Agrochemicals are widely used on various crops, such as rice, potatoes, garlic, apples, etc., in Korea. Rice continues to be an important food crop in Korea, and rice blast disease is leading to a major food crisis. In order to ensure high-rates of rice production, the government has provided subsidies on pesticides and fertilizers. With growing emphasis on environment and sustainability, the Government of Korea enforced the clean production and environment-friendly agriculture (EFA) policies, which led to a decline in pesticide usage in the country. The government has encouraged the use of microbial pesticides, which is expected to grow at a rapid rate in the coming years. The South Korean market crop protection chemicals is expected to register a CAGR of XX% between 2017 and 2022. The market is estimated at USD 1321.60 million in 2017 and is expected to rise to USD XX million by the year 2022.
The major factors driving the market are the decreasing available land for agricultural use, lack of available labor and the increasing use of microbial pesticides. High levels of pesticide toxicity, increasing popularity of organic foods and shifting of agricultural practices toward integrated pest management are the major factors limiting the pesticide market growth. While there are several factors that drive the South Korean pesticide market, adoption of precision agriculture is a major opportunity for the growth of the South Korean pesticide market in the future.
South Korea is heavily dependent on agrochemicals for their agriculture. Most of the crops grown in the region are treated with pesticides. The total amount of pesticide input per hectare has decreased significantly; however, the area treated has not decreased at the same pace. The South Korean Crop Protection Market is broadly segmented into herbicides, insecticides, fungicides and other crop protection chemicals. These chemicals will show a significant growth; however, fungicides among herbicides and insecticides will grow at the fastest CAGR of 6.34 %. XX will retain its position of the largest market segment till 2022. Farm Hannong Co., Ltd., and Bayer occupy a significant share in the South Korean pesticide market, of 27% and YY%, respectively.
Major South Korea Crop Protection companies include:
Recent Industry Insights
With the major global agrochemical companies, such as BASF, Dow Chemicals and Sumitomo following strategies of mergers and acquisitions, LG Chem has acquired Dongbu Farm Hannong, South Korea's largest processor of agricultural materials. With this acquisition, LG Chem plans to reshape their business portfolios to occupy a significant position in the South Korea agrochemical market. Dongbu Farm Hannong has an extensive product portfolio and occupies the largest share of 27% in the South Korea Crop protection market.
Key Deliverables in the Study
The report holds importance for the following stakeholders-
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