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%. The environmental benefits associated with termite bait systems are a major factor contributing to the growth of this market, globally. 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 a relatively small sector in the termite control industry; however, the market has been growing at a significant rate due to the increasing need for effective termite management with less toxic methods in different sectors such as commercial and residential, in developed countries.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as DowDuPont (US), BASF (Germany), Bayer (Germany), Sumitomo Chemical (Japan), Spectrum Brands (US), PCT International (Australia), Syngenta (Switzerland), Rentokil Initial (UK), Ensystex (US), Rollins (US), Terminix International (US), and Arrow Exterminators (US).
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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.
DowDuPont produces and sells a wide range of products through its business units that include agriculture, materials science, and specialty products, globally. The company markets termite control products such as chemical barriers and bait stations to manage the termite population around homes and apartments.
Dow AgroSciences (now DowDuPont) was the first company to launch commercial termite baiting system in the market. The company has a wide product portfolio for termite bait systems and continually strives to introduce new products to garner a larger share in the market. For instance, in April 2017, the company introduced Recruit AG FlexPack termite bait system. This launch helped the company to strengthen its position in a few US states.