The global market for termite control services is projected to grow at a CAGR of 6.5% during the forecast period of 2022 to 2030. Infestations of termites are brought on by unsanitary conditions, rising populations in a number of different countries, and ineffective management of garbage. Termites are microscopic insects that resemble ants that feed on dead plants and trees as well as other wooden materials. Termites can also feed on other types of organic matter.
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The use of pre-construction termite control treatment results in the creation of an anti-termite barrier under the building structure. This barrier protects against the damages produced by termites, which in turn leads to the growth of termite bait products. The expanding presence of termite control service providers in developing economies, as well as the many instances of insect pest infestations related to climate change, have been the key reasons that have been driving the market.
In addition, service companies who make investments in route scheduling software and GPS systems are likely to have promising future growth in conjunction with an increase in the productivity of their technicians. The customer base of service providers is growing as a result of the introduction of more cost-effective marketing strategies, such as direct canvassing and referrals from homeowner organisations.
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With respect to method of pest control, 57% of the market was held by chemical termite treatment services in 2021. On the other hand, there is a feasible option to chemical offers, and that is organic termite control services, which are predicted to increase at a rate that is 2.5 times faster than chemical ones. This can be due to the favourable effects organic services have on the environment and the health of consumers.
The application market is segmented as commercial, industrial, residential, agricultural and livestocks and other. Commercial and Industrial sectors were the most dominant segment in the termite control market in 2021. The stringent regulatory standards that must be met in order to satisfy the requirement of keeping the threat of termites under control are responsible for the significant demand that comes from the commercial and industrial sectors. Large businesses that provide contractual services have a better chance of attracting the business of commercial customers, which ultimately results in increased sales and profitability of the business.
In 2021, the market for termite control products was led by North America, that contributed about 25% of global revenue share. The construction of residential and non-residential buildings in North America is predominately carried out with the use of wood due to the fact that it is economical, has features that make it resistant to earthquakes, etc. The fact that termites consume most of their food in the form of wood contributes to the rapid expansion of the termite control services market.
Tier 1 market players currently control around 2/5th of the overall revenue share. In order to boost sales, these players are concentrating on offering competitive prices and acquiring local players in order to eliminate their competition in the market. Service providers are increasingly embracing smart approaches to control termites that defy costly infestations using sustainable solutions. These strategies have the potential to reduce the environmental impact of controlling termites. The provision of advantages such as intelligent, digital-process based constant monitoring, quick reactive steps, etc. that helps the detection of blind spots along with round-the-clock surveillance is expected to promote the market expansion in the near future. BASF SE (Germany), Syngenta AG (Switzerland), Dow Chemical Company (United States), Sumitomo Chemicals (Japan), and FMC Corporation (United States) are currently the key players in this market (US).
Key Market Trends
- The global market for termite control services is projected to grow at a CAGR of 6.5% during the forecast period of 2022 to 2030.
- With respect to method of pest control, 57% of the market was held by chemical termite treatment services in 2021.
- Commercial and Industrial sectors were the most dominant segment in the termite control market in 2021.
- In 2021, the market for termite control products was led by North America, that contributed about 25% of global revenue share.
- Tier 1 market players currently control around 2/5th of the overall revenue share.
- BASF SE (Germany), Syngenta AG (Switzerland), Dow Chemical Company (United States), Sumitomo Chemicals (Japan), and FMC Corporation (United States) are currently the key players in this market (US).
Termite Control Market is segmented into:
|Segmentation||By Species (2020-2030; US$ Mn)|
|By Control Mechanisms (2020-2030; US$ Mn)|
|By Application (2020-2030; US$ Mn)|
|By Services (2020-2030; US$ Mn)|
|Region Segment (2020-2030; US$ Mn)|
|Covid-19 Impact (2020-2030; US$ Mn)|
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