As individuals and industries alike look for easy-to-install and less intrusive termite bait systems, manufacturers are spending more on research and development to make better products and improve overall effectiveness. Manufacturers of termite bait products improve their service portfolio by carrying out regular checks and employing qualified personnel for maintenance purposes. Market participants are also making environmentally friendly products that are durable at the same time, and are investing in new techniques such as three bait poisons specifically for underground termites.
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According to a new report released by Fact.MR, the global termite bait market is projected to reach sales of $ 2.8 million by the end of 2031. In terms of sales, the market is rated with a CAGR of around 5. grow% over the forecast period 2021 to 2031.
Important findings from the market study
- The termite bait systems market is expected to grow 1.5x by 2031.
- North America is the world’s largest market for termite bait products and demand here will continue to grow in the years to come.
- Asia is the fastest growing market for termite bait products.
- The introduction of new environmentally friendly termite bait products gives additional impetus to market growth.
- Underground termites are the most common termite species, causing 85% of the total damage.
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Key market segments covered
- termite
- Underground termite bait products
- Dampwood termite bait products
- Drywood termite bait products
- Bait type
- Termite bait devices
- Liquid termite eradication method
- Station type
- Termite bait products submerged in the bottom
- Aboveground termite bait products
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Winning strategy
The main players have invested in research and development to find new ways to make products more consumer-friendly and less chemical. These improvements will drive demand for termite bait products over the medium to long term forecast horizon.
Read more trending and related reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/24/2005664/0/en/Sodium-Cyanide-Sales-to-Surpass -Revenues -Worth-US-3-Bn-by-2027-mining-and-metallurgy-applications-maintenance-major-sales-completion-of-a-facts-MR-study.html
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