Termite Bait Systems Market Size, Share and Global Market Forecast to 2023 : MarketsandMarkets
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.
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, growing at a CAGR of 5.60%. The growing demand for less toxic and target-specific termite control solutions is expected to boost the market for termite bait systems.
Key players in the termite bait systems market include DowDuPont (US), BASF (Germany), Bayer (Germany), Sumitomo Chemical (Japan), Syngenta (Switzerland), and Rentokil Initial (UK). Spectrum Brands (US), Ensystex (US), PCT International (Australia), Rollins (US), Terminix International (US), and Arrow Exterminators (US) are other key market players who also have a significant market presence.
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• Termiticide manufacturers, suppliers, and formulators
• Bait component manufacturers
• Professional pest control service providers
• Termiticide importers and exporters
• End users such as commercial establishments and government & archaeological building contractors
• Commercial research & development (R&D) institutions
• Pest management associations and industry bodies
• Government pesticide authorities and regulatory bodies
Environmentally safe and convenient application process
There are different methods employed for controlling termite population, such as liquid chemical barriers and baiting stations. Liquid chemical barriers such as repellents are used to create a barrier around and under the buildings to block potential routes of termite entry. However, this method has certain drawbacks, as the barriers can be moved, replaced, or disturbed by pets and children or by adding a new garden bed. These drawbacks are noticed especially in developed countries with low population density and high household area per family. Additionally, the direct application of chemical to the soil is toxic to animal and human health, located in the surrounding area. Thus, it has been a reason for homeowners to prefer bait stations, which are safer to humans and pets. Whereas in developing countries with high population density, chemical barriers are mostly not an option at all.
High initial investment and contract maintenance
In case of bait systems, the cost of installation and bait components is considered along with the cost of the active ingredient. Hence, baiting systems are more expensive as compared to conventional chemical treatments. Additionally, baiting systems require multiple visits to the structure to monitor termite presence and assess in case any additional baits are needed.
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The North American region accounted for the largest share in 2017 due to the presence of players such as DowDuPont (US), BASF (Germany), and Rentokil (UK). Moreover, the presence of these companies in technologically advanced countries such as the US and Canada, and higher consumer awareness about and preference for pest control services have been key factors for the increasing adoption of bait systems for termite control.
The market for termite bait systems in the Asia Pacific region is projected to grow at the highest CAGR from 2018 to 2023, owing to the increasing investments in the commercial & industrial sectors.