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Essential Oils & Plant Extracts for Livestock Market size is estimated to be $2.47 billion in 2019, growing at a CAGR of 6.8% during the forecast period 2020-2025. Essential oils are compounds extracted from plants and a major source of phytogenic feed additives (PFA), considered to be cost-effective and a safe alternative to antibiotics in animal diets. In addition, the application of Essential oils has resulted in an improvement in the durability of raw feed materials and in the range of positive effects on domestic animals’ health and performance. Rising concern about animal health and nutrient is considered as a key factor driving its market in the upcoming years. Increase in the consumption of dairy products such as milk, yoghurt, cream, butter and cheese are anticipated to drive the Essential Oils & Plant Extracts for Livestock market in the future. Furthermore, the shift of consumers towards non-vegetarian products as compared to vegetarian food is propelled to increase the utilization and demand of the product. Moreover, the use of food products is governed by the provision of the Federal Food, Drug and Cosmetic Act, and the regulation issued under this authority. FDA’s Center for Food Safety and Applied Nutrition is responsible for the regulation of human food products and FDA’s Center for Veterinary Medicine (CVM) is responsible for the regulation of animal food (feed) products.
By Product- Segment Analysis
By Product, the Essential Oils & Plant Extracts for Livestock Market is segmented into Essential Oils and Plant Extracts. Essential Oils held the major market share in 2019, owing to its ability to reduce stress in animals. Moreover, animals’ aromatherapy reduces their behavioural issues such as anxieties, obsessive behaviours, aggression and physical condition such as skin problem, arthritis, allergies and more. For instance, in February 2020 Pet Releaf, the market-leading CBD hemp health brand for pets launched their highly anticipated line of CBD products designed especially for veterinary practices. Also, plant extracts segment is projected to witness growth at CAGR of 7.3% in forecast period 2020-2025. Plant extracts are derived from plant products individually or in combinations used in spices and flavoring agents in feeds. Moreover, plant extracts are typically used in feed additives in the form of oil-resins or essential-oils. Oil resins is obtained by percolation, with the use of solvents and results in a liquid or paste consisting of resin, chemical and organic substances, which confer specific color and viscosity to the extract. Thus, increase in demand of essential oils and plant extracts to improve feeding efficiency of animals is likely to accelerate rapidly in the near future which in turn is likely to accelerate the Essential Oils & Plant Extracts for Livestock market during the forecast period 2020-2025.
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By Livestock- Segment Analysis
By Livestock, the Essential Oils & Plant Extracts for Livestock is segmented into cattle feed, poultry feed, swine feed, aquatic feed and others. Poultry feed segment held the largest market share in the year 2019 owing to the rising chicken consumption along with the growing demand of poultry food. Government initiative and regulations to keep an eye on the content of feed will further support market growth. In Brazil the compounds used as a performance enhancer follows the regulation of the Ministry of Agriculture and the Codex Alimentarius. These regulation state that the use of antibiotics in animal feeds should not exceed maximum residue limits (MRL), which is the amount of a chemical substance allowed to be present in 1kg of feed and that if ingested by an individual during his entire life, does not cause undesirable or toxic effects.
Geography- Segment Analysis
Asia Pacific contributed to the largest market share of more than 32% owing to the strong economic prospects of developing countries. Large cattle population along with the growing adoption of pets in this region have highly supported the growth of regional market. Europe Essential Oils & Plant Extracts for Livestock market is another dominant market owing to the presence of BENEO an ingredient supplier providing a specific feed-grade portfolio of inulin-type fructans derived from the chicory root- inulin and oligofructose.
Drivers – Essential Oils & Plant Extracts for Livestock Market
Growing Concern of Animal Health and Nutrition
Growing concern of animal health and nutrition is a major factor driving the Essential Oils & Plant Extracts for Livestock Market during the forecast period 2020-2025. Essential oils & plant extracts are considered as an important source of feed for livestock thereby boosting its market growth. Moreover, essential oils have been widely used in animals owing to its antibacterial, antiviral, fungicidal, insecticidal, anticancer and cytotoxic effects. Therefore, these are key benefits driving its market growth in the upcoming years.
Increasing Adoption of Pets
Increasing Adoption of Pets is a significant factor driving the Essential Oils & Plant Extracts for Livestock Market during the forecast period 2020-2025. For instance, according to ASCPA it is estimated that 78 million dogs and 85.8 million cats are owned in the U.S. and 3.2 million shelter animals are adopted each year. This has led an increase in the expenditure of animal care products along with feed thereby triggering its market growth.
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Challenges – Essential Oils & Plant Extracts for Livestock Market
Side-Effects of Essential Oils
High prices of Essential Oils serve as a major setback for the growth of the Essential Oils & Plant Extracts for Livestock Market during the forecast period 2020-2025. Also, the chemicals in essential oils are rapidly absorbed into the system whether received orally, or through the skin and metabolized by the liver. Therefore, excessive use of essential oils can be problematic for puppies and young dogs, dogs with liver disease or youngerly dogs.
Essential Oils & Plant Extracts for Livestock Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Essential Oils & Plant Extracts for Livestock Market. Essential Oils & Plant Extracts for Livestock Market top 10 companies are Amorvet Animal Health Pvt Ltd, Beneo GmBH, Danisco, Delacon Biotechnik Gmbh, DSM NV, Herb Specialty Pvt Ltd, Herbarom Labortorie, Herbavita, Idena SA and Joh. Vgele Kg.
August 2018: Breentag North America’s Food & Nutrition collaborated with Silvateam for the distribution of Pectin.
Essential Oils held the major market share in 2019, owing to its ability to reduce stress in animals.
Poultry feed segment held the largest market share in the year 2019 owing to the rising chicken consumption along with the growing demand of poultry food is anticipated to trigger the segment growth.
Asia Pacific contributed to the largest market share of more than 32% owing to the strong economic prospects of developing countries.
Growing concern of animal health and nutrition is a major factor driving the Essential Oils & Plant Extracts for Livestock Market during the forecast period 2020-2025.
Related Reports :
A. Yoghurt Powder Market
B. Dairy Products Market
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