Republic of Korea: Pesticide Market 2024

Pesticide Market Size in Republic of Korea

The South Korean pesticide market totaled $X in 2022, almost unchanged from the previous year. In general, consumption posted a buoyant increase. Pesticide consumption peaked in 2022 and is expected to retain growth in years to come.

Pesticide Production in Republic of Korea

In value terms, pesticide production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production recorded resilient growth. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. Pesticide production peaked at $X in 2019; afterwards, it flattened through to 2022.

Pesticide Exports

Exports from Republic of Korea

Pesticide exports from South Korea dropped to X tons in 2022, which is down by X% against the previous year. Overall, exports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, pesticide exports reduced to $X in 2022. Over the period under review, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons), Japan (X tons) and Vietnam (X tons) were the main destinations of pesticide exports from South Korea, with a combined X% share of total exports. Hong Kong SAR, the United States, Thailand, Brazil, Indonesia, Bangladesh, the Philippines, Pakistan, Malaysia and South Africa lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), China ($X) and Vietnam ($X) constituted the largest markets for pesticide exported from South Korea worldwide, together accounting for X% of total exports.

Brazil, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average pesticide export price amounted to $X per ton, dropping by X% against the previous year. In general, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pesticide export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (X%), while the prices for the other major destinations experienced more modest paces of growth.

Pesticide Imports

Imports into Republic of Korea

In 2022, approx. X tons of pesticides were imported into South Korea; picking up by X% against the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, pesticide imports declined to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of pesticide to South Korea, accounting for a X% share of total imports. Moreover, pesticide imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was held by Colombia (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Colombia (X% per year).

In value terms, the United States ($X), China ($X) and Japan ($X) constituted the largest pesticide suppliers to South Korea, with a combined X% share of total imports. The UK, Germany, Colombia, India, Israel, Indonesia, Malaysia, the Netherlands, Vietnam and Belgium lagged somewhat behind, together comprising a further X%.

The Netherlands, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2022, the average pesticide import price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price saw a mild descent. The growth pace was the most rapid in 2019 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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