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, 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.
Key players in the termite bait systems market include DowDuPont (US), BASF (Germany), Bayer (Germany), Sumitomo Chemical (Japan), Syngenta (Switzerland), and Rentokil Initial (UK). Spectrum Brands (US), Ensystex (US), PCT International (Australia), Rollins (US), Terminix International (US), and Arrow Exterminators (US) are other key market players who also have a significant market presence.
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BASF is a chemical manufacturing company operating in the market segments of chemicals, performance products, functional materials and solutions, agricultural solutions, and oil & gas. The company provides innovative solutions for termite control, through its agricultural solutions segment.
The company has a decent product portfolio, which offers both baits and attractants to control the termite population. In November 2017, the company launched an attractant, namely, Termidor HE, in Japan. This product prevents termites from infesting structural materials such as wood. Being one of the leaders in the insect pest control industry, the company has a large consumer base for termite bait products and is hence one of the global market leaders.
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.
Rentokil Initial is a business services group, which operates through three segments, namely, pest control, hygiene, and protect & enhance. The company is the leading provider of professional pest management services in the global market. It specializes in offering products & services for pest control, hygiene, and safety at workplaces. The company focuses to grow within the termite control industry through inorganic means, such as acquisitions and collaborations. With its best-in-class digital technologies, strong brand value, and sector-wise expertise, Rentokil has been targeting markets, with high population density, such as China, India, and Brazil through inorganic strategies of introducing innovative termite control products and services.
Termite Bait Systems Market by Termite Type (Subterranean, Dampwood, Drywood), Station Type (In-Ground, Above-Ground), Application (Commercial & Industrial, Residential, Agriculture & Livestock Farms), and Region - Global Forecast to 2023
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