A newly published report
forecasts the global agroscience market to grow at a CAGR of 12.25% over the period 2014-2019.
In addition to pesticides, a number of leading vendors offer GM seeds. The land under GM crops is the highest in the US (40.28%), followed by Brazil and Argentina with shares of 23.25% and 13.39%, respectively. India also has a significant share of land under GM crops. Crop protection chemicals such as herbicides are used extensively to aid the growth of GM crops. The land under GM crops is forecast to reach 275.3 million ha in 2019 from 181.5 million ha in 2014, growing at a CAGR of 8.7% during 2014-2019.
According to the report, consumers are becoming more eco-conscious and the increasing concern for fuel efficiency has significantly upped the demand for biofuels. Biofuels such as bioethanol, biodiesel, and biogas are known for their contribution to sustainability. Nitrogenous fertilizers are an important input in biofuel production and their use has increased over the years to meet the rising energy needs. Biofuels are sourced from energy crops that include wheat, soybean, corn, rapeseed, and sugarcane. Biodiesel is sourced from crops such as soybean, whereas ethanol needs corn syrup for its preparation.
Further, the report states that protecting the microorganisms from fungicides poses a challenge for the vendors in the global biostimulants market.