- Termite baits are used in residential, commercial, and agricultural applications to help control different types of termite infestations.
- Termite baits are made with cellulose, and combined with a slow-acting insecticide. This disrupts the normal growth process and kills the termites.
- The global termite bait system products market was valued at ~US$ 1.8 Bn in 2018.
- Expanding at a CAGR of ~5%, the global termite bait system products market is projected to reach a valuation of ~US$ 2.8 Bn by the end of 2027.
Global Termite Bait System Products Market: Regional Overview
- Asia Pacific is likely to be the fastest-growing region in the global termite bait system products market during the forecast period. Termites are considered one of the most destructive pests in this region. It has been estimated that, termites cause an estimated RMB 80 billion worth of structural damage every year in China.
- Over the past few years, the economic growth of this region is driving companies to invest in developing countries, including China and India.
- North America is the largest regional market in the global termite bait system product market. Rising demand for pest control products coupled with growing consumer awareness about the ill-effects of chemical products is driving demand in this region.
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In terms of type of termite, subterranean is the dominant segment in North America, in the termite bait system products market. Subterranean termites accounted for around 90% of the management and damage costs in the U.S., which drives the demand for termite bait system products in this region.
Global Termite Bait System Products Market: Trends
- Termites have the ability to live in a temperature range of 22.9°C to 35°C. As a result, they are majorly found in subtropical regions. Changing climatic conditions as a result of worldwide temperature rise prompts growth in the termite population, as they can increase their ecosystem in warmer climatic conditions.
- Apartments in high temperature regions require long-term protection from termites. As a result, the usage of termite bait system products is increasing.
Termite Bait System Products Market: Drivers, Opportunities, and Restraints
- Various strategies are utilized to control the termite population, including liquid chemical barriers and baiting stations. Liquid chemical barriers such as anti-agents are utilized to create a barrier around and under structures to square the potential courses of termite passage.
- Pest management is seeing increasing growth in order to maintain consumer health and hygiene. People spend money on protecting themselves with such preventive measures for the structural protection of their households, which is expected to create opportunities in the termite bait system products market.
- The average cost of installing bait systems is on the higher side. Average annual maintenance cost is also high in baiting systems as compared to conventional chemical treatments, which is expected to be a restraint for the global termite bait system products market.
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