Global dicamba market to reach $457.3 Mn by 2021

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.

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.

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.

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.