Termite Bait Systems Market Scope, Research Methodology, Rising Demand, Industry Trends

Due to the growing housing market and increasing prevalence of termite population due to the poor building practices, the market for termite bait systems is projected to grow in the coming years.

(EMAILWIRE.COM, November 15, 2019 ) The termite bait systems market is estimated to be USD 260.8 million in 2018 and is projected to reach USD 342.5 million by 2023 at a CAGR of 5.60% from 2018. The termite bait systems market is projected to grow at a steady rate due to factors such as the rising demand for environment-friendly termite control products along with climate change. The major factors restraining the growth of the termite bait systems market are the high initial investment, lack of awareness, and low adoption rate, especially in the developing countries.

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The subterranean termites segment is projected to be the fastest-growing from 2018 to 2023

Subterranean termites are the most prevalent termites as compared to other termite types. These termites cause major property damage, globally. Use of in-ground termite bait stations is one of the most common methods, especially in the developed countries where there are restrictions in using various toxic termiticides. Additionally, rapid urbanization is one of the major factors for the increasing prevalence of subterranean termites.

The commercial & industrial segment is estimated to dominate the market

In the commercial & industrial sector, major infestation is witnessed caused by subterranean and drywood termites. Subterranean termites infest commercial areas through an underground infestation, while drywood termites are present within dry wood structures and gain access to commercial buildings through gaps or cracks in doors, windows, and roof vents. Hence, to avoid these infestations, in-ground and above-ground bait stations are used in the commercial & industrial sector to manage the termite population. The dominance of the commercial & industrial segment in the termite bait systems market can be attributed to the growing need to avoid heavy economic losses caused by termites in the commercial & industrial sector in offices, manufacturing units, and retail food chains.

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Asia Pacific is projected to be an important market for termite bait systems in the next 5 years

The climate across Asia Pacific is conducive for the breeding of many types of termites. Warmer temperatures are breeding grounds for termites, which support faster development and prolonged survival; for instance, termites are more active in summer. Thus, with the increasing prevalence of termites in the region, termite control products and services are expected to witness strong demand in the coming years. Additionally, the region has some of the fastest-growing economies, where there has been rapid urbanization, booming infrastructure activities, and the need to service a growing urban population. Thus, with the development of residential, commercial, and industrial activities, and the rising number of reported cases of termite infestations in these regions, the demand for termite control products such as termite baits is expected to gain momentum during the forecast period.

The global market for termite bait systems is dominated by large players such DowDuPont (US), BASF (Germany), Bayer (Germany), Sumitomo Chemical (Japan), Spectrum Brands (US), PCT International (Australia), Syngenta (Switzerland), Rentokil Initial (UK), Ensystex (US), Rollins (US), Terminix International (US), and Arrow Exterminators (US).