Termite Bait Products Market
According to FMI, termite bait products would bring in $1.39 billion in 2021 at a CAGR of 2.2 percent. Between 2021 and 2031, the market is expected to grow at a CAGR of 5.6 percent.
Demand for termite bait products has increased as research and development (R&D) spending has been actively increased to create a better, long-term solution. Additionally, changing consumer attitudes to adapt to solutions that are safe for the environment and surroundings is likely to support termite bait product market expansion.
The termite bait products industry, driven by the increasing demand, accounted for 6.4% of the total revenue recorded in the global pest control services market in 2020.
The termite bait products market is expected to grow at a CAGR of around 5.6 percent through 2031, at a valuation of $2.39 billion. The ability to expand their product offering and provide specialized solutions for numerous industries has been made possible by advances in technology.
The growth of the market is now severely hampered by the lack of proper awareness of termite bait products. However, to draw attention to the products on offer, several companies are working together. For example, in 2021 Insect Science presented brand new videos on its YouTube channel that explain and demonstrate new products. The videos contained a detailed explanation of how the gadget works and how to install it successfully.
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In addition, companies are launching different product lines that target specific species.
When time and study allows, companies also develop different product lines that focus on a specific termite species and its behavior. For example, 2nd Edition – Moisturized White Bait, a new line of products from Termites DIY Baiting System Malaysia, was launched in 2017, designed to completely eradicate a termite colony and provide a long-term solution.
The market for termite bait products is being driven by increasing demand in the construction sector and the introduction of high strength, low cost products.
Key insights from the Termite Bait Products market study
Increasing application in agricultural land and crops as well as building infrastructure will boost sales in the termite bait products market.
The US is expected to account for over 82% of sales in the North American market by 2031.
Italy will be responsible for the largest sales of termite bait products in Europe.
Regarding baiting systems, the demand for bottom baiting systems is expected to grow at a CAGR of over 11.3% during the forecast period of 2021 to 2031.
Subterranean termites are expected to account for over 40% of sales in the market based on termite type.
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Who wins?
Leading manufacturers of termite bait products focus on aggressive promotional strategies, promotions and new product launches to increase sales worldwide.
Major players in Termite Bait Products Market are BASF, Bayer, Ceiling Global, Dow, Earth Corporation, Ensystex, Exterminex, Exterra, Green Termite Bait Systems, PCT International, Pestman Co. Ltd., Shenzhen Golden Cat Environmental Technology Co., Ltd, Shouxin , Spectrum Brands, Inc., Sumitomo Chemicals Co., Ltd., Syngenta, Terminix, Termites DIY and TrapAll.
Impact of COVID-19 on the market
The sudden COVID-19 epidemic halted all activities and negatively impacted the economics of all markets. It also had a negative impact on termite bait sales. In addition, the temporary halt in trade between developed and developing countries led to a shortage of raw materials, which affected the productive capacity of the industry.
However, with the growing concerns about personal health and the increasing demand for a safe environment, the sale of termite bait products has increased. The demand for products with organic ingredients is expected to increase more.
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market by category
By bait system:
On the floor
In the ground
attacking
non-invasive
By termite type:
Subterranean Termites
Formosan termites
Dampwood termites
Conehead termites
Other
By region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)
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