The market is dominated by domestic suppliers, as imports account for 8.7% of total market size in 2023. B2B drives market demand, with B2B spending representing 99.1% of total demand in 2023. South Korea has the fourth largest market size for pesticides and other agro-chemical products regionally, with demand reaching USD2.9 billion in 2023. Farm Hannong Co Ltd is the largest company in South Korea, generating 13.6% of the industry’s total production value in 2023. The industry is fragmented, with the top five companies generating 33.8% of total production value in 2023. The total number of companies increases in 2023, to 147 units. The costs of the industry increase by 10.7% in 2023, largely driven by rising B2B costs. The industry’s profitability increases and stands at 9.2% of production value in 2023, the 19th highest regionally. The industry’s exports share decreases in 2023 to 13.1% of total production output. With production value of USD3.0 billion, South Korea accounts for 4.4% of the Asia Pacific total in 2023.
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This Euromonitor industrial report provides unique information on Pesticides and Other Agro-chemical Products in South Korea: ISIC 2421. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Pesticides and Other Agro-chemical Products in South Korea: ISIC 2421 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
This is the aggregation of basic chemicals, fertilisers and nitrogen compounds, man-made fibers, paints and varnishes, pesticides and other agro-chemical products, photochemicals, explosives and other chemicals, plastic in primary forms and synthetic rubber.
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