According to Precision Business Insights, the Dicamba Herbicide Market research report provides industry size and growth.
The Dicamba Herbicide Market size was valued at USD 3621 million in 2022 and is expected to grow at a CAGR of 5.9% from 2023-2029. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Dicamba is an herbicide used for the prevention of broadleaf weeds in agriculture farming, domestic and other non-commercial applications. Dicamba reaches in weeds through the roots and leaf with a short soil residual. Dicamba may cause illness to human by ingestion or skin absorption. Dicamba has three major applications such as turf, agriculture, and lawn. Dicamba increases the plant growth rate and these herbicides are used for reducing the crop loss, thus leads to increase in crop yield. Dicamba used in various types of crops such as oilseeds, grains & cereals, pulses, and fruits & vegetables among others. Major factors driving the growth of benzoic acid herbicide market include increase in crop loss due to weeds, growing demand for quality food products, rise in awareness about the crop protection, and product approval from U.S. Environmental Protection Agency. Moreover, development in agriculture farming practice technologies, increase in the use of dicamba herbicide in materials and chemicals industry, and rise in prices of agriculture products are anticipated to propel the dicamba market. However, pending regulatory consents, increase in the weed herbicide resistance, and instability of the dicamba leads to drift damage might impede the revenue of herbicide market over the forecast period. The global Dicamba herbicide market is divided into following categories-
Time of application
And lastly, on the basis of geographical regions, the global dicamba market has five major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Factors driving the North America systemic herbicides market include increase in product approval from U.S. EPA, increase in the R&D activities by the market players, and advancements in the farming practices. Moreover, Europe systemic herbicide market exhibiting significant growth rate, which is attributed to increase in the demand for quality food products, rise in R&D for innovation of newer dicamba products due to increase in herbicide resistance crops, and rise in awareness about the advantages of dicamba herbicides among farming community are anticipated to propel the market, Asia Pacific dicamba herbicides market expected to grow at high rate due to rise in need of food security for the growing population, crop loss due to weed issues, and increase in the population depending on agriculture farming are upsurge the revenue of dicamba herbicides market. Some of the key players in Dicamba market are Bayer CropScience AG (Germany), The Dow Chemical Company (U.S.), Syngenta AG (Switzerland), BASF SE (Germany), E.I. DuPont De Nemours & Company (U.S.), Nufarm Ltd. (Australia), Helena Chemical Company (U.S.), and Monsanto Company (U.S.) to name a few. Some of the notable market developments of systemic Herbicide Market include BASF SE launched dicamba-based herbicide Atectra BV in Argentina, used to control the resistant broadleaf weeds in 2017. Global Dicamba herbicides market is growing at a significant rate owing to increase in the agriculture farming around the globe. Due to increase in the demand for the dicamba herbicide, several international players are developing newer products for different crops to destroy the different types of weeds. Moreover, acquisitions and mergers, collaborations, product approvals, and product launchings are the strategies followed by the companies for increasing their revenue share in the benzoic acid herbicide market. For instance, in November 2016, Monsanto received the U.S. Environmental protection agency approval for its dicamba based weed killer used in soy and cotton varieties.