Cannabidiol (CBD) is an active ingredient of cannabis, a derivative of the marijuana plant. The legal status granted to the cultivation of CBD across some countries has sparked its demand. Adoption of pets and the need for pain alleviation medicines can induce the demand of cannabidiol. The global veterinary CBD market report by Market Research Future (MRFR) outlines various factors and drawbacks to be faced by the players for the period between 2019 and 2025. The comprehensive report contains tables, graphs, and figures to support the predictive data and trends.
The global veterinary CBD market is likely to touch USD 202.6 billion at a 4.9% CAGR between 2019- 2025, according to the recent Market Research Future (MRFR) report. Veterinary CBD treatment is provided to pets to treat diseases such as anxiety, seizures, and cancer. Hemp-derived & marijuana-derived are the two sources of veterinary CBD.
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Various factors are adding to the global Pet CBD market growth. These factors, as per the new MRFR report, include low implementation costs, rising willingness to invest in pet healthcare, an increase in household pets, a relatively new & untapped market, and does not need to be tailor-made. Additional factors adding market growth include the tremendous potential of CBD for managing seizures, anxiety, and pet pain. Additional factors adding market growth include CBD works miraculously to maintain pets’ mental health and also reduce fatigue, tiredness, and balance mood swings, treat osteoarthritis, fewer side effects, and demand for organic healthcare products by pet owners.
On the contrary, differing regulations and laws related to the manufacturing/processing and purchase of pet CBD products raw materials, issues related to export and import, legal restrictions and allowances that differ, and unclear regulatory environment are factors that may limit the global veterinary CBD market growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global veterinary CBD market based on source, product, and distribution channel.
By source, the veterinary CBD market is segmented into hemp-derived & marijuana-derived. Of these, the hemp-derived source will lead the market over the forecast period for relaxation rules to grow hemp and legalization in most countries.
By product, the veterinary CBD market is segmented into personal care, food grade, and therapeutic grade. The food grade segment is further segmented into chews, treats, and others. The therapeutic grade segment is further segmented into pet CBD oils and pet supplements. Of these, the therapeutic grade segment will dominate the market over the forecast period for the increasing concern of consumers for their pet’s mental wellbeing and increased support for such products by veterinarians.
By distribution channel, the veterinary CBD market is segmented into veterinary clinics, retail pharmacies, e-commerce websites, and others. Of these, e-commerce websites will have a major share in the market over the forecast period.
Regional Analysis
Based on the region, the global veterinary CBD market covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), & the Middle East & Africa (MEA). Of these, the Americas will spearhead the market over the forecast period for the large-scale infrastructure support for new industries and legislative allowance for marijuana.
The global veterinary CBD market in Europe is predicted to have the second-largest share over the forecast period for a well-established tradition for research as well as implementation.
The global veterinary CBD market in the APAC region is predicted to grow at a quick pace over the forecast period for having the highest numbers of livestock and pets and increasing use of medicinal marijuana. Besides, the Asia Pacific is the largest producer of hemp.
The global veterinary CBD market in the MEA is predicted to have the smallest share over the forecast period for an underdeveloped pet healthcare industry, fewer household pets, and lower per capita income.
Key Players
Eminent players profiled in the global veterinary CBD market report include Joy Organics (US), Green Roads of Florida (US), HempMy Pet (US), Pet Releaf (US), Honest Paws (US), Wet Noses (US), Canna-Pet (US), Fomo Bones (US), and HolistaPet (US). Industry players have encompassed strategies such as strategic alliances, mergers, acquisitions, joint ventures, product launch, and research and development to create a niche in the market.
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