Dicamba Market To Exceed $450 Million by 2021
According to a market report published by Persistence Market Research, the global market for dicamba is estimated to reach value of $289.5 million by the end of 2015 and is expected to expand at a CAGR of 7.9% from 2015 to 2021, to reach a market value of $457.3 million by 2021.
According to the report, “Global Market Study on Dicamba Market: Agriculture Segment to Witness Highest Growth by 2021,” major factors driving the growth of the global dicamba market include rising awareness about crop protection and increased exports of dicamba from China due to higher tax rebates.
In terms of market value, Europe is expected to dominate the global dicamba market during the forecast period, with North America being the second largest market, accounting for a revenue share of around 24% of the estimated global market value by 2015 end. North America is slated to expand at the highest CAGR of around 8.5%, in terms of value between 2015 and 2021.
On the basis of application, the agriculture segment is slated to expand at the fastest CAGR during the forecast period. The growth of this segment is primarily driven by increasing preference of decreasing arable land across the globe. In terms of market value, the agriculture segment is expected to be the fastest growing segment in terms of application in the global dicamba market during the forecast period. In terms of market value, the agriculture segment is expected to expand at a CAGR of 8.1% during the forecast period.