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. 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.
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 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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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).
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