Market Trends of Dicamba Herbicide Industry
This section covers the major market trends shaping the Dicamba Herbicide Market according to our research experts:
Shrinkage in Arable Land and Increase in Food Demand
The global population is increasing at an exponential rate which is around 75 million annually or 1.1% per year. According to the U.S Census Bureau, the world population is projected to reach 9 billion by 2044, an increase of 50% over the next 45 years. The critical area of concern is to meet the food demand for these burgeoning populations while farmland continues to shrink. Additionally, the growth of various pests across crops is further declining crop productivity. Hence there is a demand for crop protection chemicals including herbicides to meet this global food security. There is a significant increase in the application of dicamba herbicides across the globe as a pre-emergence herbicide in agriculture owing to its ability to control the growth of perennial weeds in cropland.
North America is Leading the market
North America is projected to reach the largest market for Dicamba herbicides during the forecast period (2019-2024). In North America, glyphosate is extensively used as a herbicide. However, the emergence of glyphosate-resistant weeds has propelled the farmers to adopt dicamba as an alternative herbicide. In addition, glyphosate has been identified with carcinogenic characteristics by the International Agency for Research For Cancer. This, in turn, has created the demand for dicamba herbicide in the region and the demand is projected to increase further during the forecast period.
