According to agriculture experts, there are about 461 unique varieties of weeds worldwide that are resistant to herbicides. This clearly demonstrates the need to introduce herbicides with unique mechanisms so as to lend more efficacy to weed control. Dicamba, a benzoic acid herbicide, promises to meet this need. Dicamba has seen commercial use since 1967, when it was registered with the Environmental Protection Agency (EPA) in the U.S. Used primarily in post-emergent plant control, dicamba finds uses in agriculture, gardens, turfs, and forests. In these end uses, dicamba is used for controlling vines, brushes, and broad-leaved plants classified as weeds.
The use of dicamba is approved for crops such as asparagus, sugarcane, soybean, wheat, oats, corn, millets, and rye. As the demand for food escalates, and the agriculture industry is responsible for fulfilling it, the need for herbicides such as dicamba will continue to move upward.
The dicamba market’s revenue will total US$457.3 Mn by 2021, says a recent study by Persistence Market Research. The market will grow steadily from its 2015 value of US$289.5 Mn, at a compounded annual growth rate (CAGR) of 7.9% from 2015 through 2021.
Growing Demand for Food to have Dramatic Impact on Demand for Dicamba
The demand for dicamba is expected to rise steadily in the agriculture sector as this sector is faced with the need to control weeds and improve crop productivity. At the same time, there are several other factors driving the growth of the global dicamba market. The most important among these are: an uptick in dicamba exports from China and a greater awareness about the use of herbicides in crop products, especially among small and marginal farmers in growth markets.
Shrinking arable land has put an additional pressure on farmers to extract the maximum potential of their land. This is yet another factor that will drive the adoption of more herbicides, with dicamba expected to benefit from this trend.
Glyphosates are being substituted by dicamba in the agricultural sector, creating an opportunity for companies in the dicamba market to up sales and revenue. The impact of dicamba as an alternative to glyphosate herbicide is evident from the decision of large companies such as Monsanto (which invested over US$1 Bn in a dicamba production facility in Louisiana, United States) to channel funds into the market.
North America to Constitute Highest Growth in Volume, Europe Lead in Value Terms
The North America dicamba market has, in recent years, received a shot in the arm with billions of dollars’ worth of investments in dicamba manufacturing facilities in the United States. The creation of additional production capacities will put the North America dicamba market at the forefront globally in terms of volume. According to Persistence Market Research, the North America dicamba market will have a CAGR of 6.5% between 2015 and 2021. The dicamba market in North America is projected to constitute 28.8% of the global market (by volume) by 2015 end.
In terms of value, however, it is Europe that will lead the global dicamba market. The European dicamba market will represent about 28.8% of the global market, in terms of value, by the end of 2015.
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