Press release
Strong Growth Ahead: AgroScience Market Size To Grow At Arecord 6.4% Cagr By 2029
AgroScience Market
How Big Is the AgroScience Market Size Expected to Be by 2034?
The agroscience sector has experienced robust growth in the latest years. The projection for this market is to expand from $242.52 billion in 2024 to $256.72 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. Factors contributing to this historic period of growth include population surge, climate variations, environmental considerations, and global trade dynamics.
The projected growth for the agroscience market appears promising in the upcoming years. It is forecasted to reach a value of $329.55 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.4%. Various factors contributing to this projected growth during the forecast period include consumers focusing on health and wellness, issues related to disease and pests, concerns over food security, and demographic changes. The future trends that will define this forecast period are growing investments and funding, developments in digital agriculture and precision farming, advances in biotechnology, the adoption of climate-smart agriculture, vertical farming and controlled environment agriculture, the use of smart machinery and robotics, and the application of artificial intelligence and machine learning in agroscience.
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What Are the Emerging Segments Within the AgroScience Market?
The agroscience market covered in this report is segmented -
1) By Product: Biopesticides, Biostimulants, GM Seeds
2) By Active Ingredient: Acid-based biostimulants, Extract-based biostimulants
3) By Application: Crops, Food And Vegetable
Subsegments:
1) By Biopesticides: Microbial Pesticides, Biochemical Pesticides, Plant-Incorporated Protectants (PIPs)
2) By Biostimulants: Humic Substances, Seaweed Extracts, Amino Acids, Beneficial Bacteria And Fungi
3) By GM Seeds: Herbicide-Tolerant Seeds, Insect-Resistant Seeds, Drought-Resistant Seeds, Other Trait-Enhanced Seeds
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What Long-Term Drivers Are Shaping AgroScience Market Trends?
The agroscience market is predicted to be driven by the increasing embrace of sustainable farming practices. Worldwide, farming communities are transitioning to eco-friendly agriculture to conserve and rejuvenate vital habitats, safeguard watersheds, and enhance soil fertility and water purity. For instance, in data released in June 2024 by the UK's Department for Environment, Food and Rural Affairs, it was shown that 133 thousand hectares of farm land, equivalent to 2.2% of cultivable land, was utilized for bioenergy crop cultivation in 2023, with biofuel for the road transport sector accounting for 36% of this. Furthermore, UK-grown crops were responsible for the production of 153 million liters of biofuel, and 6.7 million metric tons of oil equivalent of plant biomass was employed in electricity and heat production in 2022. Thus, the increasing shift towards sustainable farming is fueling the expansion of the agroscience market.
Who Are the Top Competitors in Key AgroScience Market Segments?
Major companies operating in the agroscience market include Agrinos Inc., Nutrien Inc., Arysta LifeScience Corporation (United Phosphorus Ltd. ), BASF SE, Corteva Agriscience Inc., Novozymes A/S, BioWorks Inc., Dow AgroSciences LLC, E. I. du Pont de Nemours and Company, Biostadt India Limited, Koppert Biological Systems B. V., Nufarm Limited, Valent BioSciences Corporation, Valagro S. p. A., AgBiTech Pty Ltd, SRT Agro Science Pvt. Ltd., GNP AGROSCIENCES PVT. LTD., Himalaya Agro Science Industries, Green Earth Agro Science, Sigma Agriscience LLC, Eurofins Scientific SE, Bayer AG, Syngenta Group, Deere & Company, Monsanto Company, Trimble Inc., Yara International ASA, Topcon Corporation, AGCO Corporation, Kubota Corporation, FMC Corporation, The Mosaic Company, Valmont Industries Inc., Zoetis Inc., Marrone Bio Innovations Inc., Indigo Agriculture Inc., TerrAvion Inc., Taranis-Visual Ltd., Granular LLC, Resson Aerospace Corporation, Ag Leader Technology Inc., Farmers Edge Inc., Iteris Inc., Agribotix LLC, SlantRange Inc., The Climate Corporation, Sentera LLC
What AgroScience Market Trends Are Gaining Traction Across Different Segments?
One notable trend gaining momentum in the agroscience market is the creation of strategic alliances and cooperative ventures. A rise in research and development initiatives is seen among market-leading players who are choosing to collaborate and form partnerships with other relevant market participants. As an example, in August 2022, BASF SE, a chemical organisation headquartered in Germany, entered into a partnership with the U.S based agricultural chemical and seed company, Corteva Agriscience. Their combined efforts are focused on creating innovative weed control solutions for soybeans through the joint licensing of soybean traits and additional herbicides. This joint venture will offer farmers more versatile yet effective weed control methods. The main objectives of this collaboration include tackling difficult-to-control weeds, broadening the scope of herbicide-resistant soybean choices, and securing a portion of the global market for soybean seeds and herbicides. Product launches emerging from this partnership are projected for the beginning of the 2030s.
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Which Regions Are Becoming Hubs for AgroScience Market Innovation?
North America was the largest region in the agroscience market in 2024.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, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AgroScience Market?
2. What is the CAGR expected in the AgroScience Market?
3. What Are the Key Innovations Transforming the AgroScience Industry?
4. Which Region Is Leading the AgroScience Market?
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