In 2023, fungicide sales in South Korea stood at 5.14 thousand metric tons, marking a continued decrease trend from 6.33 thousand metric tons in 2013. A notable observation from 2013 to 2023 shows an overall decline ongoing through slight annual variabilities. The recent year-on-year changes were: -2.23% in 2022 and -2.25% in 2023. The average yearly variation (CAGR) over the past 5 years leading to 2023 was -1.63%, while the upcoming five-year forecast till 2028 predicts a CAGR of -1.89% resulting in an overall decline of 9.11%.
Future trends to watch for:
• Innovations in fungicide formulations and applications could alter the forecast.• Shifts in regulatory policies or integrated pest management practices potentially affecting market dynamics.• The impact of climate change on crop disease patterns influencing fungicide demand.
