South Koreas volume of pesticides consumed is slated to register a CAGR of 6.5% over 2014-2020, with value demand posting a forecast CAGR of 7% during the same period. The region of South Korea is characterized by scarcity in agricultural area resources and comparatively high levels of spending on pesticides per hectare of arable land. Incidences of pest infestations in the country have been witnessing a decline, as a result of which the use of insecticides has been dropping and is forecast to maintain a lower growth over the coming half a decade.
Maximum consumption of Pesticides in South Korea goes in for crop-Based applications, of which rice constitutes the most important food crop in the region. Past efforts involved in ensuring high rice production included government subsidized inputs, such as fertilizers and pesticides and intensive pest monitoring activities aimed at increasing pesticide spraying on a need basis. However, after the government realized the importance of conserving the environment and upholding sustainability, several agricultural policies were enacted, which drastically altered rice landscapes, farmer practices, pesticide consumption and pest situations in the country.
Mordor Intelligences new report on South Koreas pesticides market provides key insights into the various factors determining current and future growth prospects.