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.
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.
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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.
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