Big Opportunities of Dicamba: Agriculture Sector to Witness High Adoption Through 2021

Press Release – 09 Jan 2019

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Latest Update "Global Market Study on Dicamba: Agriculture Sector to Witness High Adoption Through 2021" with Industries Survey | Global Current Growth and Future.

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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.

Key names in the global dicamba market include BASF SE, E.l.du Pont de Nemours & Company, The Dow Chemical Company, Nufarm Limited, Gharda Chemicals Limited, Monsanto Company, Syngenta AG, and Albaugh LLC. The global dicamba market stood at a valuation of US$ 337.8 Mn in 2017. 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.

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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.

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“Initiatives to Develop New Product Formulations to Open a Vista of Opportunities in the Global Market”

Providing headwinds to the dicamba market is the volatility of dicamba leading to drift damage. This involves movement of the herbicide from treated areas to neighboring farms causing damage to non-targeted plants and trees. The increasing use of dicamba is leading to increasing concerns regarding drift damage caused due to blanket spraying and vaporization of dicamba post application in the treated area. Moreover, pending regulatory approvals for new dicamba formulations are also slowing the growth of the global dicamba market. For instance, Monsanto and BASF developed new dicamba mixtures Mon 1661 and Engenia respectively that are awaiting EPA approval – these can be used on dicamba-resistant soybean and cotton. Nevertheless, companies are entering into licensing agreements for enhanced market opportunities for dicamba and to enhance their presence in the global market. In addition, leading companies are focusing on product innovation for dicamba formulations and new product launches.

“Widespread Adoption of Herbicides Makes North America the Leading Regional Market for Dicamba”

Among the key application segments, agriculture holds dominance in the overall dicamba market. This is because dicamba is used to control the growth of weeds in agricultural farms to prevent loss of agricultural output. The lawn and turf application segment is anticipated to stoke significant demand for dicamba in the future. North America is anticipated to emerge as the most attractive market for dicamba in the years ahead. This is because emergence of glyphosate-resistant weeds has prompted farmers to opt for alternative herbicides such as dicamba.

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