Agroscience Market to Benefit from Precision Agriculture Technologies

Posted by Vipin Mishra on July 10th, 2024

According to TechSci Research report, “Agroscience Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Agroscience Market stood at USD 35.94 billion in 2023 and is anticipated to grow with a CAGR of 7.12% in the forecast period through 2029. This can be attributed to crop protection innovations. The need for effective and sustainable crop protection solutions is driving innovation in the agroscience sector. Research and development efforts are focused on developing environmentally friendly pesticides and herbicides that minimize harm to non-target organisms while ensuring robust pest and disease control. Biological and bio-based alternatives are gaining traction as consumers and regulators prioritize eco-friendly options.

Furthermore, circular agriculture, emphasizing the regenerative use of resources and reducing waste, is becoming a focal point for agroscience innovation. Sustainable farming practices, including cover cropping, reduced tillage, and organic farming, are expected to gain prominence. Agroscience companies will contribute by developing and promoting technologies that align with circular and sustainable principles.

Agroscience encompasses a diverse field of biology dedicated to the examination of different agricultural methodologies. This discipline involves the scientific exploration of crop production methods, agronomy, soil science, horticulture, plant pathology, entomology, plant breeding, molecular biotechnology, and environmental science. The central objective of agroscience is the enhancement of agricultural techniques to elevate both the quality and quantity of agricultural produce, encompassing aspects of production, preservation, and packaging. Additionally, agroscience involves the creation of various products, including biopesticides, biostimulants, and genetically modified (GM) seeds, commonly utilized to optimize crop yield.

Genetic advancements, precision technologies, and sustainable crop protection solutions are factors driving the Global Agroscience market in the forecast period 2025-2029.

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The Global Agroscience Market is segmented into type, end users, regional distribution, and company.

Based on its type, Biostimulants are fastest growing segment in the Global Agroscience Market. Biostimulants have demonstrated positive impacts on crop yield, quality, and resilience. They can improve nutrient uptake, stimulate plant growth, enhance stress tolerance (such as drought or disease resistance), and promote root development. Farmers are increasingly adopting biostimulants to optimize crop performance and maximize yields, especially in challenging environmental conditions. 

Governments and regulatory bodies in many countries are increasingly promoting the use of biostimulants as part of sustainable agricultural practices. This support comes in the form of regulations favoring bio-based products, financial incentives, and research funding for biostimulant development. Advances in biotechnology and agricultural science have led to the development of more effective biostimulant products.

Researchers are continuously exploring new formulations and modes of action for biostimulants, making them more efficient and versatile in enhancing plant growth, nutrient uptake, and stress tolerance. With the increasing demand for organic produce, there is a parallel growth in the market for biostimulants, as they are widely accepted in organic farming systems. Biostimulants help organic farmers improve soil health and crop productivity without relying on synthetic inputs.

Asia Pacific is the fastest growing region in the Global Agroscience Market. The Asia Pacific region is home to a large and rapidly growing population. This population growth, along with rising incomes and changing dietary preferences, is driving increased demand for agricultural products. As more people move into the middle class, there is a greater demand for higher-value foods like meat, dairy, and processed foods, which in turn increases demand for agricultural inputs such as fertilizers, pesticides, and seeds.

Major companies operating in Global Agroscience Market are:

  • Corteva Inc
  • Novozymes A/S
  • Sumitomo Chemical Co Ltd
  • Eurofins Scientific SE
  • Syngenta AG
  • Nutrien Ltd.
  • BASF SE
  • Bayer AG
  • SRT Agro Science Pvt Ltd
  • gnp agrosciences pvt. ltd.

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“The upcoming trends in the global agroscience market reflect a convergence of technology, sustainability, and innovation. As the industry responds to the challenges and opportunities in agriculture, agroscience companies will play a pivotal role in shaping the future of farming. From digital agriculture to gene editing and sustainable practices, these trends herald a new era of resilience, efficiency, and sustainability in global agriculture. As stakeholders embrace these advancements, the agroscience market is poised for continued growth and positive transformation,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Agroscience Market By Product Type (Genetically Modified (GM) Seeds, Biopesticides, Biostimulants), By End Users (Crops, Food and Vegetables), By Region, By Competition Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Global Agroscience Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Agroscience Market.

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Vipin Mishra

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Vipin Mishra
Joined: May 3rd, 2023
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