Market Overview:
Essential oils and plant extracts for livestock market has registered expansive growth owing to increasing demand for naturally sourced feed additive. Consumption of animal protein is always accompanied by the concern that human health can be negatively affected by the antibiotics that are administered to livestock and can promote the growth of antibiotic-resistant bacteria in humans. Increasingly, regulatory bodies in Europe and North America are enforcing measures that are limiting the use of antibiotics in livestock which in turn is adding impetus to essential oils and plant extracts for livestock market. Essential oils and Essential Oils and Plant Extracts for Livestock Market Size is expected to surpass USD 4.4 billion by 2024 with a CAGR of 5.39% over 2020-2027.
Advantages of Essential Oils:
Recent research conducted by Kansas State University researchers has demonstrated that essential oils such as limonene, which is extracted from lemon oil and thymol, combat harmful bacterium in cattle stomachs. It is effective in making dietary protein more available to the animals by removing the bacterium. Essential oils have also been found to relieve cattle of stress and pests. For instance, strongly scented essential oils such as rosemary, sassafras, cedar, pine, lavender, camphor, eucalyptus, anise repel pests and the stress they cause to the herd.
Essential oils are also known to reduce methane gas production in cattle. Methane gas does more harm to the environment than carbon dioxide and concerns about global warming has strongly supported products that can bring down methane gas production in cattle. Various benefits of essential oils in cattle feed and increased R&D to bring out more advantages of plant extracts will fuel the growth of Essential Oils and Plant Extracts for Livestock Market Overview for 2020-2027.
Regional Analysis:
Antibiotics growth promoters (AGPs) have been banned by the EU in 2006 and a similar step was undertaken by the US Food and Drug Administration in restricting use of AGPs in animal nutrition in 2016. Livestock owners in both the regions therefore turned to natural growth promoters and livestock health development alternatives which added a potent boost to essential oils and plant extracts for livestock market. Europe is anticipated to account for substantial revenue accrued by essential oils and plant extracts for livestock market as naturally sourced animal feed has gained traction in countries like Germany, Russia, France and Spain. Also, Europe holds the largest share in the pet food market which will again act as a driver for essential oils and plant extracts for livestock market.
North America, especially the U.S. will also account for a considerable share in the essential oils and plant extracts for livestock market due to the fact that the U.S. is the second largest animal feed producer in the world. As the country’s dietary preference has registered a shift towards increased chicken consumption, the production of poultry feed has witnessed considerable boost. Additionally, growth of aquaculture in the region has increased the demand for auqafeed as well.
However, the region that is expected to dominate essential oils and plant extracts for livestock market is Asia Pacific owing to the rising awareness about naturally sourced animal feed in the region. Asia Pacific essential oils and plant extracts for livestock market is expected to record the highest CAGR over 2019-2025 as meat consumption has witnessed an upward trend in the region due to the increasing disposable income of the middle class in emerging economies. Presence of vast livestock in countries like India and China and the dependence of rural population on livestock population will act as major drivers for the market in this region.
Competitive Analysis:
Owing to greater demand of essential oils across the globe, the essential oils and plant extract for livestock market has witnessed a surge of industry participants which has in turn helped in the expansion of the market. Biomin Holding, DuPont De Nemours, Herbavita, Kemin Industries, Orffa, Trouw Nutrition, CCPA Group, Foreverest Resources, Martin Bauer Group etc. are some of the leading names in the essential oils and plant extract market.
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