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.
New York, NY -- (SBWIRE) -- 02/09/2016 -- 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 an herbicide used for controlling broadleaf weeds in farmland and other domestic and non-commercial applications. Dicamba is taken in by the weeds through the leaf and roots with short soil residual. Dicamba can cause illness by inhalation, ingestion, or skin absorption to humans. Dicamba is classified into three major applications namely agriculture, lawn & turf, and others. Agriculture is the major application segment of the dicamba market in terms of both volumes as well as value.
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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. Moreover, dicamba is replacing glyphosate to some extent and is also being used in combination with glyphosate for agricultural applications. This is another factor expected to drive the growth of the global dicamba market over the forecast period.
However, pending regulatory approvals and volatility of dicamba causing drift damage, are factors likely to restrain the growth of the global dicamba market during the forecast period.
Persistence Market Research, in its report titled "Global Market Study on Dicamba Market: Agriculture Segment to Witness Highest Growth by 2021", has segmented the global dicamba market into applications and geographic regions. On the basis of application, the market is segmented into agriculture, lawn & turf, and others. On the basis of geographic regions, the overall dicamba market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
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Amongst the aforementioned region-based segments in the global dicamba market, North America Dicamba market is expected to expand at an accelerated CAGR of 6.5%, in terms of volume during the forecast period. The market in the region is expected to account for a share of around 23.7% of the global dicamba market volume by the end of 2015. In terms of market value, Europe is expected to account for a major share of the global dicamba market value during the forecast period. It is slated to account for a share of around 28.8% by the end of 2015.
Amongst the application segments of the global dicamba market, 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 for dicamba over other herbicides to control the growth of weeds. In terms of market value, the agriculture segment is expected to expand at a CAGR of 8.1% during the forecast period. Also, lawn and turf application segment is expected to witness a growth of 7% during the forecast period.
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