AgriNovus Indiana has released new research highlighting the agbioscience sector’s contribution to Indiana’s economy. The study by TEConomy Partners found that Indiana’s agbioscience economy directly contributes over $58 billion to the state’s economy. This represents a $6 billion increase since 2018, making it the fastest-growing period for the industry since measurements to quantify it began in 2012. The agbioscience economy is vital since it centers on food, the only economy in the world that touches everyone.
The study identified that the growth across Indiana’s agbioscience economy since 2018 has been driven by innovation in the food, animal health, plant science, and agtech sectors. The value-added food and nutrition sector saw a 2% increase during the period and remains the most significant component of the state’s agbioscience economy, with $29.9 billion in output. The animal health and nutrition sector posted the fastest growth rate of 27.3% to $5.5 billion, making it the fastest-growing innovation-based platform of Indiana’s agbioscience economy over the last decade.
The agricultural equipment, technologies, and systems sector increased by 16.8% to $2.2 billion, maintaining upward momentum as the second-fastest growing platform since 2012. In addition, the plant science and crop protection sector increased by 7.2% to $3.3 billion and posted positive growth for the first time since 2012. According to the study, the agbioscience economy has become a key driver of growth across Indiana, as it contributes to its direct output and has an indirect and induced impact on other industries.
The study’s findings are encouraging news for the agbioscience sector in Indiana, which has faced many headwinds since economic progress was last measured, including a global pandemic, broken supply chains, and rising inflation. The study shows the total economic impact of agbioscience in Indiana grew from $76 billion in 2018 to $91 billion in 2021. The agbioscience sector is a vital part of Indiana’s economy, and the growth it has experienced in recent years underscores its importance to the state’s future prosperity.
Read the complete report here.
