Study: AgBioscience Sector Contributes $58B to Ind. Economy
Published: Friday, March 24, 2023
AgriNovus released new research last week that found Indiana's agbioscience sector directly contributes more than $58 billion to Indiana's economy‑an increase of more than $6 billion since 2018.
Conducted by TEConomy Partners, the study titled "Innovative Agbioscience in Indiana: 2022 Assessment," identified that the growth across Indiana's agbioscience economy since 2018 marked the fastest-growing time for the industry since measurements to quantify it began in 2012.
According to the study, Indiana's agbioscience economy posted growth during the period from 2018 to 2021, including:
• Value-Added Food and Nutrition—increased 2% during the period and remains the largest component of the state's agbioscience economy with $29.9 billion in output.
• Animal Health and Nutrition—increased 27.3% to $5.5 billion, making it the fastest-growing innovation-based platform of Indiana's agbioscience economy over the last decade.
• Agricultural Equipment, Technologies and Systems—increased 16.8% to $2.2 billion, maintaining upward momentum as the second-fastest growing platform since 2012.
• Plant Science and Crop Protection—increased 7.2% to $3.3 billion and posted positive growth for the first time since 2012.
The study shows the total economic impact of agbioscience in Indiana, including its direct output and its indirect and induced impact on other industries, grew from $76 billion in 2018 to $91 billion in 2021. Agbioscience employment in Indiana grew 7.5 percent from 2018 to 2021 and average wages of agbioscience jobs (excluding farm proprietors) topped $69,000 —a total that is more than three percent higher than the average 2021 private-sector wage in the state.
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