dicamba market

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DICAMBA MARKET ANALYSIS

• Dicamba Market, By Application (Agriculture, Lawn
  Turf, Others (Forests, Garden Plants,
  Non-commercial applications, etc.)), and By
  Region (North America, Europe, Asia Pacific,
  Latin America, Middle East Africa) - Size,
  Share, Outlook, and Opportunity Analysis, 2019
  2027
• The global Dicamba market is projected to
  surpass US 700 million by the end of 2027, in
  terms of revenue, growing at CAGR of 7.8 during
  the forecast period (2019 to 2027).

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Drivers

• Growing usage of dicamba in place of glyphosate
  due to its various beneficial properties is
  expected to propel the market growth of Dicamba.
  Glyphosate is widely used herbicides around the
  globe however due to rising crop resistance to
  glyphosate is compelling the farmers to switch to
  dicamba, thereby restricting the use of
  Glyphosate and in turn fueling the demand for
  dicamba. This factor is expected to augment the
  market growth of dicamba over the forecast period.

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• Increasing the export of dicamba herbicide from
  China is expected to foster the market growth of
  dicamba over the forecast period. According to
  the AgroNews, in August 2018, China's Dicamba TC
  exports amounted to 3,315 Tons, valued US 44.8
  million. All the Dicamba products are exported to
  four countries. Among them, Dicamba 98 TC ranked
  first in exports which accounted for 96.7 in
  total value. Therefore, the growing export of
  dicamba herbicides from China is propelling
  market growth.

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Figure 1. Global Dicamba Market, Revenue Share
(), By Region, 2018
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Market Restraints

• A concern associated with the drift damage caused
  due to vaporization and blanket spray of dicamba
  is projected to hinder the market growth. Drift
  damage can cause damage to neighboring farms due
  to spraying of dicamba which affects non-targeted
  crops and trees as dicamba is very corrosive and
  toxic in nature. Therefore, the aforementioned
  factor is expected to restrict the market growth
  of dicamba over the forecast period.

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• Pending regulatory approval for new dicamba
  formulations such as Mon 1661 from Monsanto and
  Engenia from BASF that used over
  dicamba-resistant soybean and cotton are still
  awaiting EPA approval. According to the Coherent
  Market Insights, Monsanto has also planned
  to launch new cotton varieties if EPA approves
  the new dicamba formulations. These pending
  regulations are major factor expected to
  hinder the growth of the dicamba market.

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Market Opportunities

• Growing regulatory approval from USDA and EPA for
  production and commercialization of dicamba
  herbicides is expected to provide immense growth
  opportunity to the market of dicamba. For
  instance, in March 2015, Nufarm Limited received
  EPA approval of the new seven-day preplant used
  for Spitfire. With this approval, Spitfire
  herbicide became the only dicamba product with an
  optional seven-day waiting interval between
  spraying and planting. Therefore, such rising
  approval for production of dicamba will favor the
  market growth

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• Growing investment in the production of dicamba
  by major players is projected to propel the
  market growth over the forecast period. For
  instance, in June 2015, Monsanto Cos efforts to
  expand its agrichemical and plans to invest
  potentially more than US 1 billion in
  a production facility for an alternative
  herbicide, the weed-killing agent called dicamba.
  Therefore, growing such focus of manufacture
  to increase investment is stimulating market
  growth. 

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Figure 2. Global Dicamba Market Opportunity
Analysis
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Market Trends/Key Takeaways

• Increasing launch of innovation in dicamba
  herbicides by the manufacturer in order to meet
  the rising demand around the globe is expected to
  accelerate market growth. For instance, in June
  2017, BASF SE has announced the launch of a new
  hormonal herbicide Atectra BV (dicamba
  diglycolamine salt) in Argentina, which is used
  to control resistant broadleaf weeds. The
  formulation of the product offer lowest
  volatility that is six times smaller than the
  traditional volatility already exists in the
  market.

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• The growing focus of manufacturers to increase
  production capacity of dicamba herbicide is
  projected to fuel the market growth over the
  forecast period. For instance, in March 2017,
  BASF SE has opened its expanded production
  facility for dicamba in Beaumont, Texas. The
  expansion supports the companys strategy to
  increase the production volumes of dicamba,
  ensuring growers have access to the latest
  technologies for better weed management programs.

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Figure 3. Global Dicamba Market, Revenue Share
(), By Derivative, in 2018
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Competitive Section

• Key players active in the global dicamba market
  are BASF SE, Monsanto Company, E I du Pont de
  Nemours Company, Bayer AG, The Dow Chemical
  Company, Syngenta AG, and Nufarm Limited
• Few Recent Developments
• Monsanto Company
• In January 2015, the U.S. Department of
  Agriculture (USDA) approved planting and sale of
  the companys genetically-engineered
  dicamba-tolerant soybeans and cotton
• In June 2015, the company announced an investment
  of over US 1 billion in its new dicamba
  herbicide production site at Louisiana

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