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Termite Bait Products Market

Termite Bait Products Market By Bait System (On Ground, In Ground), Termite Type (Subterranean Termites, Formosan Termites, Dampwood Termites, Conehead Termites) & Region – Forecast 2021 - 2031

Termite Bait Products Market By Bait System (On Ground, In Ground), Termite Type (Subterranean Termites, Formosan Termites, Dampwood Termites, Conehead Termites) & Region – Forecast 2021 - 2031

Termite Bait Products Market - Analysis, Outlook, Growth, Trends, Forecasts

Termite Bait Products Market Snapshot

[300 Pages Report] FMI has projected the termite bait products market to reach US$ 1.39 Bn in 2021 at 2.2% CAGR. Between 2021 and 2031, the market is expected to register 5.6% CAGR.

Actively growing investment in research and development (R&D) activities to develop a better and long-term solution has led to increased popularity of termite bait products. Moreover, the evolving mindset of the customer to adapt for solutions that are safe for the environment and surroundings is likely to help the termite bait products market growth.

Spurred by surging demand, the termite bait products market accounted for 6.4% of overall sales registered in the global pest control service market in 2020.

Estimated Termite Bait Products Market Value (2021E)

US$  1.39 Bn

Estimated Termite Bait Product Market Value (2031E)

US$  2.39 Bn

Value CAGR (2021-2031)

5.6%

Termite Bait Products Market - 2021-2031 Outlook in Comparison to Sales Registered in 2016-2020

Termite bait products combine the attribute of baiting and killing the entire colony of termites and the bait being non-hazardous causes no damage to surroundings. Leading players in the market, such as BASF and Ensystex, have been setting the trend by releasing newer termite baiting systems in the market. FMI has forecast the termite bait products market to rise at 5.6% CAGR between 2021 and 2031 in comparison to the 5.2% CAGR registered during 2016-2020.

The rise in hospitality and tourism sector is likely to create opportunity for sales of termite bait products. Following the COVID-19 outbreak stringent restrictions were implemented on movement, which shuttered the travel and tourism industry for over a year. This also caused major losses in the hospitality and tourism sector, which is a key end user of termite bait products.

However, the demand quickly recovered with containment of the pandemic. Sales in the termite bait products market picked up as hotels and hospitality sector reopened. Higher focus on maintaining hygiene and cleanliness resulted in increasing demand for termite bait products.

The introduction of pre-treating through in-ground termite bait systems is creating a lucrative opportunity for the market. Builders from both residential and commercial sectors are implementing this methodology in order to prevent termites from entering and feeding on to newly constructed structures. Moreover, innovations in technology have made it easier for any individuals to install the baiting system. Thus, pre-construction termite treatment is gaining popularity among customers and resulting in higher sales of termite bait products.

According to FMI, the sales of chemical-free termite bait products are expected to pick up over the assessment period. Initially, maximum pest control solutions were derived from chemicals that were hazardous to kids, pets and surroundings. However, with time and modern technology, manufacturers have found safer and more effective solutions to get rid of termites for a longer period.

Over the years and after many observation, a lot about termites is discovered that has helped the manufacturers to offer effective products that serve the purpose. This also has led to the emergence of various new brands and players at regional level who are providing with affordable solutions to kill termites.

Maximum number of these brands are customer centric and provide additional free services such as inspection, installation and monitoring at certain-periods. Such initiatives are paving way for termite bait products market growth over the forecast period.

Not only wood and paper but termites also feed upon crops especially maize and millets. The roots and stems are the prominent areas to spot termites. Considering this, the termite bait products market is expected to register high demand in the agriculture sector.

Will Launch of Novel Bait Systems Drive Termite Bait Products Market?

Not only individuals living in building but builders also look for innovative ways to prevent termites from feeding on structures of constructed units. Therefore, manufacturers in the termite bait products market are working on introducing novel solutions to offer greater termite protection for a longer time. For instance, in 2020, BASF launched the new Trelona Advance Termite Baiting System (ATBS) throughout Australia. The system is a highly potent, new active ingredient and stylish, secure bait stations that are easy to install, check and re-fill.

In addition, companies are launching new applications and services that will help them expand their global presence. For instance, in 2021, the company announced the launch of new mobile application Corteva™ FarmFundi, which provides a digital pest and disease identification guide for farmers across Africa and the Middle East. With the help of the app, farmers can consult expert crop scientists and local agronomists for treatment recommendations.

What is the Impact of the COVID-19 Crisis on the Termite Bait Products Market?

The COVID-19 outbreak had affected the global economy adversely. In order to control the spread of the virus, regional governments had implemented the restriction on movements of individuals in commercial areas. The termite baiting products require an active service team to monitor and replace the baits at regular intervals.

The pandemic outbreak has resulted in disruption in numerous business sectors like construction and real estate, thus impacting the demand for termite bait products temporarily. On the other hand, COVID-19 also accelerated the adoption of e-commerce platforms thus, driving the trend of placing orders through digital platforms, which is likely to re-shape the market.

Country-wise Insights

How is the Termite Bait Products Market Faring in China?

East Asia is predicted to be one of the most attractive markets during the forecast period, according to Future Market Insights. China is expected to account for over 41.7% of market share in through 2021.

The China market for termite bait products is projected to register increasing demand owing to the reason that termites cause an estimated US$ 12-15 Bn of structural damage every year. This is mainly due to presence of tropical environment and high humidity that encourage the growth of termite. Therefore, with the growing demand of termite bait products, players are likely to focus on innovations more.

What is driving the Sales in the US Termite Bait Products Market?

The U.S. is expected to account for over 79.3% of market share in North America through 2021 owing to the easy access to latest technologies along with the increase in the affordability and higher levels of discretionary income.

Additionally, the presence of subterranean termites that are the most common type of termite in North America will fuel the demand for termite bait products. These termites tend to stay in tunnels built underground, can easily avoid detection, and can go about destroying wood undisturbed and cause 83%-87% of total damage.

The U.S. is the largest wood producing country of industrial roundwood with a global percentage of about 15%-20%. Therefore, in order to protect wood, the demand for innovative termite bait products keeps growing. Furthermore, advancement in technologies and rising environmental awareness trends, led by consumers are encouraging manufacturers to provide with safe and chemical free termite bait products. 

Why is the Demand Increasing in India Termite Bait Products Market?

In 2021, India will account for over 31.8% share in South Asia termite bait products market. India being one of the largest hubs for the production, consumption, and export of seeds and crops, is likely to offer attractive prospects for sales of termite bait products.

Some of the leading producers in the termite bait products market are expanding their footprint in India in order to capitalize on existing opportunities. For instance, in 2019, Bayer completed Monsanto integration in India, which is a new plant inaugurated at Bayer’s Himatnagar site, strengthening manufacturing footprint in Gujarat. With this establishment the company plans to grow their production capacity and attract global investors thus, creating new growth opportunity for termite bait products industry.

Category-wise Insights

Which Bait System is more effective on Termites?

In ground bait system is expected to register a CAGR of over 3.7% from 2021 to 2031. In ground bait systems are likely to be more effective because they are larger compared to on ground systems and thus, can hold more baits and termites.

Which Termite Type is likely to Dominate the Termite Bait Products Market?

On the basis of termite type, subterranean termites are projected to dominate the market and account for a share of 40.3% in 2021 in the global market. Subterranean termites are considered as the world’s most destructive species thus they are dominating the market.

Which is the Primary Application in Termite Baits Products Market?

In terms of application, lawns & gardens are expected to contribute significantly towards the growth of termite bait products market, exhibiting a CAGR of over 6.7%. This is because of rising demand in both domestic and commercial sectors.

Which is the Preferred Sales Channel in Termite Bait Products Market?

Over the years, offline distribution system has held the leading share in the termite bait products market and the wholesalers/ distributors under the category is expected to account for 34.5% of sales in 2021. Due to the lack of awareness about the product and very few retail stores, customers in general prefer to connect with local certified distributors/ wholesalers when in need of termite bait products, as they offer reliable product and service.

However, due to the recent crisis and rapid developments in technology and product variation, online retailing is likely to grow drastically during the forecast period at a CAGR of around 10.8%.

To leverage their online presence, some of the companies are collaborating with various global online distributors such as Amazon, Alibaba, and others.

Competitive Landscape

Companies operating in the termite bait products market are aiming at introducing innovative products and service that are easy to install and environment friendly. Furthermore, they are aiming at expansion of their product portfolio to address the demand of an expanding pool of consumers.

  • In 2021, Decke Global launched the bioengineered wonder- the Decke Bio Totung Pre construction Termite Ground Treatment. This product is likely to kill all termite varieties. With this launch, the company is expanding their product line with better and effective products.
  • In 2017, Earth Corporation released ‘Goki-Push Pro’ and ‘natuvo’ brands under the pest control segment. With this, the company wishes to expand their product offerings under different brands to maintain and control smooth functioning of products distribution.
  • In 2017, PCT International launched a new product that is likely to ramp up the termite solution. With this product line, the company states that a single approach is often not the ‘silver bullet of termite management’.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa

Key Segments Covered

Bait System, Termite Type, Application, Sales Channel, and Region

Key Companies Profiled

  • 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 Chemical Co., Ltd
  • Syngenta
  • Terminix
  • Termites DIY
  • TrapAll

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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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 Function (% of Demand):

  • Monitoring
  • Termination
  • Monitoring & Termination Both

By Application:

  • Lawns & Gardens
    • Domestic
      • Lawns
      • Indoor Courts
    • Commercial
      • Turfs
      • Golf Courts
      • Tennis Courts
      • Ornamental
      • Others
  • Agricultural Lands & Crop Storage
  • Building Infrastructure
    • Cabinets
    • Foundation
    • Doors
    • Others
  • Furniture
  • Others

By Sales Channel:

  • Online
    • Third Party E-Commerce
    • Company Websites
  • Offline
    • Wholesalers/ Distributors
    • Retail Stores
    • Pest Control Services
    • Building Contractors
    • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)

Key Questions Answered in the Report

How much is the termite bait products market worth?

In 2021, the termite bait products market is expected to reach a valuation of over US$ 1.39 Bn.
The termite bait products market grew at a CAGR of 3.9% from 2016 to 2020.
BASF, Terminix, Ensystex, Bayer, and Earth Corporation are leading market players, cumulatively accounting for a 15-20% value share.
The U.S., Argentina, India, Malaysia, and New Zealand are major countries reflecting consistently high demand for termite bait products.
China, the U.S, Germany, and Australia are the leading manufacturers of termite bait products.
The termite bait products market value is expected to reach US$ 64.7 Mn between 2020 and 2021.
The market in North America is set to rise at a 3.6% CAGR through 2031.
The Europe termite bait products market is set to rise at a 4.5% CAGR through the assessment period.
Japan and South Korea account for 8.0% and 4.5% of the East Asia termite bait products market in 2021.

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