Latest News- Dicamba Herbicide Market: Agriculture is expected to lead the Application segment during 2024-2028
The Dicamba Herbicide Market is being driven by Increasing use of dicamba to control implications of weed
The Dicamba Herbicide Market is expected to grow at a CAGR of 4.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 123.2 million. The global dicamba herbicide market has witnessed significant developments as key vendors, such as Monsanto, have introduced advanced applications to cater to farmers following the ban on dicamba use and stringent regulations concerning its potential harm to crops. Monsanto's XtendiMax with VaporGrip is a popular choice for US soybean farmers, who pay approximately USD11 per acre for this product. To incentivize farmers, Monsanto offers a cashback program, allowing them to receive USD11.50 per acre the subsequent year when using XtendiMax in conjunction with authorized chemicals. The company ensures the secure application of XtendiMax to minimize potential risks and maintain agricultural productivity.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Agriculture, Lawn and turf, Others) Geography (Europe, APAC, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Dicamba Herbicide Market Research Report
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The Dicamba herbicide market is influenced by various factors including climatic conditions, the use of pre-emergence herbicides, and herbicide drift. Weed resistance is a major concern, leading to the development and adoption of herbicide-tolerant crops like Xtend soybeans with genes engineered for resistance. However, the carcinogenic characteristics of Dicamba, similar to Benzoic acid, raise health concerns. Epidemiological studies link Dicamba exposure to lung, colon, and prostate cancer, as well as hypothyroidism. Weed management in winter wheat fields is a significant application area. Supercritical Fluid Extraction is used in the production process. Despite these challenges, the market continues to grow due to the demand for effective crop protection chemicals, including alternatives to glyphosate. However, herbicide resistance and the potential for drift remain ongoing concerns.
The global fertilizers and agricultural chemicals industry encompasses businesses engaged in the production of fertilizers and agrochemicals, including herbicides such as Dicamba, insecticides, fungicides, nematicides, and various types of fertilizers. Market size is determined by the earnings generated by manufacturers of these products. Key growth drivers include the rising number of new product launches by market participants, aimed at broadening their offerings, as well as the persistent issue of herbicide resistance in weeds and the need for effective crop protection solutions. Additionally, concerns over the carcinogenic characteristics of certain herbicides, like glyphosate, may necessitate the development of alternative, less hazardous herbicides, providing further opportunities for market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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