Market Highlights
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. Plant extracts and essential oils for livestock are feed additives that are in demand in the animal feed industry. 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. It is used to improve palatability, enhance digestibility, reduce the intestinal problems, improve animal product quality, and improve animal welfare. Such technological breakthroughs are expected to boost the growth of global essential oils and plant extracts for livestock market during the forecast period.
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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)
- Delacon Biotechnik GmbH (Austria)
Market Segment
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 a large number of livestock in the region. In India, a prominent country-level market in Asia-Pacific, there is a high dependency of a majority 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 North America is projected to garner the second-largest market share of the global essential oils and plant extracts for livestock market during the review period. In North America, the US is the dominant country-level market contributing widely to the growth of the animal feed market, which in turn is driving the growth of the North American essential oils and plant extracts for livestock market. The US is the second-largest animal feed producing country across the globe. In North America, the production of poultry feed is on the rise due to the increasing population of broilers in the region. Additionally, aquaculture is a lucrative industry in North America, owing to which there is an increase in the demand for aquafeed in the region. The US and Canada are the major producers of horse feed which is yet another factor driving the growth of the North American essential oils and plant extracts for livestock market.
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Regional Analysis
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.
The market in the rest of the world (RoW) includes Africa, South America, and the Middle East. The market in South America is the most significant in RoW due to the growing animal feed industry in the region, especially in Brazil.
The global essential oils and plant extracts for livestock market has further been segmented by type, form, and livestock.
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.
Based on form, the global essential oils and plants extracts for livestock market has been bifurcated into solid/powder and liquid. The solid/powder segment is projected to garner the larger revenue share and is expected to register the faster growth rate.
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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