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.
New York, NY -- (SBWIRE) -- 01/06/2016 -- The global dicamba market has experienced an impressive rise in its valuation over the past few years. The rise in the awareness regarding crop protection has propelled the demand for dicamba across the world. The rapid depletion of arable lands is another factor fueling this market to a significant extent. Additionally, the growing export of dicamba from China is expected to strengthen the worldwide dicamba market in forthcoming years.
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According to a research report published by Persistence Market Research (PMR), a market research and intelligence firm, the global market for dicamba is likely to reach a value of US$289.5 mn by the end of 2015. Analysts at PMR project this market to report a CAGR of 7.90% between 2015 and 2021 and attain a value of US$457.3 mn by the end of 2021.
Minimal Residual Effect on Soil Boosting Dicamba's Popularity
Dicamba, a benzoic acid herbicide, has gained immense popularity on account of its minimal residual effect on the soil. The herbicide, when sprinkled on plants and the soil, hampers the development of broadleaf weeds and woody plants. It is absorbed by weeds almost immediately after sprinkling without having any negative impact on the soil.
Dicamba is an excellent alternative for glyphosate, which is also adding significantly to the demand for it. However, the drift loss caused by the herbicide, as well as the stringent procedure of gaining approval, is likely to hinder the growth of this market in the near future.
Agriculture to Remain Leading Application Segment of Dicamba Market
Lawn and turf, agriculture, gardens, forests, plants, and various non-commercial and domestic applications are the main applications for dicamba in the global arena. Among these, the agriculture segment is accounting for the highest demand for dicamba at present and is likely to retain its leadership over the next few years.
This segment is also expected to report the fastest CAGR of 8.10% during the period from 2015 to 2021, owing to the worldwide decline in arable lands. On the other hand, analysts project the market for dicamba for usage in lawns and turf to register a CAGR of 7.0% during the same timeframe.
Europe to Attain leadership in Global Dicamba Market
Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are the major regional markets for dicamba. Europe, among these, is likely to seize the leading position, contributing a share of 28.8% of the overall revenue generated in the global market till 2015.
Analysts anticipate North America to occupy the second position in the global dicamba market in the coming years. In terms of revenue, it is poised to hold a share of 24% in the overall market by the end of 2015. In terms of volume, the North America dicamba market is projected to rise at a CAGR of 6.50% between 2015 and 2021, while, in terms of value, the expected CAGR is 8.50% in the same duration.
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Nufarm Ltd., Syngenta AG, BASF SE, Monsanto Co., DuPont, The Dow Chemical Co., and Bayer AG are the key players operating in the global dicamba market.
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