture is expected to propel the agroscience market forward. Globally, agricultural communities are shifting towards sustainable agricultural practises in order to preserve and restore critical habitats, protect watersheds, and improve soil health and water quality. For example, in October 2021, the Agoro Carbon Alliance, India's first sustainable agriculture programme supported by Yara, one of the world's leading crop nutrition companies, will be launched. The Agoro Carbon Alliance aims to make food more sustainable and profitable. As a result, the growing adoption of sustainable agriculture is propelling the agroscience market forward.
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
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Strategic partnerships and collaborations are a growing trend in the agroscience market. The key players in the agroscience market are expanding their R&D activities through strategic collaborations and partnerships with market participants. For example, in April 2021, Corteva Agriscience, a US-based agricultural chemical and seed company, collaborated with Ginkgo Bioworks, a US-based biotechnology company. Ginkgo's cell engineering platform and DNA codebase are being combined with Corteva's natural product development and agricultural expertise as part of the collaboration to explore the next generation of organically inspired sustainable solutions.
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, the Middle East, and Africa.
The global agroscience market is segmented by product into biopesticides, biostimulants, gm seeds; by active ingredient into acid-based biostimulants, extract-based biostimulants; by application into crops, food & vegetable.
AgroScience Global Market Report 2023 by The Business Research Company provides insights on the agroScience market size, agroScience market segments, agroScience market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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