LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global dicamba market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global dicamba market will grow at a CAGR close to 8% during the forecast period. The rising awareness of end-users regarding crop protection is a major factor driving the market’s growth.
Crop protection is the science and routine of observing plants and crops, and understanding their growth process, ailments, and harmful prospects. Unexpected extreme weather conditions and growth of weeds, insects, and pests are some of the factors that can harm crops. Crop protection ensures the production of high-quality crops and increased yield, which requires less land, water, and labor, and benefits both farmers and consumers.
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In this report, Technavio highlights the incentives and rewards offered to farmers for using dicamba as one of the key emerging trends driving the global dicamba market:
Incentives and rewards offered to farmers for using dicamba
With the onset of the ban imposed on the use of dicamba and the stringent regulations regarding the adverse effects of dicamba on crops, the key players in the global dicamba market have developed benefit programs for farmers. According to the University of Missouri, the plantation of soybean was spread across 90 million acres in 2017 in the US, out of which 4% was damaged due to the use of dicamba.
“Key players of the global dicamba market such as BASF, has initiated the all-new BASF Grow Smart Rewards program for 2018. With the help of this program, BASF is inviting investments on its herbicides and fungicides. The motive of the program is to provide benefit to proactive farmers working closely with the retailers, consultants, and BASF representatives,” says a senior analyst at Technavio for research on agrochemicals and fertilizers.
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Global dicamba market segmentation
This market research report segments the global dicamba market into the following applications (agriculture and lawn and turf) and key regions (Europe, North America, APAC, and ROW).
The agriculture segment held the largest market share in 2017, accounting for nearly 83% of the market. The market share for this application is expected to increase by 2022.
Europe was the leading region for the global dicamba market in 2017, accounting for a market share of 32%. By 2022, APAC is expected to register the highest growth by nearly 4% followed by ROW. On the other hand, the market share for North America is expected to decline by a huge margin during the forecast period.
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