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Global dicamba market to reach $ 521 mn by 2022
Nov. 21, 2016
The global dicamba herbicide market is projected to grow at a CAGR of 7.3% to reach USD 521.2 Million by 2022. The market growth is driven by the rising need for food security for the growing population, advancement in farming practices and technologies and heavy crop loss due to weed problems. The market is further driven by factors such as increasing demand for herbicides along with increasing acceptance for Integrated Pest Management (IPM) by the farmers, and high opportunities in developing countries.
On the basis of crop type, the dicamba herbicide market is led by cereals & grains, followed by, oilseeds & pulses and pastures & forage crops. The oilseeds & pulses segment is projected to be the fastest-growing crop type in the dicamba herbicide market due to high demand for cereals, grains, and oilseeds by the growing population all over the world.
The liquid form of dicamba herbicide is majorly used all over the world as compared to the dry form, due to the convenience as well as the easy application of liquid dicamba herbicide.
The dicamba herbicides can be used in both pre- as well as post-emergence; however, it is mostly used in pre-emergence of harmful weeds. Pre-emergence herbicides are applied to crops prior to weed seed germination. This group of herbicides controls weeds during the weed seed germination process but does not actually prevent weed seed germination. In contrast to pre-emergence herbicides, post-emergence herbicides controls only weeds that are emerged and actively growing at the time of treatment.
In 2015, in terms of volume North America accounted for the largest market share in the dicamba herbicide market, followed by Europe and Asia-Pacific. Increasing awareness about the benefits of dicamba herbicide among the cultivators and advancement in farming technology is leading to the growth of the market in this region. The dicamba herbicide market in the Asia-Pacific region is projected to grow with investments from several multinational manufacturers. Moreover, extensive R&D initiatives have been undertaken for exploring the new varieties of weeds and their effective control methods.
Pesticide residue problem and stringent government regulations are the restraining factors in the dicamba herbicide market.
Key players identified in the global dicamba herbicide market include Monsanto Company (U.S.), Bayer Crop Science (Germany), BASF SE (Germany), The Dow Chemical Company (U.S.), E.I. du Pont de Nemours and Company (U.S.), and Syngenta AG (Switzerland). Most key participants have been exploring new regions through new product launches, collaborations, and acquisitions across the globe to avail a competitive advantage through combined synergies. Since 2011, the dicamba herbicide market has witnessed an increase in demand, especially in countries such as the U.S., Canada, Spain, and the U.K.
Source: MarketsandMarkets (M&M)
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