The termite bait market is expected to grow globally over the next ten years at a rate of 5% CAGR, according to a study performed by Fact MR. And it makes sense. After all, termites cause billions of dollars in property damage every year worldwide, with subterranean termites accounting for almost 85% of that cost. This naturally increases demand for termite infestation control, and with that demand you have growth in the termite bait products market as well. All of this is encouraging more research and development into making these products more effective and more ecologically friendly.
In the US, baits are becoming the go to method when it comes to termite control and prevention, but this is a trend that we are seeing around the world, especially in areas where more complex methods can be hard to implement due to a lack of expertise and equipment. Just recently, termite infestation destroyed the World heritage site Itchan Kala in Uzbekistan, so we can expect to see these products being spread through various programs all over the world.
China and India are another two big underserved markets for bait products, with both countries facing huge property damage due to termites. India is actively investing in termite bait products in order to develop their market and attract companies that can deliver effective termite baits to their population.
As these markets expand, competing businesses will look for ways in which they can stand out and take advantage of this huge opportunity. One direction that we see bait products going in is eco-friendly, which is appealing to institutional and governmental clients. Companies are also looking for ways to lower the price per product, improve the ease of installation and maintenance, and increase effectiveness.
However, the industry does face some challenges, in particular from competing products such as chemical barriers. Given that baits take longer to be effective, they can be tougher sell as a pest control method, rather than merely a method of prevention. Asian countries are also unfamiliar with baiting systems, so education will be paramount if companies want to take advantage of markets in the East. One potential avenue for entering the market is to advertise bait systems as additions to chemical barriers, where chemical barriers stop the damage that the termites cause in the short term, and bait systems eliminate colonies on a property over a longer period of time.
We offer both chemical barriers and bait system installation for homeowners, and we usually recommend going with Sentricon termite control for maximum effectiveness, however it often times depends on the situation. If you would like to know more about bait systems and chemical treatments against termites, contact us today and we can let you know what we recommend for your specific property.