That's a good question. I think F# and Haskell have stolen a fair amount of OCaml's thunder. Meanwhile, Rust caters to everybody who is tired of C/C++ (putting D in the same position as OCaml, I guess?), while having nice enough constructs that people coming from high-level languages get interested in it. By contrast, OCaml doesn't have the "shiny new" feeling of Rust (also suffers from other issues, such as its standard library/libraries, and the tooling, and the "mlis are documentation" attitude that is fairly prevalent in the community). I'd say with more polish and a lot of marketing, it could easily gain more market share (even though some things have gotten much better since opam).
Sometimes, working in OCaml feels like flying a starship equipped with XVIIIth century cannons. The awesomeness of many of its features is in stark contrast to the gaping holes of its ecosystem (no good INI parsing library in 2014? no usable pure OCaml regexp library?).