The termite bait Products would bring in US$ 1.39 billion in 2021 with a CAGR of 2.2 %. Between 2021 and 2031, the market is projected to grow at a CAGR of 5.6 %.
The demand for termite bait products has grown as a result of actively increasing expenditure in research and development (R&D) operations to create a better and long-term solution. Additionally, the changing consumer mindset toward adapting for solutions that are safe for the environment and surrounds is probably going to aid the market expansion for termite bait goods.
The termite bait products industry, driven by soaring demand, represented 6.4% of total sales recorded in the global pest control services market in 2020.
A CAGR of around 5.6 percent is anticipated for the termite bait products market through 2031, surpassing a valuation of US$ 2.39 billion. The ability to broaden their product offerings and give specialised solutions to numerous industries has been made possible by the advancement of technology.
The market’s growth is now being significantly hampered by the lack of proper awareness of termite bait products. To raise awareness of the products that are offered, however, a number of businesses are working together. For instance, Insect Science debuted brand-new videos on its YouTube channel in 2021 that explain and demonstrate new products. The videos included an in-depth explanation of how the gadget functions and how to install it successfully.
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Moreover, businesses are launching diverse product lines that are targeted towards particular species.
As time and study permit, businesses are also developing diverse product lines that are centred on a particular species of termite and its behaviour. For instance, the 2nd Edition-Moisturized White Bait, a new product line from Termites DIY Baiting System Malaysia, was introduced in 2017 and is intended to completely eradicate a termite colony and offer a long-term solution.
The market for termite bait products will be driven by an increase in demand in the construction sector and the launch of products with high strength and low cost.
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.
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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.
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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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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The post Termite Bait Products Market is Expected to Register 5.6% CAGR During Forecast Period by 2031 | FMI appeared first on Future Market Insights.
Published by: Future Market Insights, Inc.