Republic of Korea: Insecticide Market 2025

Insecticide Market Size in Republic of Korea

In 2021, after six years of growth, there was significant decline in the South Korean insecticide market, when its value decreased by -15.1% to $X. In general, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Insecticide Production in Republic of Korea

In value terms, insecticide production dropped to $X in 2021 estimated in export price. Overall, the total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +81.3% against 2015 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 21%. Insecticide production peaked at $X in 2020, and then reduced in the following year.

Insecticide Exports

Exports from Republic of Korea

Insecticide exports from South Korea amounted to X tons in 2021, with an increase of 15% compared with 2020. Overall, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 46%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, insecticide exports skyrocketed to $X in 2021. In general, exports recorded a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for insecticide exports from South Korea, with a 25% share of total exports. Moreover, insecticide exports to China exceeded the volume sent to the second major destination, Brazil (X tons), threefold. The United States (X tons) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+135.7% per year) and the United States (-9.5% per year).

In value terms, Brazil ($X) emerged as the key foreign market for insecticides exports from South Korea, comprising 29% of total exports. The second position in the ranking was held by India ($X), with a 9% share of total exports. It was followed by China, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Brazil stood at +144.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+145.1% per year) and China (+2.2% per year).

Export Prices by Country

In 2021, the average insecticide export price amounted to $X per ton, growing by 38% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Insecticide Imports

Imports into Republic of Korea

In 2021, imports of insecticides into South Korea expanded slightly to X tons, surging by 4.4% on the previous year. Overall, total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -36.3% against 2015 indices. The most prominent rate of growth was recorded in 2015 with an increase of 44%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, insecticide imports totaled $X in 2021. In general, imports, however, continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2015 when imports increased by 45%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Vietnam (X tons) and Malaysia (X tons) were the main suppliers of insecticide imports to South Korea, together accounting for 61% of total imports. These countries were followed by Indonesia, Japan, India, the United States, Singapore and Belgium, which together accounted for a further 15%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +19.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest insecticide suppliers to South Korea were Japan ($X), China ($X) and the United States ($X), together accounting for 36% of total imports. Singapore, India, Vietnam, Indonesia, Malaysia and Belgium lagged somewhat behind, together comprising a further 21%.

Vietnam, with a CAGR of +8.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average insecticide import price stood at $X per ton in 2021, falling by -2.5% against the previous year. Overall, the import price showed a perceptible curtailment. The most prominent rate of growth was recorded in 2017 when the average import price increased by 3.5% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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