The turnover in fertilizers in South Korea showed fluctuations from 2014 to 2019, with notable decreases in 2016 and slight increases in the subsequent years. The value stood at 771.87 Billion South Korean Wons in 2023. Over the last two years, the year-on-year variations have been minimal, at 0.92% in 2022 and 0.89% in 2023. From 2018 to 2023, the CAGR remained relatively low at 1.01%. Forecast data from 2024 to 2028 indicates a moderate but consistent growth, with an expected five-year CAGR of 0.65% and a total forecasted growth rate of 3.27% by 2028.
Future trends to watch for in the South Korean fertilizers market include the potential impact of advances in agricultural technology, changes in environmental regulations, and shifts in domestic agricultural practices. Increased focus on sustainability and the adoption of organic fertilizers could also influence market dynamics moving forward.
