The agrochemicals and pesticide market in South Korea demonstrated steady year-over-year growth from 2013 to 2023, increasing from 964 billion KRW to 1347.5 billion KRW. The market saw notable expansions, particularly in 2014 and 2018, and slight contractions as in 2017. Between 2021 and 2023, the market's annual growth slowed to around 2.3%. Over the last five years from 2018 to 2023, the compound annual growth rate (CAGR) stood at approximately 2.09%.
Looking ahead, forecast data predicts continued moderate growth, with the projected turnover reaching 1485.1 billion KRW by 2028, reflecting a 5-year CAGR of 1.54%. This indicates a gradual but stable market situation for the coming years.
Future trends to watch for include technological advancements in agriculture, sustainability initiatives, regulatory changes, and potential impacts of climate change on crop production. These factors could drive both innovations in agrochemicals and shifts in market demand.
