Insecticides sales in South Korea have been experiencing fluctuations over the past decade. The market, which stood at 6.05 thousand metric tons in 2013, saw a peak in 2016 at 7.09 thousand metric tons before gradually declining. By 2023, the sales were at 4.5 thousand metric tons, reflecting a sustained downward trend.
Recent variations show a continual year-on-year decrease, with the last two years recording declines of 1.76% and 1.77% respectively. Over the last five years, the compound annual growth rate (CAGR) averaged a negative 4.55%.
Looking ahead, future trends to watch for include:
- The expected continuation of the declining trend, with a forecasted CAGR of -1.45% over the next five years.
- A total forecasted decrease of about 7.04% by 2028.
- Potential market shifts due to changing regulatory policies, environmental concerns, and the rise of alternative pest control methods.
