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.
Not only residents, but also builders, are looking for new techniques to prevent termites from feasting on the structures of newly erected units. As a result, termite bait product producers are developing unique methods to provide better termite protection for a longer period of time.
For example, BASF debuted the new Trelona Advance Termite Baiting System (ATBS) in Australia in 2020. The system consists of a very potent, new active ingredient as well as attractive, secure bait stations that are simple to set up, check, and refill.
Furthermore, businesses are launching new applications and services that will aid in their global expansion.
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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.
“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 abrupt 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 rising worries about human health and a growing need for a healthy workplace, termite bait sales have increased. The demand for items made with organic components is predicted to grow at a faster pace.
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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
By Termite Type:
- Subterranean Termites
- Formosan Termites
- Dampwood Termites
- Conehead Termites
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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