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, at a CAGR of 5.60% from 2018. The market growth is driven by factors such as increasing demand from customers for less-toxic pest control methods and increasing prevalence of termite-related infestations with respect to rising global temperatures.

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Market Dynamics:

Drivers:

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.

Changing climatic conditions increase the need to avert termite invasion

Termites are prevalent in climatic regions with temperatures in the range of 22.9°C (75°F) to 35°C (95°F) for their survival. They would die if the surrounding temperature is below 25°F or above 100°F. Hence, termites are predominantly found in subtropical regions of almost all continents.

The changing climatic conditions are of significance for termite control as global warming leads to change in the population dynamics of termites and their ecosystems as they are found prominently in warmer climates. Warmer temperatures associated with climate changes affect the distribution and infestation of termite. Due to climate change, the termite population is expected to move rapidly from mid to high latitudes with higher chances of survival rate. To control the risks of termite infestation, bait systems are expected to provide long-term protection in and around homes, without being affected by the changing climatic conditions such as heavy rainfall or high summer temperatures.

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Opportunities:

Higher preference of innovative and sustainable products among customers

Every bait system is composed of an active ingredient, which is either an insect growth regulator or chitin development inhibitor. These are a type of insecticides that are non-toxic and environmentally sustainable as they hold the growth of the larvae into an adult stage thereby reducing their chances of reproduction. Thus, there is an opportunity to develop bait systems using compounds that are completely sustainable, and in addition, make use of natural components that would function as attractants for termites.

Growing market opportunities in urban residential areas

The urban population of the world has grown rapidly from 746 million in 1950 to over 4 billion in 2016, according to United Nations Data. As a result, there has been an upsurge in housing, infrastructure, and hospitality sectors. Termites have been able to adapt to the growing urban establishments due to the usage of termiticide products at higher dosage levels without the introspection of a certified pest control service provider. This has led to increased resistance to chemical products. Customers from residential areas have also been proactive enough to take such preventive measures for structural protection of their households. To maintain public health and hygiene, pest management has been sought as an important tool in the urban cities of developed countries. Higher spending capacity of this demography has also been a factor for affording such services.

Challenges:

Effects are relatively slow as compared to liquid chemical barriers

The drawback of baiting systems is the duration required for termite colony elimination. The effect of baits is slow as compared to the knockdown effects of liquid barriers. After the placement of bait stations, it might take several months for termites to find baits and share it with their nest mates. Also, there might be some degree of termite infestation occurred at some other location before the slow-acting baits come into effect. Hence, this process might take several months to a year for complete elimination of a termite colony. Furthermore, landlords having severe termite infestation around their homes would not prefer this method, as it takes more time.

North America accounted for the largest share in 2017; followed by Asia Pacific, owing to the growing adoption of termite bait systems in countries such as the US, Canada, Australia, and China. Subterranean termites are widespread in North America and responsible for 90% of the management and damage costs in the US. In addition, the use of termite bait systems is high in the residential sector due to the presence of a large number of wooden houses, consumer awareness, and the strong presence & consumer reach of service providers in this region. Thus, the North American region dominated the termite bait systems market in 2017.

Factors driving the growth of the termite bait systems market are its environment-friendly nature, convenient application process, and changing climatic conditions that fuel the prevalence of termite attacks.

The major factors restraining the growth of the termite bait systems market are the high initial investment, renewal costs for contract maintenance, and lack of awareness. However, the market has strong prospects in the coming years, such as high consumer preference for innovative and sustainable products, and growing market opportunities in urban residential areas.

The global market for termite bait systems is dominated by large players such as DowDuPont (US), BASF (Germany), Bayer (Germany), Sumitomo Chemical (Japan), Syngenta (Switzerland), and Rentokil Initial (UK). Some emerging players in the termite bait systems market include Spectrum Brands (US) Ensystex (US), PCT International (Australia), Rollins (US), Terminix International (US), and Arrow Exterminators (US).