The termite bait products market is expected to surpass a valuation of US$ 2.39 Bn at a CAGR of over 5.6% through 2031. 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.
Insect Science, for example, launched new product explanation and demonstration videos on its YouTube account in 2021. The videos provided a thorough description of how the device works and how to properly install it in order to achieve success.
Furthermore, companies are releasing diversified product lines that are focused on a certain species of termite and their behaviour as time and research allows. For example, in 2017, Termites DIY Baiting System Malaysia introduced a new product line, the 2nd Edition-Moisturized White Bait, which is designed to destroy a complete termite colony and provide 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.
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Key Takeaways from the Termite Bait Products Market Study
- 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.
- 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.
“Leading companies are actively engaging in promoting and launching new products. To create awareness about termite bait products and expand their global, the market players are focusing on strategic collaborations,” says an FMI analyst.
Impact of COVID-19 on the Market
The sudden COVID-19 epidemic halted all activities, negatively impacting the economics of all markets. It also had a negative impact on the sale of termite bait. Furthermore, the temporary halt in trade between developed and developing countries resulted in a shortage of raw materials, hurting industrial 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.
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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 Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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