South Korea Seed Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 6.70% (2024-2032)
The South Korean seed market is driven by several key factors that reflect the country's advanced agricultural practices, focus on food security, and growing demand for high-quality produce. According to the latest report by IMARC Group, the market size is projected to exhibit a growth rate (CAGR) of 6.70% during 2024-2032.
South Korea Seed Market Trends and Drivers:
The South Korean seed market is driven by several key factors that reflect the country's advanced agricultural practices, focus on food security, and growing demand for high-quality produce. South Korea is known for its cutting-edge agricultural technology, which is impelling the market growth. The development and adoption of genetically modified (GM) seeds and hybrid varieties benefit in improving crop yields and resistance to pests and diseases.
These innovations help farmers achieve higher productivity, which is crucial for a country with limited arable land. In addition, governing agencies in the country are actively supporting the agricultural sector through various policies and subsidies. Programs aimed at enhancing seed quality, promoting research and development (R&D), and ensuring the availability of high-quality seeds to farmers are pivotal. The rising focus on food security on account of supply chain disruptions is catalyzing the demand for seed in the country.
Apart from this, the growing demand for organic and specialty crops among individuals due to the increasing health consciousness and the desire for unique and high-quality produce is offering a favorable market outlook. This trend is accelerating the development and commercialization of seeds tailored to organic farming and specialty crops, such as high-nutrient vegetables and fruits, creating new opportunities in the seed market. Furthermore, rapid urbanization in South Korea is leading to the rise of smart farming practices, including vertical farming and urban agriculture.
These innovative farming methods rely on high-quality seeds optimized for controlled environments. There is an increase in the demand for such seeds because of the popularity of urban farming in densely populated areas. Additionally, South Korea's seed industry is also benefiting from growing export opportunities. The country has a reputation for high-quality seed production. This is leading to an increase in the demand for seeds in international markets, particularly in neighboring Asian countries. This expansion into global markets provides an additional growth avenue for the South Korean seed industry.
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South Korea Seed Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Genetically Modified Seeds
- Conventional Seeds
Seed Type Insights:
- Oilseeds
- Soybean
- Sunflower
- Cotton
- Canola/Rapeseed
- Cereals and Grains
- Corn
- Wheat
- Rice
- Sorghum
- Fruits and Vegetables
- Tomatoes
- Lemons
- Brassica
- Pepper
- Lettuce
- Onion
- Carrot
- Burpee and Park
- Others
Traits Insights:
- Herbicide-Tolerant (HT)
- Insecticide-Resistant (IR)
- Others
Availability Insights:
- Commercial Seeds
- Saved Seeds
Seed Treatment Insights:
- Treated
- Untreated
Regional Insights:
- Seoul Capital Area
- Yeongam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- American Express Company
- Kakao Pay Corp.
- Mastercard Inc.
- Naver Corporation
- NHN PAYCO Corp.
- Rapyd Financial Network (2016) Ltd.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- Viva Republica Inc.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
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