December 08, 2022

Agbioscience contributes $39 billion to Indiana’s economy

INDIANAPOLIS — The agbioscience sector directly contributes more than $39 billion to Indiana’s economy, according to a study released by AgriNovus Indiana.

It identified more than 6% growth in the industry from 2012 to 2018, with an average wage of $51,825 — more than 8% higher than the statewide average.

The study was conducted by TEConomy Partners.

“Indiana’s agbioscience economy is growing and new research finds sectors of the economy are growing fast,” said Mitch Frazier, president and CEO of AgriNovus.

“Whether it’s venture-backed ag tech companies or Indiana’s strength in animal health, food production or plant science, Indiana is making a giant impact on the global agbioscience, food and ag tech industry.”

According to this study, 2018 data shows Indiana’s agbioscience economy is driven by four innovation-based platforms, including:

1. Value-added food and nutrition — represents a significant $29.1 billion in output for Indiana, up 13% since 2012, and accounts for over 53,000 jobs totaling 14.2% growth.

2. Animal health and nutrition — contributes $4.3 billion in output for Indiana, growing 8.6% since 2012. Employment has also grown by 18.6%, totaling over 11,300 workers.

3. Agricultural equipment, technologies and systems — responsible for $1.8 billion in output, up 15.6% since 2012, and employs more than 5,400 workers totaling 5.5% job growth.

4. Plant science and crop protection — represents $3.9 billion in output, a decline of 26% since 2012. Employment has fallen by 15.6%, totaling over 6,500 workers.

Looking toward the future, all four agbioscience platforms in Indiana appear well positioned to grow, according to the study.

Several agbioscience-related economic development announcements have been made, including:

• Solinftec moving its global headquarters to Indiana and raising an additional $60 million in venture capital.

• Inari expanding its footprint in Indiana as a result of an $89 million venture capital investment announced in 2019.

• Italpollina’s development of a $6.8 million R&D center focused on the production of organic fertilizers, biostimulants and microbials.

• Mission Foods’ plans to establish a manufacturing plant in Indiana, creating 544 new jobs when it opens.

• Premier BioSource’s development of the company’s first Indiana operation focusing on swine production for biomedical research and product development.

• Greenleaf Foods’ plans to construct North America’s largest plant-based protein manufacturing facility in Indiana, creating 460 jobs when it becomes operational.

• EnviroKure, a Pennsylvania-based producer of biologic amendments and organic fertilizers, decision to invest more than $10 million to build a full-scale manufacturing plant in Indiana.

• Cormo USA Inc., a joint venture between Switzerland-based Cormo AG and Florida-based Sustainable Projects Group Inc., investment of approximately $29.5 million to establish in Indiana its first U.S. production plant creating 250 jobs.

“With global population expanding and global wealth increasing, the agbiosciences is an industry that will continue to experience growth,” the report states. “Humanity needs to find solutions that will allow farmers to produce more food on their existing farmland.”

Learn more at www.agrinovusindiana.com/research.