South Korea Crop Protection Chemicals Market Insights Forecasts to 2032
- The South Korea Crop Protection Chemicals Market Size was valued at USD 0.93 Billion in 2022.
- The Market Size is Growing at a CAGR of 6.4% from 2022 to 2032.
- The South Korea Crop Protection Chemicals Market Size is expected to reach USD 1.73 Billion by 2032.
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The South Korea Crop Protection Chemicals Market Size is expected to reach USD 1.73 Billion by 2032, at a CAGR of 6.4% during the forecast period 2022 to 2032.
Crop protection chemicals, also known as pesticides, are agricultural chemicals used to protect crops from various pests, diseases, and weeds. These chemicals are critical in modern agriculture, contributing to the stability and productivity of food and fiber production. Crop protection chemicals include a wide range of products, such as insecticides, herbicides, and fungicides, each of which is designed to target specific crop threats. Insecticides are chemicals that are designed to control insect pests that cause crop damage by feeding on leaves, stems, or fruits. Herbicides are used to control weeds that compete for nutrients, water, and sunlight with crops. Fungicides are used to combat fungal diseases that can quickly spread and decimate crop yields. To minimize environmental impact and potential health risks, crop protection chemicals must be applied with care and responsibility. Regulatory agencies all over the world develop guidelines and safety precautions to ensure that these chemicals are used properly. Farmers and agricultural professionals are encouraged to use integrated pest management (IPM) practices, which combine the prudent use of pesticides with other environmentally friendly crop protection methods.
This research report categorizes the market for South Korea crop protection chemicals market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea crop protection chemicals market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea crop protection chemicals market.
Crop protection chemicals are widely used in modern agriculture as an efficient and cost-effective way to increase crop yield by protecting crops from harmful pests and weeds. Thus, increased crop yield contributes to food security for South Korea’s growing population. Climate change has accelerated the occurrence and spread of plant diseases and pests. Climate change has a significant impact on crop production and pest susceptibility. Climate change makes crops more susceptible to various pests and diseases, which reduces crop yield. As a result, any change in the climate causes deviations in farming practices, resulting in a decrease in productivity. In addition, irregular rainfall in various regions increased the fungal population. These factors have increased farmers' reliance on the products for effective pest prevention, thereby fueling the South Korea crop protection chemicals market growth during the forecast period.
Increased pest resistance to certain crop protection chemicals is a major factor limiting South Korea crop protection chemicals market growth over the forecast period. The significant decrease in the effectiveness of certain active ingredients has resulted in increased pest resistance. This resistance can be attributed to changes in insect metabolism, increased reproductive rates, and extreme pest proliferation.
- In 2022, the herbicides segment accounted for a major share over the forecast period.
Based on the product type, the South Korean crop protection chemicals market is segmented into herbicides, insecticides, fungicides, and others. Among these, the herbicides accounted for a major share over the forecast period. To prevent human diseases and environmental degradation, the Korean government has implemented a new regulation that requires farmers to strictly adhere to product labels and instructions regarding crop application, application frequency, application rate, and other critical safety precautions. This will ensure and promote segmental growth during the forecast period.
- In 2022, the foliar spray segment accounted fastest growth over the forecast period.
Based on the mode of application, the South Korea crop protection chemicals market is segmented into soil treatment, seed treatment, foliar spray, and others. Among these, the foliar spray segment accounted fastest growth over the forecast period. Foliar spray is the most common method of applying crop protection chemicals. Although it can be used to spray herbicides, insecticides, and fungicides, it is mostly used to spray herbicides and insecticides due to the labor shortage required to manually remove unwanted weeds and destroy insect attacks on crops. Plant protection chemicals can be applied directly to the leaves of plants using the foliar spray technique. It is also capable of destroying grasses, herbs, and shrubs.
The report offers the appropriate analysis of the key organizations/companies involved within the South Korea crop protection chemicals market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Bayer Korea Ltd.
- Adama Korea Co., Ltd.
- Farm Hannong
- BASF SE
- Bayer Korea Ltd
- Farm Hannong
- KoreaBio Co. Ltd
- Kyung Nong Corporation
- Nisso Korea Co. Ltd
- Nonghyup Chemical
- Sungbo Chemicals Co. Ltd
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In December 2022, FarmHannong, a South Korean agricultural chemicals producer, expanded the new herbicide Terrad in Brazil, which was developed in collaboration with the Korea Research Institute of Chemical Technology and with the support of the Ministry of Trade, Industry, and Energy. In addition, the company intends to expand into neighboring countries such as Paraguay and Uruguay.
- In September 2021, Chr. Hansen and UPL have announced a long-term strategic collaboration to develop and commercialize microbial solutions for sustainable agriculture. Chr. Hansen, a global bioscience company, has formed a unique partnership with global agricultural solutions provider UPL to strengthen the existing portfolio of microbial products and provide farmers with sustainable alternatives to conventional agricultural products.
This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea crop protection chemicals market based on the below-mentioned segments:
South Korea Crop Protection Chemicals Market, By Product Type
South Korea Crop Protection Chemicals Market, By Mode of Application
- Soil Treatment
- Seed Treatment
- Foliar Spray
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