“Essential Oils and Plant Extracts for Livestock Market to grow at a lucrative rate over the forecast period”, says Visiongain
31 October 2019
Visiongain has launched a new Consumer Goods report Essential Oils and Plant Extracts for Livestock Market Report Forecasts by Product (Essential Oil, Plant Extract), by Form (Liquid, Solid), by Function (Gut Health, Immunity, Yield), by Livestock (Swine, Poultry, Ruminants, Aquaculture, Others), by Application (Aromatherapy, Phytotherapy) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global essential oils and plant extracts for livestock market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include the increasing use of oil and plant extracts as animal feed driven by their benefits, favourable regulatory scenario, growing meat consumption, and health benefits associated with these products. However, the concerns associated with unavailability of enough raw materials and uncertainty regarding prices may pose as market restraints. The essential oils and plant extracts for livestock market can be segmented based on product, form, application, and region.
Factors such as increasing demand for meat substitutes, growing livestock share in agriculture, favourable regulatory scenario, and rising consumer awareness are expected to fuel the market growth. Furthermore, the rise of different infections such as swine influenza and foot-and-mouth disease over the previous decade have raised concerns over meat quality and security. This has indirectly driven the uptake and utilization of feed added substances.
By product, plant extracts segment is anticipated to contribute the largest share of revenue. The large size of the segment can be attributed to high demand of usage of products such as essential oils, flavours and fragrances, spices, phytochemicals, and others. Herbs and botanical extracts are also gaining inclination as animal feed additives driven by ban on dietary antimicrobial agents and a decline in the use of antibiotic growth promoters. Several challenges for the market include lack of skilled and trained personnel and uncertainty regarding price of raw materials. Asia Pacific led the market in 2018 and is expected to continue to dominate during the forecast period. China is the world’s largest producer and consumer of meat driven by a high population base. Factors such as growing population, high demand, rising disposable income, and growing awareness among consumers are contributing to the large share of the region.
The global essential oils and plant extracts for livestock market is highly competitive with many players entering the market in order to cater to the growing consumer demand. Some of the players such as Manghebati SAS, Olmix S.A., Trouw Nutrition, Danisco (DuPont de Nemours, Inc.), and Biolandes are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. For instance, in April 2019, Botanic Health launched a novel organic essential oil which aims at improving mind health. Some of the other companies operating in the market include Joh. Vogele KG, Delacon Biotechnik GmbH, Beneo GmbH, and Plant Extracts International, Inc. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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