Essential Oils and Plant Extracts for Livestock Market: Regional Growth, by Product and Competitor with insights
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 industry 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 analysis 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 analysis. 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.
The market in Europe is expected to account for a prominent...
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