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Dicamba market predicted to be worth US$ 457.3 mn by 2021
Sep. 11, 2019
The global dicamba market stood at a valuation of US$ 337.8 Mn in 2017, according to a latest report published by Persistence Market Research. Expanding at a CAGR of 7.9% for the forecast period between 2017 and 2021, the market is predicted to be worth US$ 457.3 Mn by the end of 2021.
The global dicamba market features the prominence of a handful of companies that hold majority market shares. Increasing production, focus on expanding presence in the global crop protection market, and launch of advanced dicamba formulations are the focus of top companies in the global dicamba market. In addition, enhancing the product portfolio and investments for new production facilities are some of the growth strategies that leading companies in the market have resorted to.
Agriculture to Continue to Remain an Attractive Application Area for Dicamba
The global dicamba market is segmented on the basis of application and geography. In terms of application, the dicamba market is segregated into agriculture, lawn & turf, and others. Of these, agriculture is the leading application segment mainly because of increasing adoption of herbicides such as dicamba to control the growth of weeds in agricultural farms. Damages caused by weeds account for heavy loss of agriculture production. In the years ahead too, the agriculture application segment is likely to maintain its dominance due to increasing adoption of dicamba to control the growth of weeds in agricultural land. In terms of growth rate, the lawn & turf segment is anticipated to be attractive over the forecast period.
Growing Agricultural Exports from Latin America to Bode Well for the Global Dicamba Market
Geographically, the global dicamba market is classified into five key regions namely North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Europe has been the leading regional market for dicamba in the recent past. In 2015, the region held the leading share of 28.8% in the overall market. The Europe dicamba market is likely to be a significant regional market over the forecast period. The growth of this region is mainly because of steady demand for dicamba from EU5 countries that account for a major chunk of dicamba in the region. The region was closely followed by North America and Asia Pacific.
North America is anticipated to register the leading growth rate in the upcoming years. The region is expected to emerge as the most lucrative market for dicamba in the near future. In North America, glyphosate is extensively used as an herbicide. However, emergence of glyphosate-resistant weeds has necessitated farmers to adopt alternative herbicides such as dicamba. In addition, glyphosate has also been identified with carcinogenic characteristics by the International Agency for Research on Cancer. This is translating into growth for the North America dicamba market.
Latin America is predicted to register the second highest growth rate in terms of value and volume over the forecast period. In the recent past, the region witnessed steady growth of the herbicide market. Growing exports of agricultural produce from countries such as Brazil and Argentina have made it imperative for farmers to use crop protection herbicides to keep weeds at bay. The Middle East and Africa on the other hand is predicted to display a relatively slower growth rate over the forecast period.
It can be summarized that the growing adoption of dicamba to control weeds’ growth that leads to loss of agricultural produce is predominantly driving the global dicamba market.
Source: NEWS VARSITY
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