By Andi Anderson
AgriNovus Indiana has set an ambitious goal to grow Indiana's agbioscience economy by $8 billion by 2030. According to a new study from RTI International, the agbioscience sector currently contributes $69.6 billion to Indiana’s economy.
The details were announced during the AgriNovus Indiana QUADRANT event at VisionLoft Stutz in Indianapolis.
“The insights from the study show the power of Indiana’s ag bioscience economy,” said Mitch Frazier, President and CEO of AgriNovus Indiana.
The study, titled Accelerate 2050: A Vision for Indiana Agbioscience, identified the state's relative economic performance across food, animal health, plant science, agtech, and production agriculture.
“But the story gets even better as we look at that $69.6 billion. There are 147,000 Hoosiers who work in the agbioscience economy—ultimately making it possible so people can eat,” Frazier noted.
He also highlighted that Indiana’s agbioscience sector contributes $22.7 billion to the state’s gross domestic product, comparable to Indiana’s auto manufacturing industry.
The study defined priority opportunities to position Indiana’s agbioscience economy for growth amid future uncertainties. Key opportunities include:
Farmer-Focused Innovation: Developing a multifaceted entrepreneurial support system for farmers to drive agrifood innovation.
Food is Health: Innovating at the intersection of plant, animal, human, and environmental health to fuel economic growth and health outcomes.
Bioinnovation: Establishing Indiana as a premier destination for bio-innovators and manufacturers.
During the QUADRANT event, Frazier announced the goal for Indiana’s ag community to drive $8 billion of growth by 2030.
“That really is a function of looking back at how this economy has performed, and then realizing that this is going to take all of us. This isn’t an AgriNovus Indiana target—this is all of us working together across food, animal health, plant science, agtech, and production agriculture as we set our eyes on the horizon and drive growth,” Frazier stated.
He emphasized that the cornerstone of this economy is production agriculture, and working through farmer-led innovation, bioinnovations, and food as health will drive this growth.
“Together, farmers working alongside innovators, as well as big and small companies—we can drive this economy and we can hit that $8 billion target,” he said.
AgriNovus Indiana's ambitious plan underscores the importance of collaboration and innovation in shaping the future of Indiana's agbioscience economy, aiming for substantial growth by 2030.
Photo Credit: gettyimages-zoran-zeremski
Categories: Indiana, Business