Apr 29, 2021
Demand for Eco-friendly Termite Bait Products to Surge across Regions, Evaluates Fact.MR
by Team Fact.MR
With individuals and industries alike are looking for easy-to-install and less intrusive termite bait systems, manufacturers are spending more on R&D to make better products and improve overall efficacy. Manufacturers of termite bait products are improving their service portfolios by assuring regular checkups and appointing skilled professionals for maintenance purposes. Market players are also making eco-friendly products that are also durable at the same time, besides investing in new techniques such as three bait toxicants especially meant for subterranean termites.
As per a new report published by Fact.MR, the global termite bait products market is projected to reach a revenue US$ 2.8 million by the end of 2031. In terms of revenue, the market is estimated to expand at a CAGR of around 5% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- The termite bait system products market is anticipated to see growth of 1.5X by 2031.
- North America is the biggest market for termite bait products in the world, and demand here will rise further over the coming years.
- Asia is the fastest-growing market for termite bait products.
- Launch of new eco-friendly termite bait products is lending added impetus to market growth.
- Subterranean termites are the most common types of termites, and they are accountable for 85% of total damage.
“With rise in awareness towards the harmful effect of chemical-based termite pesticides, demand for eco-friendly termite bait products is on the rise,” says a Fact.MR analyst.
Key players have been spending on research & development to come up with newer ways of making products more consumer-friendly and less chemical-based. These enhancements will drive demand for termite bait products in the medium- to long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global termite bait products market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of termite (subterranean, dampwood, and drywood), bait (bait devices and liquid eradication method), station (in-ground and above ground), application (commercial & industrial, residential, and agricultural & livestock), and distribution channel (online and offline stores), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals & Materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Chemicals & Materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials
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