The global dicamba market has been witnessing an immense rise in market valuation. According to a research study, published by Persistence Market Research (PMR), the worldwide market for dicamba is expected to attain a value of US$289.5 mn by the end of 2015. Analysts expect this market to expand at a CAGR of 7.90% during the period from 2015 to 2021 and reach US$457.3 mn by 2021.
Dicamba is a benzoic acid herbicide that is applied on plants and the soil in order to prevent the development of woody plants and broadleaf weeds. The herbicide has a limited residual effect on the soil as weeds absorb it immediately through their roots and leaf. It is applied on crops such as rice, wheat, sugarcane, and sorghum.
Rising Awareness Regarding Crop Protection Fuels Market Growth
The increasing awareness pertaining to crop protection is fuelling the demand for dicamba in the global arena. The rise in the exports of dicamba from China is another factor, propelling the growth of this market to a great extent. The shrinking of the arable land is also expected to boost the global dicamba market in the coming years.
Dicamba can be utilized in combination with glyphosate for various agricultural applications and it can also be employed as a substitute of glyphosate. This factor is also predicted to stimulate the growth of this market in near future. However, difficulties faced in getting approvals for the usage of dicamba and drift damage caused by it are expected to hamper the growth of this market.
Agriculture to Retain Leadership in Key Application Segments
Agriculture, garden, forests, plants and lawn and turf are the main application areas for dicamba in the global arena. It is also utilized in various non-commercial and domestic applications.
The agriculture segment is expected to rise at the fastest growth rate in the coming years. The rapid decrease in the arable land across the world boosts the usage of dicamba in agricultural practices, which is driving this market segment extensively.
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In terms of market value, this segment is likely to report the fastest CAGR of 8.10% between 2015 and 2021 among all the application segments of the global dicamba market. Apart from this, the market for lawn and turf is projected to report a CAGR of 7.0% during the same period.
Europe to Dominate Global Dicamba Market
The worldwide market for dicamba is spread across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Here is a snapshot of how the market is expected to develop in the key regional markets.
Europe is projected to dominate all the regional markets for dicamba, accounting for a share of 28.8% in terms of revenue by the end of 2015.
The North America dicamba market is slated to occupy the second position in 2015 with 24% of the overall market. By volume, analysts expect the North America dicamba market to expand at a CAGR of 6.50% during the period from 2015 to 2021. In terms of market value, it is poised to rise at a CAGR of 8.50% during the same period.
Syngenta AG, EI du Pont de Nemours & Co., The Dow Chemical Co., Monsanto Co., BASF SE, Bayer AG, and Nufarm Ltd. are the major players operating in the global dicamba market.