The agrochemicals and pesticide production in South Korea has seen fluctuations over the years. From 2013 to 2018, the sector witnessed consistent growth with occasional dips, peaking in 2018-2019. However, 2020 experienced a slight decline. The sector picked up pace again in 2021, reaching 1.8615 trillion South Korean Wons by 2023, representing a year-on-year variation of 1.76%. Over the last two years, the industry's average growth varied around 1.76%, while the 5-year CAGR from 2018 to 2023 has been modest at 1.61%.
From 2024 onwards, forecasts suggest steady growth with the industry expected to reach 2.0299 trillion South Korean Wons by 2028, maintaining a forecasted 5-year CAGR of 1.36% and an overall growth rate of 7.01%.
Future trends to watch for include advancements in sustainable agricultural practices, increased adoption of precision farming, and innovation in bio-pesticides, which could impact production volumes and market demand.
