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.
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.
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.
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.