Republic of Korea: Plant-Growth Regulators Market 2024

Plant-Growth Regulators Market Size in Republic of Korea

The South Korean plant-growth regulators market expanded slightly to $X in 2022, picking up by 3.8% against the previous year. In general, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.3% against 2020 indices. Plant-growth regulators consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Plant-Growth Regulators Production in Republic of Korea

In value terms, plant-growth regulators production reached $X in 2022 estimated in export price. Over the period under review, production posted a temperate expansion. The pace of growth appeared the most rapid in 2017 with an increase of 39% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Plant-Growth Regulators Exports

Exports from Republic of Korea

In 2022, exports of plant-growth regulators from South Korea totaled X tons, increasing by 4% compared with the previous year's figure. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by 54%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, plant-growth regulators exports declined to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 43%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Japan (X tons) was the main destination for plant-growth regulators exports from South Korea, with a 52% share of total exports. Moreover, plant-growth regulators exports to Japan exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+7.0% per year) and Thailand (-8.0% per year).

In value terms, Japan ($X), Australia ($X) and the United States ($X) were the largest markets for plant-growth regulators exported from South Korea worldwide, with a combined 74% share of total exports. Vietnam, Thailand, the Philippines, Taiwan (Chinese), Pakistan, Egypt, China and Israel lagged somewhat behind, together comprising a further 19%.

Among the main countries of destination, Pakistan, with a CAGR of +77.6%, saw the highest rates of growth with regard to the value of exports, 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 plant-growth regulators export price amounted to $X per ton, falling by -12% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 31%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Israel ($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 Australia (+26.6%), while the prices for the other major destinations experienced mixed trend patterns.

Plant-Growth Regulators Imports

Imports into Republic of Korea

In 2022, the amount of plant-growth regulators imported into South Korea contracted rapidly to X tons, dropping by -16.5% compared with the previous year's figure. Overall, imports recorded a noticeable curtailment. The growth pace was the most rapid in 2013 when imports increased by 33%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, plant-growth regulators imports dropped sharply to $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 47% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Belgium (X tons) and Indonesia (X tons) were the main suppliers of plant-growth regulators imports to South Korea, with a combined 75% share of total imports. Malaysia, India, Japan, the United States and Germany lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +9.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plant-growth regulators suppliers to South Korea were Belgium ($X), the United States ($X) and China ($X), with a combined 61% share of total imports. Japan, Indonesia, Germany, India and Malaysia lagged somewhat behind, together comprising a further 32%.

India, with a CAGR of +13.2%, saw the highest rates of growth with regard to the value of imports, in terms of 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 plant-growth regulators import price stood at $X per ton in 2022, remaining constant against the previous year. In general, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plant-growth regulators import price increased by +77.8% against 2017 indices. The growth pace was the most rapid in 2019 when the average import price increased by 43%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 ($X per ton), while the price for Indonesia ($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 (+25.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform