Rockville, Feb. 16, 2023 (GLOBE NEWSWIRE) -- On the basis of Fact.MR, a market research and competitive intelligence provider, the global termite bait products market is estimated to be valued at US$ 1.3 billion in 2023 and is anticipated to grow at a CAGR of 4.9% during the forecast period of 2023-2033.
The market for termite bait products is driven by increasing demand in the construction sector. Rising construction activity and rising termite infestation due to poor construction practices are projected to drive the global termite bait products market over the forecast period.
Termites primarily feed on wood and wood products, once the home is colonized they can rapidly cause a lot of harm. Common signs of termite infestation include drywall discoloration, peeling paint, wood cavities, and drywall pinholes. Therefore, rising awareness of the long-lasting nature of wood products increases the demand for termite bait products.
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Key Takeaways from Market Study
- The global termite bait products market is projected to grow at 4.9% CAGR and reach US$ 2.1 billion by 2033
- The global termite bait products market is valued at US$ 1.3 billion in 2023 reported by Fact.MR
- Growing applications in agricultural land and building infrastructure will drive sales in the termite bait products market
- The United States of America is the prominent market for termite bait products across the globe
- Prominent termite bait products manufacturers are BASE SE, Bayer AG, Dow, DuPont, Ensystex, PCT International, Sbm Life Science Corp., Sumitomo Chemicals Ltd., and Syngenta among others
“Rising Usage of Wood in the Construction Industry and Increasing Cases of Termite Attack On Crops is Expected to Drive the Sales of the Termite Bait Products” says a Fact.MR analyst.
Market Growth
Manufacturers in the termite bait system products industry are spending more to make better products and improve the overall effectiveness of their products. The companies are launching diversified product ranges that are focused on a particular type of termite and its behavior.
Manufacturers improve their service portfolio by ensuring regular reviews and hiring qualified professionals for review and maintenance. Manufacturers focus on creating durable yet eco-friendly products.
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Eminent Players
- BASE SE
- Bayer AG
- Dow
- DuPont
- Ensystex
- PCT International
- Sumitomo Chemicals Ltd.
Key Stratagems
The manufacturers of termite bait products are stressing on intensifying their production and manufacturing capabilities, attributed to the increase in demand across commercial and residential areas.
The companies are adopting organic strategies to expand their product portfolios and investing huge amounts in research and development capabilities to increase the potential of termite bait products.
Fact.MR has provided detailed information about the price points of key manufacturers of termite bait products positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Termite Bait Products Industry Research
- By Termite :
- Subterranean
- Dampwood
- Drywood
- By Bail Type :
- Termite Bait Devices
- Liquid Eradication Method
- By Station Type :
- In-ground
- Above-ground
- By Application :
- Commercial & Industrial
- Residential
- Agricultural & Livestock Fields
- By Distribution Channel :
- Offline
- Modern Trade Channels
- Specialty Stores
- Hardware Stores
- Other Retail Stores
- Online
- Company-owned Website
- E-Commerce Websites
- Offline
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Termite Bait Products Market Report
- What is the projected value of the Termite Bait Products Market in 2023?
- At what rate will the global Termite Bait Products Market grow until 2033?
- Which are the factors hampering the growth in the Termite Bait Products Market?
- Which region is expected to lead in the global Termite Bait Products Market during 2023 to 2033?
- Which are the factors driving the Termite Bait Products Market during the forecast period?
- What is the expected market value of the Termite Bait Products Market during the forecast period?
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the termite bait products market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of termite, (subterranean, dampwood, and drywood), bail type (termite bait devices, and liquid eradication method), station type (in-ground, and above-ground), application (commercial & industrial, residential, and agricultural & livestock fields), distribution channel (offline (modern trade channels, specialty stores, hardware stores, other retail stores), online (company-owned website, e-commerce websites)) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Check out more related studies published by Fact.MR Research:
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Pest Control Devices Market: The global pest control devices market is estimated to register average single-digit CAGR across the globe over the forecast period from 2018-2028, according to recent research analysis of the company.
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