Key Insights
The South Korean crop protection chemicals market is poised for robust expansion, projected to reach a USD 1.06 Billion valuation in 2025. This growth is underpinned by a significant Compound Annual Growth Rate (CAGR) of 6.67%, indicating a dynamic and evolving industry. The market is primarily driven by the increasing need to enhance agricultural productivity and ensure food security amidst a growing population and changing dietary habits. Furthermore, the adoption of advanced farming techniques and the rising demand for higher quality produce are also key stimulants. Government initiatives aimed at supporting the agricultural sector and promoting sustainable farming practices are expected to further bolster market growth. The market segments showcase a balanced interplay between synthetic crop protection chemicals and the burgeoning biopesticides segment. While synthetic chemicals continue to hold a substantial share due to their established efficacy, biopesticides are witnessing accelerated adoption driven by environmental concerns and regulatory preferences. Among product types, herbicides remain a dominant category, followed closely by insecticides and fungicides, reflecting the diverse pest and disease pressures faced by South Korean agriculture.
South Korea Crop Protection Chemicals Market Market Size (In Million)
The crop type segmentation highlights the significance of grains and cereals, which form the staple food base, alongside the rapidly growing fruits and vegetables sector, driven by consumer demand for fresh produce and higher-value crops. Commercial crops like cotton also contribute to the market's diversity. The competitive landscape features prominent global players alongside strong domestic companies, fostering innovation and a focus on developing sustainable and effective crop protection solutions. Key players like Syngenta, Bayer Korea Ltd, and BASF SE are actively involved, alongside local entities such as Farm Hannong and Nonghyup Chemical, in catering to the specific needs of the South Korean agricultural ecosystem. Emerging trends include a greater emphasis on integrated pest management (IPM) strategies, the development of precision agriculture tools, and the introduction of novel chemical formulations with improved environmental profiles. Restraints, such as stringent regulatory approvals and the potential for pest resistance, are being addressed through ongoing research and development efforts focused on creating a more sustainable and resilient agricultural future for South Korea.
South Korea Crop Protection Chemicals Market Company Market Share
This in-depth report offers a detailed analysis of the South Korea Crop Protection Chemicals Market, providing critical insights for stakeholders aiming to navigate this dynamic sector. Leveraging a study period from 2019 to 2033, with a base year of 2025, this research dissects market size, growth drivers, emerging trends, and competitive landscapes. We project the market to reach USD XX Million by 2033, exhibiting a robust Compound Annual Growth Rate (CAGR) of XX% during the forecast period. Our analysis covers key segments including synthetic crop protection chemicals and biopesticides, with specific product types like herbicides, insecticides, and fungicides, across various crop types such as grains and cereals, fruits and vegetables, and commercial crops.
South Korea Crop Protection Chemicals Market Market Structure & Innovation Trends
The South Korea Crop Protection Chemicals Market exhibits a moderate level of concentration, characterized by the presence of both established global players and strong domestic manufacturers. Innovation is primarily driven by the need for sustainable agricultural practices, enhanced crop yields, and compliance with stringent environmental regulations. Key innovation drivers include the development of targeted pest and disease control solutions, reduction in chemical residues, and the integration of digital farming technologies. The regulatory framework, overseen by bodies like the Ministry of Agriculture, Food and Rural Affairs, plays a significant role in shaping product development and market access. While product substitutes exist in the form of integrated pest management (IPM) strategies and biological control agents, conventional synthetic and bio-based crop protection chemicals continue to dominate due to their efficacy and widespread adoption. End-user demographics are largely comprised of commercial farms, cooperatives, and smallholder farmers seeking to optimize agricultural productivity. Merger and acquisition (M&A) activities, though not consistently high, are strategic in nature, aimed at expanding product portfolios and market reach. The market anticipates continued investment in R&D for novel formulations and environmentally friendlier alternatives.
- Market Concentration: Moderate, with a mix of global conglomerates and local specialists.
- Innovation Drivers: Sustainability, yield enhancement, regulatory compliance, precision agriculture.
- Regulatory Framework: Stringent, focusing on safety, efficacy, and environmental impact.
- Product Substitutes: Integrated Pest Management (IPM), biological controls, advanced farming techniques.
- End-User Demographics: Commercial farms, agricultural cooperatives, government-supported initiatives, individual farmers.
- M&A Activities: Strategic, focusing on portfolio enhancement and market expansion.
South Korea Crop Protection Chemicals Market Market Dynamics & Trends
The South Korea Crop Protection Chemicals Market is propelled by a confluence of factors, with increasing demand for food security and higher crop yields being paramount growth drivers. South Korea's advanced agricultural sector, coupled with government initiatives promoting modern farming techniques and sustainable practices, further bolsters market expansion. Technological disruptions are manifesting in the form of precision agriculture, smart farming solutions, and the growing adoption of biopesticides. These innovations are reshaping how crop protection chemicals are developed, applied, and managed, leading to more efficient and environmentally conscious farming. Consumer preferences are shifting towards safer food products with minimal pesticide residues, influencing manufacturers to invest in research and development of low-toxicity and biological alternatives. The competitive dynamics within the market are characterized by intense price competition, continuous product innovation, and strategic partnerships aimed at gaining market share. The CAGR for the South Korea Crop Protection Chemicals Market is projected to be XX% during the forecast period, reflecting a steady upward trajectory. Market penetration of advanced crop protection solutions is expected to increase as farmers become more aware of their benefits and as supportive government policies continue to be implemented. The growing emphasis on export-oriented agriculture also necessitates the use of high-quality crop protection products to meet international standards.
Dominant Regions & Segments in South Korea Crop Protection Chemicals Market
South Korea, as the focal point of this market analysis, exhibits a uniform demand across its agricultural landscape, with specific regional preferences influenced by dominant crop cultivation. The Grains and Cereals (Rice, Barley, Other Grains) segment is a significant contributor, largely due to rice being a staple food and a cornerstone of Korean agriculture. The Fruits and Vegetables segment also holds substantial importance, driven by both domestic consumption and export markets.
- Dominant Segments by Chemistry:
- Synthetic Crop Protection Chemicals: Currently holds the larger market share due to established efficacy and cost-effectiveness.
- Biopesticides: Experiencing rapid growth, driven by consumer demand for organic produce and stricter environmental regulations.
- Dominant Segments by Product Type:
- Herbicides: Crucial for weed management, particularly in rice paddies and large-scale grain cultivation, contributing significantly to market value.
- Insecticides: Essential for protecting high-value crops like fruits and vegetables from pest infestations, representing a substantial market share.
- Fungicides: Important for preventing crop diseases, especially in humid conditions prevalent in certain growing seasons and regions.
- Dominant Segments by Crop Type:
- Grains and Cereals (Rice, Barley, Other Grains): This segment is a primary driver of the crop protection chemicals market in South Korea, with rice cultivation being a major consumer of herbicides and insecticides. Economic policies supporting rice farming and its strategic importance ensure continued demand.
- Fruits and Vegetables: This segment benefits from increased consumer awareness of healthy eating and the demand for high-quality produce. Investment in advanced agricultural technologies and the need for pest and disease control in these high-value crops contribute to strong market performance.
South Korea Crop Protection Chemicals Market Product Innovations
Recent product innovations in the South Korean crop protection chemicals market are heavily focused on sustainability, enhanced efficacy, and user safety. Companies are actively developing formulations that offer targeted action, reducing off-target effects and minimizing environmental impact. This includes the introduction of novel active ingredients for synthetic chemicals and the expansion of biological solutions derived from naturally occurring microorganisms and plant extracts. These innovations provide competitive advantages by meeting evolving regulatory requirements and consumer preferences for safer agricultural products. The market fit for these innovations lies in their ability to address specific pest and disease challenges more effectively while aligning with the principles of integrated pest management and organic farming.
Report Scope & Segmentation Analysis
This report segments the South Korea Crop Protection Chemicals Market by Chemistry, Product Type, and Crop Type.
- Chemistry: The market is analyzed into Synthetic Crop Protection Chemicals and Biopesticides. Synthetic chemicals currently dominate but biopesticides are projected for significant growth due to increasing demand for sustainable agriculture and organic produce.
- Product Type: Key segments include Herbicides, Insecticides, Fungicides, and Other Crop Protection Chemicals. Herbicides and insecticides are expected to retain their substantial market share due to their widespread application across major crops.
- Crop Type: The market is segmented into Grains and Cereals (Rice, Barley, Other Grains), Pulses and Oilseeds, Commercial Crops (Cotton, Other Crops), Fruits and Vegetables, and Other Crop Types. Grains and Cereals, particularly rice, and Fruits and Vegetables are anticipated to be the leading segments in terms of market value and growth.
Key Drivers of South Korea Crop Protection Chemicals Market Growth
The South Korea Crop Protection Chemicals Market is experiencing robust growth driven by several key factors. The increasing global demand for food security necessitates higher agricultural productivity, directly fueling the need for effective crop protection solutions. Government initiatives aimed at modernizing agriculture, promoting technological adoption, and ensuring food self-sufficiency provide a supportive environment for market expansion. Furthermore, the rising consumer awareness regarding food safety and quality is pushing farmers to adopt advanced and environmentally friendly crop protection products, including biopesticides. Technological advancements, such as precision agriculture and smart farming, are enabling more targeted and efficient application of these chemicals, leading to better outcomes and reduced environmental impact.
Challenges in the South Korea Crop Protection Chemicals Market Sector
Despite its growth potential, the South Korea Crop Protection Chemicals Market faces several challenges. Stringent regulatory frameworks, while essential for safety, can lead to lengthy approval processes for new products, increasing R&D costs and time-to-market. Environmental concerns and public perception regarding the use of synthetic pesticides are leading to increased demand for organic alternatives, creating competitive pressure on traditional products. Supply chain disruptions, exacerbated by global events, can impact the availability and cost of raw materials and finished products. Furthermore, the development of pest and disease resistance to existing chemistries necessitates continuous innovation and the introduction of new, effective solutions.
Emerging Opportunities in South Korea Crop Protection Chemicals Market
The South Korea Crop Protection Chemicals Market presents several exciting emerging opportunities. The burgeoning biopesticides segment, driven by consumer demand for organic and sustainable produce, offers significant growth potential. Advancements in biotechnology and precision agriculture are enabling the development of highly targeted and efficient crop protection solutions, reducing environmental impact and improving efficacy. The increasing adoption of smart farming technologies by South Korean farmers creates opportunities for integrated pest management solutions and data-driven crop protection strategies. Furthermore, growing export demands for agricultural products necessitate adherence to international quality and safety standards, encouraging the adoption of premium crop protection chemicals.
Leading Players in the South Korea Crop Protection Chemicals Market Market
- Sungbo Chemicals Co Ltd
- Kyung Nong Corporation
- KoreaBio Co Ltd
- Adama Korea Co Ltd
- Nonghyup Chemical
- Farm Hannong
- UP
- Nisso Korea Co Ltd
- Syngenta
- Bayer Korea Ltd
- BASF SE
Key Developments in South Korea Crop Protection Chemicals Market Industry
- December 2022: FarmHannong, a South Korean agricultural chemicals producer, expanded its herbicide "Terrad" into the Brazilian market. This herbicide was co-developed with the Korea Research Institute of Chemical Technology, with support from the Ministry of Trade, Industry, and Energy. FarmHannong also plans further expansion into neighboring countries like Paraguay and Uruguay.
- January 2021: Syngenta launched "APIRO," a crop protection chemical designed for consistent control of annual grasses in paddy rice. It offers flexibility in application, from pre-emergence up to the 3-leaf stage.
- September 2021: UPL announced a long-term strategic collaboration with Chr. Hansen to develop and commercialize microbial solutions for sustainable agriculture. This partnership aims to strengthen the portfolio of microbial products and provide farmers with sustainable alternatives to conventional agricultural products.
Future Outlook for South Korea Crop Protection Chemicals Market Market
The future outlook for the South Korea Crop Protection Chemicals Market is highly promising, driven by a sustained demand for increased agricultural productivity and the global shift towards sustainable farming practices. The market is poised for growth fueled by continuous innovation in both synthetic and biopesticide segments. Strategic investments in research and development for novel, eco-friendly solutions, alongside the integration of digital technologies in agriculture, will be critical growth accelerators. Government support for agricultural modernization and the increasing consumer preference for safe, high-quality produce will continue to propel the adoption of advanced crop protection chemicals. The market is expected to witness an expansion in its application across a wider range of crops and a growing emphasis on integrated pest management strategies, ensuring a resilient and forward-looking agricultural sector in South Korea.
South Korea Crop Protection Chemicals Market Segmentation
-
1. Chemistry
- 1.1. Synthetic Crop Protection Chemicals
- 1.2. Biopesticides
-
2. Product Type
- 2.1. Herbicides
- 2.2. Insecticides
- 2.3. Fungicides
- 2.4. Other Crop Protection Chemicals
-
3. Crop Type
-
3.1. Grains and Cereals
- 3.1.1. Rice
- 3.1.2. Barley
- 3.1.3. Other Grains
- 3.2. Pulses and Oilseeds
-
3.3. Commercial Crops
- 3.3.1. Cotton
- 3.3.2. Other Crops
- 3.4. Fruits and Vegetables
- 3.5. Other Crop Types
-
3.1. Grains and Cereals
-
4. Chemistry
- 4.1. Synthetic Crop Protection Chemicals
- 4.2. Biopesticides
-
5. Product Type
- 5.1. Herbicides
- 5.2. Insecticides
- 5.3. Fungicides
- 5.4. Other Crop Protection Chemicals
-
6. Crop Type
-
6.1. Grains and Cereals
- 6.1.1. Rice
- 6.1.2. Barley
- 6.1.3. Other Grains
- 6.2. Pulses and Oilseeds
-
6.3. Commercial Crops
- 6.3.1. Cotton
- 6.3.2. Other Crops
- 6.4. Fruits and Vegetables
- 6.5. Other Crop Types
-
6.1. Grains and Cereals
South Korea Crop Protection Chemicals Market Segmentation By Geography
- 1. South Korea
South Korea Crop Protection Chemicals Market Regional Market Share
Geographic Coverage of South Korea Crop Protection Chemicals Market
South Korea Crop Protection Chemicals Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 6.67% from 2020-2034 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Seed Treatment As A Solution To Enhance Yield; Growing Awareness For Seed Treatment Among The Farmers; Rising Trend Of Organic Farming
- 3.3. Market Restrains
- 3.3.1. Limitations Across Farm-Level Seed Treatment; Rising Environmental Concerns
- 3.4. Market Trends
- 3.4.1. Increasing Use of Microbial Pesticide
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. South Korea Crop Protection Chemicals Market Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Chemistry
- 5.1.1. Synthetic Crop Protection Chemicals
- 5.1.2. Biopesticides
- 5.2. Market Analysis, Insights and Forecast - by Product Type
- 5.2.1. Herbicides
- 5.2.2. Insecticides
- 5.2.3. Fungicides
- 5.2.4. Other Crop Protection Chemicals
- 5.3. Market Analysis, Insights and Forecast - by Crop Type
- 5.3.1. Grains and Cereals
- 5.3.1.1. Rice
- 5.3.1.2. Barley
- 5.3.1.3. Other Grains
- 5.3.2. Pulses and Oilseeds
- 5.3.3. Commercial Crops
- 5.3.3.1. Cotton
- 5.3.3.2. Other Crops
- 5.3.4. Fruits and Vegetables
- 5.3.5. Other Crop Types
- 5.3.1. Grains and Cereals
- 5.4. Market Analysis, Insights and Forecast - by Chemistry
- 5.4.1. Synthetic Crop Protection Chemicals
- 5.4.2. Biopesticides
- 5.5. Market Analysis, Insights and Forecast - by Product Type
- 5.5.1. Herbicides
- 5.5.2. Insecticides
- 5.5.3. Fungicides
- 5.5.4. Other Crop Protection Chemicals
- 5.6. Market Analysis, Insights and Forecast - by Crop Type
- 5.6.1. Grains and Cereals
- 5.6.1.1. Rice
- 5.6.1.2. Barley
- 5.6.1.3. Other Grains
- 5.6.2. Pulses and Oilseeds
- 5.6.3. Commercial Crops
- 5.6.3.1. Cotton
- 5.6.3.2. Other Crops
- 5.6.4. Fruits and Vegetables
- 5.6.5. Other Crop Types
- 5.6.1. Grains and Cereals
- 5.7. Market Analysis, Insights and Forecast - by Region
- 5.7.1. South Korea
- 5.1. Market Analysis, Insights and Forecast - by Chemistry
- 6. Competitive Analysis
- 6.1. Market Share Analysis 2025
- 6.2. Company Profiles
- 6.2.1 Sungbo Chemicals Co Ltd
- 6.2.1.1. Overview
- 6.2.1.2. Products
- 6.2.1.3. SWOT Analysis
- 6.2.1.4. Recent Developments
- 6.2.1.5. Financials (Based on Availability)
- 6.2.2 Kyung Nong Corporation
- 6.2.2.1. Overview
- 6.2.2.2. Products
- 6.2.2.3. SWOT Analysis
- 6.2.2.4. Recent Developments
- 6.2.2.5. Financials (Based on Availability)
- 6.2.3 KoreaBio Co Ltd
- 6.2.3.1. Overview
- 6.2.3.2. Products
- 6.2.3.3. SWOT Analysis
- 6.2.3.4. Recent Developments
- 6.2.3.5. Financials (Based on Availability)
- 6.2.4 Adama Korea Co Ltd
- 6.2.4.1. Overview
- 6.2.4.2. Products
- 6.2.4.3. SWOT Analysis
- 6.2.4.4. Recent Developments
- 6.2.4.5. Financials (Based on Availability)
- 6.2.5 Nonghyup Chemical
- 6.2.5.1. Overview
- 6.2.5.2. Products
- 6.2.5.3. SWOT Analysis
- 6.2.5.4. Recent Developments
- 6.2.5.5. Financials (Based on Availability)
- 6.2.6 Farm Hannong
- 6.2.6.1. Overview
- 6.2.6.2. Products
- 6.2.6.3. SWOT Analysis
- 6.2.6.4. Recent Developments
- 6.2.6.5. Financials (Based on Availability)
- 6.2.7 UP
- 6.2.7.1. Overview
- 6.2.7.2. Products
- 6.2.7.3. SWOT Analysis
- 6.2.7.4. Recent Developments
- 6.2.7.5. Financials (Based on Availability)
- 6.2.8 Nisso Korea Co Ltd
- 6.2.8.1. Overview
- 6.2.8.2. Products
- 6.2.8.3. SWOT Analysis
- 6.2.8.4. Recent Developments
- 6.2.8.5. Financials (Based on Availability)
- 6.2.9 Syngenta
- 6.2.9.1. Overview
- 6.2.9.2. Products
- 6.2.9.3. SWOT Analysis
- 6.2.9.4. Recent Developments
- 6.2.9.5. Financials (Based on Availability)
- 6.2.10 Bayer Korea Ltd
- 6.2.10.1. Overview
- 6.2.10.2. Products
- 6.2.10.3. SWOT Analysis
- 6.2.10.4. Recent Developments
- 6.2.10.5. Financials (Based on Availability)
- 6.2.11 BASF SE
- 6.2.11.1. Overview
- 6.2.11.2. Products
- 6.2.11.3. SWOT Analysis
- 6.2.11.4. Recent Developments
- 6.2.11.5. Financials (Based on Availability)
- 6.2.1 Sungbo Chemicals Co Ltd
List of Figures
- Figure 1: South Korea Crop Protection Chemicals Market Revenue Breakdown (Million, %) by Product 2025 & 2033
- Figure 2: South Korea Crop Protection Chemicals Market Share (%) by Company 2025
List of Tables
- Table 1: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Chemistry 2020 & 2033
- Table 2: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Product Type 2020 & 2033
- Table 3: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Crop Type 2020 & 2033
- Table 4: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Chemistry 2020 & 2033
- Table 5: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Product Type 2020 & 2033
- Table 6: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Crop Type 2020 & 2033
- Table 7: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Region 2020 & 2033
- Table 8: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Chemistry 2020 & 2033
- Table 9: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Product Type 2020 & 2033
- Table 10: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Crop Type 2020 & 2033
- Table 11: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Chemistry 2020 & 2033
- Table 12: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Product Type 2020 & 2033
- Table 13: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Crop Type 2020 & 2033
- Table 14: South Korea Crop Protection Chemicals Market Revenue Million Forecast, by Country 2020 & 2033
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the South Korea Crop Protection Chemicals Market?
The projected CAGR is approximately 6.67%.
2. Which companies are prominent players in the South Korea Crop Protection Chemicals Market?
Key companies in the market include Sungbo Chemicals Co Ltd, Kyung Nong Corporation, KoreaBio Co Ltd, Adama Korea Co Ltd, Nonghyup Chemical, Farm Hannong, UP, Nisso Korea Co Ltd, Syngenta, Bayer Korea Ltd, BASF SE.
3. What are the main segments of the South Korea Crop Protection Chemicals Market?
The market segments include Chemistry, Product Type, Crop Type, Chemistry, Product Type, Crop Type.
4. Can you provide details about the market size?
The market size is estimated to be USD 1.06 Million as of 2022.
5. What are some drivers contributing to market growth?
Seed Treatment As A Solution To Enhance Yield; Growing Awareness For Seed Treatment Among The Farmers; Rising Trend Of Organic Farming.
6. What are the notable trends driving market growth?
Increasing Use of Microbial Pesticide.
7. Are there any restraints impacting market growth?
Limitations Across Farm-Level Seed Treatment; Rising Environmental Concerns.
8. Can you provide examples of recent developments in the market?
December 2022: FarmHannong, South Korea's based agricultural chemicals producer has expanded the new herbicide Terrad in Brazil, which has jointly been developed by FarmHannong and the Korea Research Institute of Chemical Technology with the support of the Ministry of Trade, Industry, and Energy. Further, the company plans to expand the business to neighboring countries such as Paraguay and Uruguay.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 3800, USD 4500, and USD 5800 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "South Korea Crop Protection Chemicals Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the South Korea Crop Protection Chemicals Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the South Korea Crop Protection Chemicals Market?
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Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence