The Agroscience Market is being driven by Shrinking arable land
The Agroscience Market is expected to grow at a CAGR of 15.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 46795.3 million. In the context of the agroscience market, addressing the challenges posed by a growing global population and dwindling arable land necessitates advancements in agricultural production. New breeding technologies are at the forefront of these innovations, promising enhanced yields and prolonged crop lifespan. Some of these techniques include: Cisgenesis, which transfers genes from the same or closely related species; Intragenesis, involving the reorganization and insertion of the coding region of a gene from the same species; Targeted mutagenesis, utilizing tools like zinc-finger nuclease or transcription activator-like effector nuclease to modify genes; and various short-term recombinant DNA techniques, such as oligonucleotide-directed mutagenesis and agroinfiltration. Furthermore, other emerging techniques, like RNA-induced DNA methylation gene silencing, reverse breeding, and grafting a non-GM scion onto a GM rootstock, are also making significant strides in the agroscience sector.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Genetically modified seeds, Biopesticides, Biostimulants) Geography (North America, APAC, Europe, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Agroscience Market Research Report
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The Global Agroscience Market encompasses innovative solutions for enhancing Food Demand through sustainable Farming Practices, focusing on increased Crop Yields. Amidst Climate Change, Precision Agriculture, Biopesticides, Genetically Modified Crops, Seeds, Crop Protection Products, Fertilizers, and Biotechnology Products are pivotal. Field Crops, Fruits, and Vegetables, Food production, and Fibre production benefit from Agronomy, Soil science, Horticulture, and Crop production systems. Biostimulants, GM seeds, Active ingredients, Acid-based, and Extract-based are essential. Sustainable food production relies on Big data and IoT devices to combat Herbicide resistance, Insect resistance, and enhance Nutritional profiles.
The Agroscience sector encompasses businesses engaged in the production of seeds, crop protection products, biopesticides, fertilizers, biotechnology products, and farm machinery. According to Technavio's market analysis, the global Agroscience industry's expansion will be fueled by several key factors. These include the launch of innovative products, such as genetically modified crops and precision agriculture tools like precision farming equipment and biopesticides, to address the increasing food demand and sustainable farming practices. Moreover, the implementation of sustainable farming practices, climate change mitigation efforts, and the growing popularity of sustainable and organic farming are expected to further boost market growth. Technavio's research indicates that the market for agricultural and farm machinery will experience significant growth due to the increasing demand for advanced technology solutions, such as precision agriculture equipment, irrigation systems, and crop protection products, to enhance crop yields and improve overall farming efficiency.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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