The production of fertilizers in South Korea has experienced fluctuating trends over the past decade. Starting from a base value in 2013, there were moderate increases in production from 2014 to 2017, peaking in 2017 at 371.23 billion South Korean Wons. However, from 2018 onward, the industry saw a general decline with occasional minor recoveries, leading to a value of 334.39 billion South Korean Wons in 2023.
Over the last two years, the year-on-year variations have been minimal, with marginal decreases noted in 2022 and 2023. The 5-year CAGR leading up to 2023 indicates a slight average annual increase of 0.23%. For the forecast period from 2024 to 2028, the yearly average production is expected to decline at a CAGR of -0.38%, culminating in an estimated value of 326.44 billion South Korean Wons by 2028.
Future trends to watch for include:
- The impact of potential agricultural policy changes or subsidies affecting local fertilizer production.
- Technological advancements and innovations in fertilizer manufacturing processes that could potentially reverse the declining trend.
- Market responses to global economic conditions and raw material price fluctuations.
- Environmental regulations and sustainability initiatives impacting the industry’s production practices.
