Termite Bait Systems Market Witness the Growth of $342.5 million by 2023
by Mit K. SEOThe 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, growing at a CAGR of 5.60%. The
growing demand for less toxic and target-specific termite control solutions is
expected to boost the market for termite bait systems.
Some of the Prominent Key Players are:
DowDuPont (US)
BASF (Germany)
Bayer (Germany)
Sumitomo Chemical (Japan)
Spectrum Brands (US)
PCT International (Australia)
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Subterranean termites are the most common termites
present globally and cause the most destructive damage to houses and other
properties. Since subterranean termites are found below ground level, in-ground
termite bait stations are used to control these termite infestations. The
in-ground segment accounted for 72.5% of the global termite bait systems market
in 2017, in terms of station type.
The commercial & industrial segment is
projected to register the highest growth rate from 2018 to 2023. The increasing
commercial and industrial construction activities, especially in the developing
regions, have led to an increased demand for termite control services. The
commercial & industrial sector needs to adhere to certain hygiene
standards. This can create a significant demand for pest and termite control
services in and around commercial and industrial areas. Additionally, the need
for less-toxic termite control methods, such as termite baits, is also expected
to gain importance in the coming years from the commercial & industrial
segment.
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.
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Created on Dec 23rd 2020 06:29. Viewed 210 times.