The termite bait products market is estimated to be valued at USD 1,543.2 million in 2023 and is expected to be valued at USD 2,654.9 million by 2033. The adoption of termite bait products is likely to advance at a CAGR of 5.6% during the forecast period.
The termite bait products market is influenced by various known drivers such as increasing awareness of termite-related damage, growing urbanization, and stringent regulations on chemical pesticides. However, there are also several unknown drivers that have the potential to significantly impact the market.
A prominent driver is climate change. As global temperatures rise, termite populations may expand into new geographical areas. This creates a need for effective termite control measures in regions that were previously unaffected, presenting a previously untapped market opportunity for termite bait products.
A significant driver is the emergence of invasive termite species. With globalization and international trade, invasive termite species can be accidentally introduced into new territories. These species often differ in behavior and resistance to traditional termite control methods, necessitating the development of specialized bait products to combat them.
Advancements in scientific research and technology also serve as unknown drivers. Research breakthroughs can lead to the discovery of novel active ingredients or formulation techniques that enhance the efficacy and longevity of termite bait products. Innovations in manufacturing processes can drive down production costs, making termite bait products more accessible to a wider consumer base.
Changing consumer preferences and lifestyle trends can also impact the market. Increasingly eco-conscious consumers seek environmentally friendly and sustainable solutions. This demand drives manufacturers to develop termite bait products that are non-toxic, biodegradable, and minimize harm to the ecosystem.
Unforeseen events like natural disasters or outbreaks of termite infestations can create sudden surges in demand for termite bait products. In such situations, rapid response and effective control measures become crucial, highlighting the need for reliable and efficient termite bait products.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 1,543.2 million |
| Projected Market Size (2033) | USD 2,654.9 million |
| CAGR through (2023 to 2033) | 5.6% |
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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 a 5.6% CAGR between 2023 and 2033 in comparison to the 4.2% CAGR registered from 2018 to 2022.
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 much 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 is customer centric and provides 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.
| Period | Market Size (in USD million) |
|---|---|
| 2018 | USD 1,243.7 million |
| 2022 | USD 1,464.3 million |
| 2023 | USD 1,543.2 million |
| 2033 | USD 2,654.9 million |
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.
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. Companies are launching new applications and services that will help them expand their global presence.
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.
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 grow at a CAGR of 6.0% through 2022.
The Chinese market for termite bait products is projected to register increasing demand owing to the reason that termites cause an estimated USD 12-15 billion 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.
The United States is expected to account for a 23.8% of the market share in North America through 2022 owing to the easy access to latest technologies along with the increase in the affordability and higher levels of discretionary income. 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 United States 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.
In 2022, India grew at a CAGR of 8.1% in the South Asian 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.
In 2019, for instance, 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.
In ground bait system is expected to register a CAGR of 3.7% from 2023 to 2033. On-ground systems dominate the termite baits products market due to their effectiveness in delivering targeted treatment, ease of installation, and ability to monitor and control termite activity in real-time.
On the basis of termite type, subterranean termites are projected to dominate the market and account for a share of 39.3% in 2023 in the global market. Subterranean termites are considered as the world’s most destructive species thus they are dominating the market.
In terms of application, lawns & gardens are expected to contribute significantly towards the growth of termite bait products market, exhibiting a CAGR of 6.7%. This is because of rising demand in both domestic and commercial sectors.
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 2022. 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.
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.
The competitive landscape of the termite bait products market is characterized by the presence of established players, as well as new entrants seeking to capture market share. Key players focus on research and development to introduce innovative bait formulations, enhance product efficacy, and expand their product portfolios.
Strategic collaborations, partnerships, and acquisitions are common strategies employed to strengthen market position. Additionally, companies emphasize marketing and promotional activities to create brand awareness and establish customer loyalty. With increasing demand for eco-friendly solutions, sustainability initiatives and certifications play a significant role in differentiating competitors. Overall, the competitive landscape is dynamic, driven by technological advancements, customer preferences, and regulatory factors, pushing companies to continually evolve and differentiate their offerings to gain a competitive edge.
Strategies for Termite Bait Products Manufacturers to Expand in the Market
Product Portfolio:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 1,543.2 million |
| Market Value in 2033 | USD 2,654.9 million |
| Growth Rate | CAGR of 5.6% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Bait System, Termite Type, Application, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | BASF; Bayer; Decke Global; Dow; Earth Corporation; Encysted; 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 |
| Customization & Pricing | Available Upon Request |
The projected CAGR of the termite bait products market by 2033 is 5.6%.
The projected market value by 2033 is USD 2,654.9 million.
The market is estimated to secure a valuation of USD 1,543.2 million in 2023.
The residential industry is the key consumer of the termite bait products market.
Terminix, Orkin, and Bayer are the three key players in the market.
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Termite Bait Products Market
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