The turnover of agrochemicals and pesticides in South Korea has exhibited varied trends over the past years. Starting from 2013, the value was 332.73 billion KRW, with a significant drop of 19.74% from the previous year. However, 2015 saw a remarkable increase of 39.17%. The period from 2016 onwards demonstrated more stable growth. By 2023, the value stood at 473.54 billion KRW with an annual growth rate of 1.82%. The 5-year CAGR from 2018 to 2023 shows an average annual growth of 1.89%. Projections indicate continued growth, reaching 513.45 billion KRW by 2028, with a forecasted 5-year CAGR of 1.28%.
Future trends to watch for:
- Increasing investment in sustainable and eco-friendly agrochemical products.
- Technological advancements leading to more efficient pesticides.
- Regulatory changes impacting market dynamics.
