South Korea Agrochemicals Market Introduction and Overview
According to SPER Market Research, the South Korea Agrochemicals Market is estimated to reach USD 394.42 billion by 2033 with a CAGR of 4.71%.
The report includes an in-depth analysis of the South Korea Agrochemicals Market, including market size and trends, product mix, applications, and supplier analysis. Agrochemicals are specially formulated chemical or biological mixtures used to improve crop productivity and quality. Agrochemicals come in two varieties: fertilizers and insecticides. Fertilizers enhance crop quality by giving soil and crop the necessary nutrients, while pesticides protect crops by eliminating or discouraging pests and weeds that could harm them. Given the present trends in global population, it is imperative to increase agricultural productivity on arable land in order to feed the world's expanding population. Agrochemicals therefore play a vital function in agriculture, assisting farmers in raising the caliber and volume of their yield.
- June 2024; Companies like LG Chem and Dongbu Farm Hannong have been impacted by regulatory reforms established by authorities like Ministry of Agricultural, Food and Rural Affairs (MAFRA) with the goal of improving environmental sustainability. These reforms have pushed for the use of safer and more environmentally friendly agrochemical products.
- May 2024; Samyang Chemical and Namhae Chemical introduced biopesticides and due to their lower environmental impact as compared to conventional pesticides, these products are becoming more and more popular, which is in line with government and customer demands for environmentally friendly agricultural solutions.
Market Opportunities and Challenges
Opportunities- In agricultural operations, agrochemicals are heavily utilized. It boosts the agricultural industry's productivity. For this reason, agrochemicals are now considered to be essential to agriculture. The goal of the ongoing research and development efforts is to provide the market with high-quality agrochemicals. Food consumption is closely linked to agriculture. Consequently, the agriculture industry receives increased attention from government organizations. The loss of crops due to pest infestations and shrinking agricultural acreage cause waste, which poses a major risk to the security of food and nutrition. One essential industry that supports agriculture and helps farmers produce more is the agrochemicals business. These factors are supporting the growth of the agrochemicals industry.
Challenges- There are many large and small companies in the agrochemicals sector, which is very divided. With the growing demand for agrochemical products, the majority of market participants are situated in Europe and provide a wide range of products. The industry's main companies are concentrating on R&D expenditures to manufacture goods that suit client expectations. This market report on agrochemicals includes information on recent developments, trade laws, production and import-export analyses, value chain optimization, market share, and the effects of local and domestic market players. It also analyzes opportunities for emerging revenue pockets, changes in market regulations, market size, category market growth, application dominance and niches, product approvals, product launches, geographic market expansions, and technological innovations in the market.
Market Competitive Landscape
The South Korea Agrochemicals Market is a highly competitive arena due to the presence of multiple global and regional companies in the competitive environment. Leading companies in the industry are Daewon GSI, Dongbu Farm Hannong, Farm Hannong, Hankook Shell Chemicals, Kyung Nong Corporation, LG Chem, Namhae Chemical, Korea Agro-Fisheries & Food Trade Corporation (aT), NongHyup Chemical, Samyang Chemical, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Fertilizer Type, By Pesticide Type, By Crop Type
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| Regions covered | Northern Region, Southern Region, Western Region, Eastern Region, Central Region
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| Companies Covered | Daewon GSI, Dongbu Farm Hannong, Farm Hannong, Hankook Shell Chemicals, Kyung Nong Corporation, LG Chem, Namhae Chemical, Korea Agro-Fisheries & Food Trade Corporation (aT), NongHyup Chemical, Samyang Chemical, Others.
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COVID-19 Impact on South Korea Agrochemicals Market
The COVID-19 epidemic affected the agrochemicals market in South Korea in a variety of ways. Production and distribution were initially impacted by supply chain disruptions and logistical difficulties. Nonetheless, the market for agrochemical products was helped by increased awareness of food security. Market dynamics were impacted by economic uncertainty that also affected government policies and agricultural expenditure. Ultimately, even if the epidemic presented difficulties, it also highlighted how important agrochemicals are to preserving agricultural output and the stability of the food supply in the face of global upheavals.
Key Target Audience:
- Farmers and Agricultural Producers
- Agribusinesses and Agricultural Cooperatives
- Government Agencies and Regulatory Bodies
- Research Institutions and Academia
- Distributors and Retailers
- Environmental and Sustainability Groups
Our in-depth analysis of the South Korea Agrochemicals Market includes the following segments:
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By Fertilizer Type:
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Nitrogen Fertilizer
Phosphatic Fertilizer
Potassic Fertilizer
Others
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By Pesticide Type:
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Fungicides
Herbicides
Insecticides
Others
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By Crop Type:
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Cereals and Grains
Oilseeds and Pulses
Fruits and Vegetables
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Key Topics Covered in the Report:
- South Korea Agrochemicals Market Size (FY’2024-FY’2033)
- Overview of South Korea Agrochemicals Market
- Segmentation of South Korea Agrochemicals Market by Fertilizer Type (Nitrogen Fertilizer, Phosphatic Fertilizer, Potassic Fertilizer, Others)
- Segmentation of South Korea Agrochemicals Market by Pesticide Type (Fungicides, Herbicides, Insecticides, Others)
- Segmentation of South Korea Agrochemicals Market by Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables)
- Statistical Snap of South Korea Agrochemicals Market
- Expansion Analysis of South Korea Agrochemicals Market
- Problems and Obstacles in South Korea Agrochemicals Market
- Competitive Landscape in the South Korea Agrochemicals Market
- Impact of COVID-19 and Demonetization on South Korea Agrochemicals Market
- Details on Current Investment in South Korea Agrochemicals Market
- Competitive Analysis of South Korea Agrochemicals Market
- Prominent Players in the South Korea Agrochemicals Market
- SWOT Analysis of South Korea Agrochemicals Market
- South Korea Agrochemicals Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Agrochemicals Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Agrochemicals Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Agrochemicals Market
7. South Korea Agrochemicals Market, By Fertilizer Type (USD Million) 2020-2033
7.1. South Korea Agrochemicals Market Size, Share and Forecast, By Fertilizer Type, 2020-2026
7.2. South Korea Agrochemicals Market Size, Share and Forecast, By Fertilizer Type, 2027-2033
7.3. Nitrogen Fertilizer
7.4. Phosphatic Fertilizer
7.5. Potassic Fertilizer
7.6. Others
8. South Korea Agrochemicals Market, By Pesticide Type (USD Million) 2020-2033
8.1. South Korea Agrochemicals Market Size, Share and Forecast, By Pesticide Type, 2020-2026
8.2. South Korea Agrochemicals Market Size, Share and Forecast, By Pesticide Type, 2027-2033
8.3. Fungicides
8.4. Herbicides
8.5. Insecticides
8.6. Others
9. South Korea Agrochemicals Market, By Crop Type (USD Million) 2020-2033
9.1. South Korea Agrochemicals Market Size, Share and Forecast, By Crop Type, 2020-2026
9.2. South Korea Agrochemicals Market Size, Share and Forecast, By Crop Type, 2027-2033
9.3. Cereals and Grains
9.4. Oilseeds and Pulses
9.5. Fruits and Vegetables
10. South Korea Agrochemicals Market Forecast, 2020-2033 (USD Million)
10.1. South Korea Agrochemicals Market Size and Market Share
11. South Korea Agrochemicals Market, By Region, 2020-2033 (USD Million)
11.1. South Korea Agrochemicals Market Size and Market Share By Region (2020-2026)
11.2. South Korea Agrochemicals Market Size and Market Share By Region (2027-2033)
11.3. Northern Region
11.4. Southern Region
11.5. Western Region
11.6. Eastern Region
11.7. Southern Region
12. Company Profile
12.1. DAEWON GSI
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. DONGBU FARM HANNONG
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. KOREA AGRO FISHERIES AND FOOD TRADE CORPORATION
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. KYUNG NONG CORPORATION
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. LG CHEM
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. LG CHEM
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. NAMHAE CHEMICAL
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. NONGHYUP CHEMICAL
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. SAMYANG CHEMICAL
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
