Agricultural chemicals, or agrochemicals, are a broad category of chemical products used in agriculture to protect and increase crop yield. These consist of fertilizers, soil conditioners, and pesticides (herbicides, insecticides, and fungicides). By assisting in the management of pests, illnesses, and weeds, pesticides help avoid crop loss and harm. Fertilizers give plants the vital nutrients they need to develop healthily and produce more. In addition to helping with water retention and root development, soil conditioners increase soil fertility and structure. Agrochemicals are essential to modern agriculture since they increase productivity and provide food security, but their usage needs to be carefully controlled to reduce environmental damage and maintain sustainability. This entails implementing integrated pest management techniques and upholding legal requirements.
According to SPER Market Research, ‘South Korea Agrochemical Market Size- By Fertilizer Type, By Pesticide Type, By Crop Type, - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Korea Agrochemical Market is estimated to reach USD 394.42 billion by 2033 with a CAGR of 4.71%.
The world population is growing, and this is driving up demand for food, which is in turn driving up the South Korean agrochemicals market. In order to support and feed the growing world population, there is a corresponding increase in the requirement for increased food production. Fertilizers and insecticides are examples of agrochemicals that are essential in this situation. Fertilizers help crops grow healthily and produce more by giving them vital nutrients. Furthermore, insecticides guard crops against illnesses and pests, minimizing losses and guaranteeing a bountiful crop.
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There are various issues that can hinder the growth of the agrochemical market. The creation and use of some chemicals is restricted by strict environmental and safety standards, which makes regulatory restraints important. Pesticide residues in food and their possible impacts on human health have raised public health concerns, which have raised scrutiny and decreased consumer acceptability. Environmental effect is another important consideration, as the need for more sustainable methods is fueled by problems like soil erosion, water pollution, and biodiversity loss. Furthermore, businesses may find it prohibitively expensive to develop and register new agrochemical goods due to their high cost. Another issue is that pests are becoming more resistant to pesticides, which means the market will need to continue to adapt and innovate.
The availability and manufacture of agrochemicals have been impacted by COVID-19. The global pandemic has affected a number of businesses globally, including the market for agrochemicals. The amount of workers required for the production of pesticides differed significantly from the number of workers available due to a temporary labor shortage and distribution bottlenecks. Due to a shortage of workers in large-scale plantations, crop production has also declined, which has lessened the need for agrochemicals during the epidemic.
South Korea Agrochemicals Market Key Players:
Gyeonggi-do in the Northern Region is the major center for the use and distribution of agrochemicals due to its sophisticated agricultural infrastructure, close proximity to important research institutions, and robust economic backing. Major players in the market are Daewon GSI, Dongbu Farm Hannong, Farm Hannong, Hankook Shell Chemicals, Kyung Nong Corporation, LG Chem, Namhae Chemical, Korea Agro-Fisheries & Food Trade Corporation (aT), NongHyup Chemical, Samyang Chemical, Others.
South Korea Agrochemicals Market Segmentation:
By Fertilizer Type: Based on the Fertilizer Type, South Korea Agrochemicals Market is segmented as; Nitrogen Fertilizer, Phosphatic Fertilizer, Potassic Fertilizer, Others.
By Pesticide Type: Based on the Pesticide Type, South Korea Agrochemicals Market is segmented as; Fungicides, Herbicides, Insecticides, Others.
By Crop Type: Based on the Crop Type, South Korea Agrochemicals Market is segmented as; Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetable.
By Region: This research also includes data for Northern Region, Southern Region, Western Region, Eastern Region, Central Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information about this Report: –
South Korea Agrochemicals Market Scope
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