Published on: Thursday, 22 June 2023 ● 12 Min Read
NEW YORK and MUMBAI, India, June 22, 2023 -- Bayer today announced its Crop Science Division will capitalize on opportunities presented by the shift to regenerative agriculture to grow in adjacent markets in addition to its core business of seeds, traits, crop protection and digital. At its 2023 Innovation Summit, the company identified growth potential in segments like crop fertility, biologicals, biofuels, carbon farming, precision application services as well as digital platforms and marketplaces, all of which are serving the needs of agriculture. Overall, the company expects to access more than 100 billion euros in these adjacent markets annually, in effect doubling the division's potential market which today stands at more than 100 billion euro for the core portfolio alone. Importantly, by the middle of the next decade, Bayer envisions shaping regenerative agriculture on more than 400 million acres, built on the foundation of its leading agriculture input solutions.
This endeavor, in combination with the division's leading seeds, traits and crop protection R&D pipeline were showcased in New York, featuring holistic system solutions the company is uniquely positioned to provide, fueling long-term growth of the company as it propels its ambitious growth plan to drive regenerative agriculture.
"We are envisioning an even broader role in agriculture. With the most powerful innovation engine in the industry and leading market positions, Bayer is uniquely set to provide the solutions that farmers need in light of food security and climate change," said Rodrigo Santos, President of Bayer's Crop Science Division and Member of the Board of Bayer AG. "We define regenerative agriculture as increasing food production, farm incomes and resilience in a changing climate while renewing nature. Our portfolio will deliver future innovations with regenerative agriculture at the core, and we will explore new market opportunities to further allow farmers to combine productivity, profitability, and sustainability benefits."
Focus on solutions that drive regenerative agriculture
Farmers around the globe can expect access to industry-leading innovations that not only deliver yield improvements, but which can also regenerate soil and minimize the impact of farming on the climate and broader environment – tailored to the different crops. On the farm of the future, the terabytes of data captured from the field as well as the tons of carbon dioxide sequestered, will be as important to the farmer as the yield that each field produces. Going forward, Bayer will focus its investment on solutions that deliver important pillars of regenerative agriculture. This includes improved productivity, social and economic wellbeing of farmers and communities, conservation of water, mitigation of climate change, improved soil health as well as preservation and restoration of biodiversity.
To this end, Bayer's core portfolio of crop protection, seeds and traits and digital products is best positioned to grow, and significant advancements are being made annually. The company is investing in its industry-leading pipeline to accelerate the delivery of solutions that growers need. Late-stage transformative technologies are being combined with the annual refresh of the global seed portfolio and the addition of hundreds of new product registrations and formulations every year.
Industry-leading pipeline delivers on the transformation of agriculture
In 2022, 15 projects advanced, including new crop protection active ingredients, new seed traits and digital models. Bayer refreshed its seed portfolio with 500 new hybrid and variety deployments and its crop protection portfolio with 10 new formulation launches and more than 250 new registrations. The R&D investment of 2.6 billion euros before special items in 2022 continues to advance a pipeline with an estimated peak sales potential of more than 30 billion euros, half of which are incremental to the existing base.
"A bold vision takes a bold investment. It takes all five of our innovation platforms – breeding, biotechnology, chemistry, biologicals and data science to power this pipeline. But it is far more than these platforms alone – it is the convergence of this innovation that allows us to generate system solutions to solve our most pressing challenges," said Dr. Robert Reiter, Head of R&D at Bayer's Crop Science Division. "Farmers need the best genetics with best-in-class traits, they need data-driven planting scripts to know when and where to plant those crops. And they need lower impact small molecule crop protection paired with late-season biological solutions and precision applications to sustainably protect those crops. We have a deep and proud history of successfully converting these engines into viable, valuable products for growers."
Bayer's R&D pipeline includes several exciting and new technologies:
Bayer's innovation engines will power agricultural evolution by equipping farmers with the tools, technologies, and options they need for the future of regenerative agriculture. Precision bred seed products will offer significant acceleration for the genetic gain of yield potential and will be protected by game-changing traits that enable no-till farming to improve soil health. Combined with innovative small molecules and biological solutions that can protect biodiversity and offer low to no-residue solutions, and verified soil improvements through digital tools and technologies, Bayer will shape the future of regenerative agriculture.
Bayer to expand into new accessible ag-adjacent markets
Beyond this core, Bayer is strongly positioned to expand into new market opportunities adjacent to its core offerings, for instance:
Rodrigo Santos added: "Bayer is well positioned to lead in the regenerative agriculture space due to our emphasis in digital transformation, commitment to innovation and strong partnerships. Our aim is to transform agriculture to be more productive, more sustainable, and have a net positive impact on the environment."
About Bayer
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2022, the Group employed around 101,000 people and had sales of 50.7 billion euros. R&D expenses before special items amounted to 6.2 billion euros. For more information, go to www.bayer.com.
Contact for media inquiries:
Alexander Hennig, phone +49 175 3089736
Email: alexander.hennig@bayer.com
Snigdha Vishal, phone +91 9819170087
Email: snigdha.vishal@bayer.com
Contact for investor inquiries:
Bayer Investor Relations Team, phone +49 214 30-72704
Email: ir@bayer.com
www.bayer.com/en/investors/ir-team
Find more information at www.bayer.com.
Follow us on twitter.com/bayer
ahe (2023-0124E)
Forward-Looking Statements
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Photo: https://mma.prnewswire.com/media/2108533/Bayer_Crop_Science.jpg
Logo: https://mma.prnewswire.com/media/2071681/4101389/Bayer_logo.jpg
No comments posted
© 2019 KIVAA Group | All right reserved. www.theindustrial.in
Leave a reply: