New York, NY -- (SBWire) -- 06/09/2016 --According to a new market report published by Persistence Market Research titled "Global Market Study on Dicamba Market: Agriculture Segment to Witness Highest Growth by 2021 ", the global market for dicamba is estimated to reach value of US$ 289.5 Mn by 2015 end, and is expected to expand at a CAGR of 7.9% from 2015 to 2021, to reach a market value of US$ 457.3 Mn by 2021.
Dicamba is a benzoic acid herbicide used primarily for controlling woody plants and broadleaf weeds. Applied to leaves, plants, or the soil, dicamba finds application in forests, gardens, agriculture, lawn and turf, and many other non-commercial and domestic applications. The herbicide is known to kill broadleaf weeds before and after they grow, and thus it is widely used as a pre-emergence and post-emergence herbicide. Available in a variety of acid and salt formulations, dicamba is a white to brown crystalline solid and is commercially available in the form of powders, liquids, granules, and liquid concentrates. It can cause illness to humans if it is inhaled, ingested, or percolated via the skin.
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Lack of Widespread Regulatory Approval Hurts Dicamba Market
The overall global demand for dicamba is influenced by a variety of factors, such as the rising exports of dicamba from China owing to higher tax rebates and the rising awareness about crop protection across the globe. Dicamba is also widely replacing glyphosate to some extent and it is also sometimes used in combination with glyphosate for a variety of agricultural applications.
However, factors such as pending regulatory approval for the herbicide in certain regional markets and its volatility, which leads to drift damage to neighboring properties, are likely to restrain the global dicamba market to a certain extent.
Persistence Market Research, in one of its market intelligence studies, states that the global market for dicamba will reach a value of US$289.5 mn by 2015. Projected to expand at a 7.90% CAGR between 2015 and 2021, the market is expected to rise to US$457.3 mn by 2021.
Demand from Agriculture Industry and North America Market Driving Global Dicamba Market
Some of the key applications of dicamba include its use in agriculture, lawns and turfs, and other domestic and commercial applications. Of these, the agriculture sector held the major share in the overall sale of dicamba on a global front in 2014. The demand for dicamba from this application area is also expected to rise at the fastest pace among all the application segments in the coming years. The rise in demand is expected to be chiefly due to the rising preference for dicamba over other herbicides for controlling growth of weeds. In terms of market value, the demand for dicamba is expected to rise at an 8.10% CAGR by 2021. During the same period, demand for dicamba is expected to rise at a 7% CAGR from the lawn and turf segment.
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Of the key regional markets for dicamba, viz. North America, Europe, APAC, Latin America, and the Middle East and Africa, the global dicamba market earned its major share of revenue from the North America market in 2014, which is projected to account for a 23.7% share in the market by the end of 2015. Till 2021, the North America market for dicamba is expected to expand at a 6.50% CAGR.
Of the key businesses operating in the global dicamba market, the chief ones include The Dow Chemical Company, Monsanto Company, BASF SE, and Syngenta AG. Other major businesses in the market are Nufarm Limited, Bayer AG, and EI du Pont de Nemours & Company.
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Dicamba Market Will Increase at a CAGR of 7.9% from 2015 to 2021, Globally : PMR
Demand for dicamba is influenced by a number of factors, two of which are expected to drive demand for dicamba during the forecast period include raising awareness about crop protection and increasing exports of dicamba from China due to higher tax rebates.