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Dicamba Market Growing at 7.9% CAGR by 2021, Globally
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Dicamba is a benzoic acid herbicide that is applied to soil, plants or leaves. Dicamba is primarily applied to inhibit and restrict the growth of broadleaf weeds and woody plants. Dicamba is absorbed by weeds through the leaf and roots, with short soil residual. Dicamba is used in applications such as agriculture, lawn & turf, and others (forests, gardens, and plants, and other non-commercial applications). It is used on crops such as wheat, rice, sorghum, sugarcane, and others.
Rising awareness about crop protection and increasing exports of dicamba from China due to higher tax rebates are expected to emerge as major factors driving the growth of the global dicamba market during the forecast period. Besides decreasing arable land and dicamba replacing glyphosate to some extent, dicamba being used in combination with glyphosate for agricultural applications is another factor expected to fuel the growth of the global market during the forecast period. However, pending regulatory approvals and dicamba causing drift damage is likely to impede the growth of the global dicamba market during the forecast period. Revenue from the global dicamba market is expected to increase from US$ 289.5 Mn over 2015 to US$ 457.3 Mn by 2021, expanding at a CAGR of 7.9% during the forecast period.
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In terms of market value, Europe is expected to dominate the global dicamba market during the forecast period, with North America being the second largest market, accounting for a revenue share of around 24% of the estimated global market value by 2015 end. North America is slated to expand at the highest CAGR of around 8.5%, in terms of value between 2015 and 2021.
On the basis of application, the agriculture segment is slated to expand at the fastest CAGR during the forecast period. The growth of this segment is primarily driven by increasing preference of decreasing arable land across the globe. In terms of market value, the agriculture segment is expected to be the fastest growing segment in terms of application in the global dicamba market during the forecast period. In terms of market value, the agriculture segment is expected to expand at a CAGR of 8.1% during the forecast period. The lawn and turf application segment is expected to witness a growth rate of 7% between 2015 and 2021.
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BASF SE, Monsanto Company, The Dow Chemical Company, and Syngenta AG are leading players in the global dicamba market. Other players include EI du Pont de Nemours & Company, Bayer AG, and Nufarm Limited.
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