Dicamba Market 2022
Considering a number of favorable factors, the global dicamba market is likely to clock a healthy CAGR of 7.9% between 2017 and 2022. At this pace, the market’s revenue of US$ 337.8 Mn in 2017 is expected to increase to US$ 457.3 Mn by the end of 2022.
Dicamba is a herbicide that has been used for many years to kill broadleaf weeds and grasses. Dicamba is most commonly used in soybean, cotton, and peanut production, but it can also be used in other crops such as wheat, corn, and rice. Dicamba has been known to cause damage to nearby crops that are not being treated with the herbicide.
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In recent years, Monsanto has developed a new version of Dicamba called XtendiMax with VaporGrip Technology. This new formulation is designed to reduce volatility (the tendency of a chemical to turn into a gas) and drift (the movement of the herbicide away from the target area). However, reports of crop damage caused by Dicamba have continued since the introduction of XtendiMax.
Key Companies-
- BASF SE
- Monsanto Company
- EI du Pont de Nemours & Company
- Bayer AG
- The Dow Chemical Company
- Syngenta AG
- Nufarm Limited
- Other.
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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.
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Major Highlights of Dicamba Market Report:
- Dicamba Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes Dicamba Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
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