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COVID-19 Impact On Essential Oils for Livestock Market Growth Driver, Industry Outlook, Competitive Landscape, Forecast to 2024

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. 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 for Livestock Market is segregated by region into North America, Europe, Asia-Pacific, and the rest of the world.

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 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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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).

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