Dicamba is a product that belongs to the herbicide group and widely used to destroy unwanted growth of broadleaf plants. It is available in the different salt and acid formulation. They act as plant hormones like auxins. Dicamba can be used on many woody plants and broadleaf weeds. Sometimes, dicamba is also used in well water but usually at lower levels so that it does not have any effect on the health of humans. It can have severe side-effects on direct exposure such as breathing problems, skin rashes, and dizziness.

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.

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.

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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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-LAWSUIT-95e84a04-e252-4d6e-a752-385822505523>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.