From 2013 to 2017, the agricultural pesticide sales volume in South Korea experienced a general upward trend, peaking at 20.04 thousand metric tons in 2017. However, from 2018 onwards, there was a noticeable decline, with the volume reducing to 16.6 thousand metric tons by 2023. This represents a year-on-year decrease of 0.98% for both 2022 and 2023. The compound annual growth rate (CAGR) over the last five years (2018 to 2023) stands at -2.38%, indicating a steady decline.
Future predictions from 2024 to 2028 suggest a continued decrease in sales volume, with a forecasted CAGR of -0.79% and an estimated total decline of 3.87% over the next five years, bringing the volume down to 15.8 thousand metric tons by 2028.
Future trends to watch for:
- Advances in integrated pest management techniques that may reduce the need for chemical pesticides.
- Stricter environmental regulations that could impact pesticide sales.
- Innovations in biopesticides and organic farming practices.
- Fluctuations in agricultural practices due to climate change, potentially affecting pesticide usage.
