According to a recent report by Future Market Insights (FMI), the termite bait products market is expected to surpass a valuation of US$ 2.39 Bn at a CAGR of over 5.5% through 2031.
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Evolving technology has helped players to diversify their product offerings and provide customized solutions to various industries.
At present, awareness regarding termite bait products is inadequate, which is majorly affecting the growth of the market. However, various companies are collaborating in order to spread awareness about the products available.
For instance in 2021, Insect Science released new videos on product explanation and demonstration on their YouTube channel. The videos contained detailed explanation on how does the product work and the correct way to install them in order to achieve success.
Moreover, with time and study, companies are launching diversified product range that are focused upon a particular type of termite and their behaviour. For instance, in 2017, Termites DIY Baiting System Malaysia launched their new series of product, the 2nd Edition-Moisturized White Bait that is likely to eliminate the entire colony of termites and provide with a long-term solution.
Rise in demand in the construction industry and introduction of products that have high strength and are available at affordable cost will drive the termite bait products market.
Termite Bait Products Market – 2021-2031 Outlook in Comparison to Sales Registered in 2016-2020
Termite bait products combine the attribute of baiting and killing the entire colony of termites and the bait being non-hazardous causes no damage to surroundings. Leading players in the market, such as BASF and Ensystex, have been setting the trend by releasing newer termite baiting systems in the market. FMI has forecast the termite bait products market to rise at 5.6% CAGR between 2021 and 2031 in comparison to the 5.2% CAGR registered during 2016-2020.
The rise in hospitality and tourism sector is likely to create opportunity for sales of termite bait products. Following the COVID-19 outbreak stringent restrictions were implemented on movement, which shuttered the travel and tourism industry for over a year. This also caused major losses in the hospitality and tourism sector, which is a key end user of termite bait products.
However, the demand quickly recovered with containment of the pandemic. Sales in the termite bait products market picked up as hotels and hospitality sector reopened. Higher focus on maintaining hygiene and cleanliness resulted in increasing demand for termite bait products.
The introduction of pre-treating through in-ground termite bait systems is creating a lucrative opportunity for the market. Builders from both residential and commercial sectors are implementing this methodology in order to prevent termites from entering and feeding on to newly constructed structures. Moreover, innovations in technology have made it easier for any individuals to install the baiting system. Thus, pre-construction termite treatment is gaining popularity among customers and resulting in higher sales of termite bait products.
According to FMI, the sales of chemical-free termite bait products are expected to pick up over the assessment period. Initially, maximum pest control solutions were derived from chemicals that were hazardous to kids, pets and surroundings. However, with time and modern technology, manufacturers have found safer and more effective solutions to get rid of termites for a longer period.
Over the years and after many observation, a lot about termites is discovered that has helped the manufacturers to offer effective products that serve the purpose. This also has led to the emergence of various new brands and players at regional level who are providing with affordable solutions to kill termites.
Maximum number of these brands are customer centric and provide additional free services such as inspection, installation and monitoring at certain-periods. Such initiatives are paving way for termite bait products market growth over the forecast period.
Not only wood and paper but termites also feed upon crops especially maize and millets. The roots and stems are the prominent areas to spot termites. Considering this, the termite bait products market is expected to register high demand in the agriculture sector.
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Key Takeaways from the Termite Bait Products Market Study
- In terms of bait system, demand for on ground bait systems is expected to grow at a CAGR of over 11.3% during the forecast period from 2021 to 2031.
- Subterranean termites are expected to account for over 40% of sales in the market on the basis of termite type.
- Surging application in agricultural land and crops and building infrastructure will drive sales in the termite bait products market.
- The U.S. is expected to account for over 82% of sales in North America market by 2031.
- Italy will account for maximum sales of termite bait products in Europe.
Impact of COVID-19 on the Market
The sudden COVID-19 outbreak had completely shut down the activities, affecting the economy of all markets. It also negatively affected the sales of termite bait products. Moreover, the temporary pause of trading between developed and developing countries led shortage of material for production thus, affecting the production capacity.
However, with the growing concerns regarding personal health and rising demand for safe environment, the sales of termite bait products has picked up. The demand for products containing organic ingredients is expected to increase at a higher rate.
Who is Winning?
Leading manufacturers of termite bait products are focusing on aggressive promotional strategies, advertisements, and new product launches to drive sales globally.
Major players present in the termite bait products market are BASF, Bayer, Decke 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 among others.
Market by Category
By Bait System:
- On Ground
- In Ground
- Invasive
- Non-Invasive
By Termite Type:
- Subterranean Termites
- Formosan Termites
- Dampwood Termites
- Conehead Termites
- Others
By Function (% of Demand):
- Monitoring
- Termination
- Monitoring & Termination Both
By Application:
- Lawns & Gardens
- Domestic
- Lawns
- Indoor Courts
- Commercial
- Turfs
- Golf Courts
- Tennis Courts
- Ornamental
- Others
- Domestic
- Agricultural Lands & Crop Storage
- Building Infrastructure
- Cabinets
- Foundation
- Doors
- Others
- Furniture
- Others
By Sales Channel:
- Online
- Third Party E-Commerce
- Company Websites
- Offline
- Wholesalers/ Distributors
- Retail Stores
- Pest Control Services
- Building Contractors
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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