Republic of Korea: Insecticide Market 2024

Insecticide Market Size in Republic of Korea

The South Korean insecticide market totaled $X in 2022, remaining relatively unchanged against the previous year. Overall, consumption showed strong growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Insecticide Production in Republic of Korea

In value terms, insecticide production contracted slightly to $X in 2022 estimated in export price. In general, production showed a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Insecticide production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Insecticide Exports

Exports from Republic of Korea

In 2022, approx. X tons of insecticides were exported from South Korea; declining by X% compared with the year before. In general, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then reduced in the following year.

In value terms, insecticide exports reduced to $X in 2022. Overall, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

China (X tons) was the main destination for insecticide exports from South Korea, accounting for a X% share of total exports. Moreover, insecticide exports to China exceeded the volume sent to the second major destination, Brazil (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (X% per year) and the United States (X% per year).

In value terms, Brazil ($X) remains the key foreign market for insecticides exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Pakistan ($X), with an X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Brazil amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average insecticide export price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, insecticide export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Colombia ($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 the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Insecticide Imports

Imports into Republic of Korea

In 2022, insecticide imports into South Korea shrank to X tons, declining by X% compared with the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of X%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, insecticide imports declined to $X in 2022. Over the period under review, imports showed a noticeable decrease. The pace of growth appeared the most rapid in 2015 with an increase of X%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Malaysia (X tons) and Vietnam (X tons) were the main suppliers of insecticide imports to South Korea, together comprising X% of total imports. Indonesia, Japan, Sweden, Israel, India, the United States, Singapore and Belgium lagged somewhat behind, together accounting for a further X%.

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

In value terms, China ($X), Japan ($X) and Singapore ($X) were the largest insecticide suppliers to South Korea, with a combined X% share of total imports. The United States, Israel, Indonesia, India, Malaysia, Vietnam, Sweden and Belgium lagged somewhat behind, together accounting for a further X%.

Sweden, with a CAGR of X%, recorded 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 insecticide import price stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the import price saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2015 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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 Singapore ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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