The global agroscience market grew at a CAGR of around 12% during 2014-2019. Agroscience refers to the multidisciplinary field of biology that studies various agricultural practices. It involves the study of scientific methods of crop production, agronomy, soil science, horticulture, plant pathology, entomology, plant breeding, molecular biotechnology and environmental science. Agroscience is primarily focused on developing agricultural techniques to improve the quality and quantity, along with the production, preservation and packaging of the agriculture produce. It also involves the development of various products, such as biopesticides, biostimulants and genetically modified (GM) seeds, which are commonly used to ensure maximum yield.
Significant growth in the agriculture industry, along with the increasing adoption of sustainable agricultural practices across the globe, is one of the key factors creating a positive impact on the market. Furthermore, the rapidly increasing global population that is resulting in the rising demand for food products is also providing a boost to the market growth. Apart from this, agricultural scientists are emphasizing on developing solutions to improve the quality of animal feed and biofuels. Additionally, various innovations, such as the development of acid- and extract-based biostimulants to enhance crop quality and promote the development of roots, are acting as other growth-inducing factors. Acid-based biostimulants are manufactured using humic, amino and fulvic acid and protein hydrolysates, while extract-based biostimulants are manufactured using the essence of leaves, roots, and seeds. They are a rich source of growth-enhancing bioactive compounds, phytohormones, amino acid and other nutrients. Other factors, including the implementation of favorable government policies, along with extensive research and development (R&D) activities, are expected to drive the market further. Looking forward, IMARC Group expects the global agroscience market to continue its moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global agroscience market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region and product.
Breakup by Product:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Agrinos Inc., Nutrien, Arysta LifeScience Corporation (United Phosphorus Ltd.), BASF, Bayer, Dow AgroSciences, DuPont, Novozymes (Novo A/S), Sumitomo Chemical and Syngenta (ChemChina).
The global agroscience market was worth around US$ 41.4 Billion in 2019.
According to the estimates by IMARC Group, the global agroscience market will exhibit moderate growth during the next five years.
Significant growth in the agriculture industry, along with the increasing adoption of sustainable agricultural practices across the globe, represent some of the key drivers for the global agroscience market.
The emergence of innovative techniques to enhance crop quality and promote the development of roots represents one of the key trends in the global agroscience market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of research centers, thereby hampering the overall market growth.
On the basis of the product, the market has been classified into genetically modified (GM) seeds, biopesticides, and biostimulants. Amongst these, genetically modified (GM) seeds hold the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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