The Global Termite Bait Systems Market is expected to grow at a high CAGR during the forecasting period (2022-2029).
Increasing demand for less toxic termite control methods is the major factor boosting the demand for Termite Bait Systems.
Termite baits consist of paper, cardboard, or other acceptable termite food, combined with a slow-acting substance lethal to termites. The bait must be good enough to compete with the presence of competing tree roots, stumps, woodpiles, and structural wood. Delayed-action or slow-acting bait enhances transmission of the lethal agent to other termites, including those that never fed on the bait.
The report covers all the major trends and drivers playing a vital role in the growth of the global Termite Bait Systems market. The global Termite Bait Systems market has been segmented based on region, application, termite type, station type, and distribution channel.
The global Termite Bait Systems market growth is primarily driven by the increasing demand for effective termite management in various sectors like Commercial & Industrial and Agricultural farms. The growing industrial & commercial activities will also increase the need for termite and pest control services. Thus, it will propel the market for Termite Bait Systems. Moreover, the eco-friendly nature of termite bait products is a significant factor driving the termite bait systems market around the world. The termite bait systems market is estimated to expand during the forecast period, owing to an expansion in the residential sector especially in developing nations, and a rise in the occurrence of termite infestations due to weak building practices. For instance, growing urbanization in the regions like South America has led to growth in the construction of residential dwellings. As more and more people move a population in these countries of the region move to urban areas. Most developing countries experience the process of urbanization, especially once they start becoming industrialized.
Similarly, the rapidly increasing urbanization rates of countries such as Brazil, India, and China have spurred the demand for termite bait systems in the commercial and residential housing sectors.
By termite type, the global Termite Bait Systems market is segmented into Subterranean Termites, Dampwood Termites, Drywood Termites, and Others. In 2018, Subterranean Termites accounted for the majority share in the global market. Subterranean termites come from the Isoptera insect order and have been in existence for millions of years. Subterranean Termites are the most common termites; they can live in widely diverse areas. There is a massive demand for termite bait systems to control subterranean termites in the United States and the Asia-Pacific region. Termite bait systems such as Trelona and Hex Pro are the easiest to use and maintain. Termites feed directly on the bait killing them when they molt. These systems also affect the entire termite colony. When the workers are dead, the colony slowly starves and crashes.
By application, the global Termite Bait Systems market is segmented into residential and non-residential (commercial & industrial, agriculture & livestock farms, and others). In 2018, a non-residential segment is estimated to account for the largest share. This dominance can be attributed to the need to avoid heavy infrastructure losses from termite damage in the commercial & industrial sectors. Therefore, an increase in construction activities across the world will further boost the growth in the global market. For instance, In the U.S. New York City saw an increase in hospitality and residential projects as the city remains a popular tourist location and that demand for housing (including apartments and condominiums) has been on the rise.
Similarly, in Mexico, the government of Mexico announced plans to develop three special economic zones (SEZs) in the southern states of the country in 2017.
By distribution channel, the global termite bait systems market is segmented into offline and online distribution channels. In 2018, offline distribution channels accounted for the majority share in the global market. However, the online distribution channel is expected to grow at a higher CAGR over the forecast period. The growing internet and smartphone penetration across the world coupled with rising awareness for termite bait systems and easy availability of termite bait on e-commerce platforms; will further boost growth in the global market.
By geography, the global Termite Bait Systems Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, North America dominated the global Termite Bait Systems market. Termites damage roughly 600,000 homes every year in the United States. In the US, EPA’s Office of Pesticide Programs provides information and tools to federal, state, local agencies and the public on termite control. Its rigorous pesticide review process is designed to ensure that registered termiticides used according to label directions and precautions can effectively treat termite infestations with minimal risk.
Asia-Pacific is expected to be the fastest-growing region during the forecast period owing to the increasing awareness and growing adoption of Termite control services in countries like China and India. Due to the largely growing population in APAC, the application sectors like Residential, Commercial & Industrial are experiencing a high growth rate. The rapid pace of urbanization and industrialization in China and India will also boost the market for Termite Bait Systems.
Global Termite Bait Systems Market is fragmented with the presence of global and regional players in the market. The market players in the Termite Bait Systems market are focusing on expanding through strategic interventions, such as acquisitions, collaborations, expansion, and launching advanced products in the Termite Bait Systems market. To that end, besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for Termite Bait Systems.
Intense rivalry among top players in the market has started the fierce competition at various levels for setting a low price, driving aggressive marketing strategies, and new and innovative product launches as per consumers’ preference.
Some major players in the market are Dow DuPont, BASF, Bayer AG, Sumitomo Chemical Co., Ltd., Syngenta, Spectrum Brands, Inc., Ensystex, Pct International, Rentokil Initial Plc, Rollins, Inc., and among others.
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