Essential Oils and Plant Extracts for Livestock Market Development Scenario, Size, Share, Future Opportunities and Forecast To 2024
Research Reports
Jan 13, 2021
Market Highlights
Plant extracts and essential oils for livestock are feed additives that are in demand in the animal feed industry. The Global Essential Oils and Plant Extracts for Livestock Market is expected to garner a revenue of USD 3 billion by 2024, registering a CAGR of 6% during the forecast period of 2019–2024. Market players active in the plant extracts for livestock market and essential oils for livestock market are focusing on their research and development activities to launch new products that offer enhanced palatability of feed and promote livestock health. For instance, in 2018, BIOMIN Holding GmbH launched Digestarom DC, a new phytogenic feed additive (PFA). It is a functional feed additive that uses essential oil encapsulation technology for performance enhancement and feed conversion.
The global Essential Oils and Plants Extracts for Livestock Market is segregated by region into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to dominate the global essential oils and plant extracts for livestock market during the assessment period and exhibit the highest CAGR due to the presence of many livestock in the region. In India, a prominent country-level market in Asia-Pacific, there is a high dependency of much of the rural population on livestock production. Additionally, increasing demand for poultry products in major economies such as India and China is a crucial determinant driving the regional market growth. India, Japan, China, New Zealand, and Australia are the major countries contributing to the rising demand for essential oils as feed preservatives and aromatic plant extracts for livestock in Asia-Pacific.
The market in Europe is expected to account for a prominent revenue share of the global essential oils and plant extracts for livestock market owing to the rising demand for animal feed in countries such as Russia, Germany, Spain, and France. Moreover, Europe accounts for the largest share of pet food production globally, which in turn is expected to fuel the regional market growth.
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Key Players
Some of the Key Players in the global essential oils & plant extracts for livestock market are Kemin Industries, Inc. (US), Olmix Group (France), Destilaciones Bordas Chinchurreta SA (Spain), Herbavita (Belgium), CCPA GROUP (France), Provimi North America, Inc. (US), DuPont de Nemours, Inc. (US), BIOMIN Holding GmbH (Austria), Trouw Nutrition B.V. (Netherlands), Orffa (Netherlands), Martin Bauer Group (Germany), Manghebati (France), Foreverest Resources Ltd. (China), and Delacon Biotechnik GmbH (Austria).
By type, the global essential oils and plant extracts for livestock market has been classified as essential oils and plant extracts. The plant extracts segment is expected account for the larger revenue share and is forecasted to exhibit the higher growth rate during the forecast period.
The global essential oils & plant extracts for livestock market has also been segregated, on the basis of livestock, into swine, poultry, ruminants, aquaculture, and others. The poultry segment is expected to gain the largest market share. However, the aquaculture segment is expected to register the highest CAGR during the forecast period.
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