South Korea Precision Farming Industry to Grow at a CAGR 12.3% from 2022 to 2030

According to a research report "South Korea Precision Farming Market with COVID-19 Impact Analysis by Technology (Guidance, Remote Sensing and Variable Rate Technology), Offering, Application, and Region (Americas, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2030" published by MarketsandMarkets, South Korea Precision Farming Market to Grow at a CAGR 12.3% from 2022 to 2030.

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South Korea to witness robust growth in precision farming market during the forecast period

Precision farming was introduced in South Korea in the 1990s through international seminars, symposiums, and research projects by scientists in government agencies and universities. Recently, precision farming technologies have witnessed an increased adoption rate in the country. According to the Ministry of Agriculture, Food and Rural Affairs (MAFRA), farms in South Korea are small, ranging from 1 to 2.5 acres in size. The government centers also provide financial aid to farmers to purchase precision agriculture equipment. These equipment can easily traverse rough terrains, thereby reducing the burden on farmers to search laborers and pay their wages. Precision farming technologies such as GPS, GIS, and small machine-based variable rate technology (VRT) are currently adopted in small and medium-sized farms; government programs also promote web-based GIS systems. The local governments have developed centers of excellence to encourage farmers to use the internet and gain knowledge on soil properties, as well as gather information on soil fertility and nutrient levels for better yield.

Precision farming in South Korea seems to be entering a new phase as advanced technology-based agricultural solutions, such as farm software packages, yield monitoring sensors, crop growth sensors, variable rate nutrient application systems, and site-specific variability systems, are being developed in South korea and neighboring countries. In August 2021, the KOPIA Pakistan Centre, the Pakistan Agricultural Research Council (PARC), and the Korean Rural Development Administration (RDA) collaborated on developing technologies to boost agricultural production. The PARC and RDA will together develop customized technologies and serve as a hub for sharing agricultural technologies and knowledge between the two countries. In June 2021, the Korea Trade-Investment Promotion Agency in Jordan (KOTRA Amman) collaborated with the Jordan National Agricultural Research Centre to introduce smart farming technologies to Jordan’s agricultural industry. This is expected to improve Jordan’s agricultural productivity as food security becomes vital to its economy.

As a producer, South Korea is home to several companies that are developing precision farming technologies. For example, Samsung Electronics has developed a range of agricultural sensors that can measure soil moisture, temperature, and other environmental factors. Additionally, companies like Nongshim Data System are developing precision farming solutions like automated crop monitoring systems, intelligent irrigation systems, and livestock monitoring solutions. South Korea's government is also investing heavily in precision farming technology, with initiatives like the "Smart Farming Industry Development Plan" aimed at promoting the use of digital technologies in agriculture. The plan includes measures like subsidies for precision agriculture equipment, research and development programs for new technologies, and training programs for farmers on how to use these technologies.

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Large number of precision farming technology being used in South Korea is the "Smart Farm" system developed by the Rural Development Administration (RDA). The Smart Farm system uses a variety of sensors and automation technology to monitor environmental conditions.