Market Research Report
Global Diquat Dibromide Market - 2020-2027
|Published by||DataM Intelligence||Product code||959520|
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|Global Diquat Dibromide Market - 2020-2027|
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Diquat dibromide is a desiccant contact and an herbicide authorized by the EU. It is highly water-soluble, has low chance of leaching into groundwater, and is volatile. It is very stable in soil but degrades rapidly in aquatic environments. It is used to desiccate potato vines and seed crops, to control sugarcane growing, and to control industrial and aquatic weeds. It is not residual; that is, there is no residue of herbicide left on or in plants, soil or water. Moreover, the low availability of arable land and higher consumption of plant-based products opens the doors for new players along with the lucrative opportunities for the existing market players in the global Diquat Dibromide market. The global Diquat Dibromide market valued USD XX billion in 2019 and is estimated to reach USD XX billion by 2027, at a CAGR of XX%
The growing need for improving agricultural yield owing to surging food demand and reducing arable land is the major factor driving the global Diquat Dibromide market. Arable land is constantly declining with urbanization, soil degradation, climatic changes, and some other factors. This has resulted in need for enhancing agricultural productivity, thereby driven the use of effective farming materials. Moreover, the growing need for pest management in agriculture owing to quality concerns of agricultural produce is further boosting the demand for diquat dibromide across the globe. Additionally, increasing labor cost and labor shortage are also supporting the growth of the global Diquat Dibromide market.
However, stringent government regulations imposed over the usage of specific herbicides due to their adverse environmental and human health effects is the major factor hindering the growth of global Diquat Dibromide Market. In October 2018, the EU Commission has decided not to renew the approval of diquat based on concerns related to the exposure of bystanders, residents and birds.
The global Diquat Dibromide market is segmented by type into synthetic and bio-based. Synthetic is by far the largest segment holding about XX% of the global market. There is an increase in the awareness for alternative methods of weed control and bio-based pesticides owing to rise in health concerns and adverse effects on environment.
By geography, Asia Pacific is the largest market for Diquat Dibromide with a share of nearly XX% in global sales value in 2019, owing to large scale utilization of diquat dibromide in wheat, corn, rice, and other crops. The declining availability of agricultural labor and shift towards precision farming practices is resulting in rapid transition of manual weed control towards crop protection chemicals. India and China are leading the diquat dibromide consumption in this region and are expected to hold their dominance over the forecast period.
The global Diquat Dibromide market is consolidated with top 5 companies accounting for major share of the global sales. BASE SE, Bayer CropScience, Corteva Agriscience, American Vanguard Corporation, and Bayer AG are dominating the global Diquat Dibromide market. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market.