Veterinary CBD Market Analysis
The veterinary CBD market is predicted to reach USD 410.41 Million at a 53.4% CAGR between 2022 - 2030, according to the recent Market Research Future (MRFR) report. Pet/veterinary CBD treatment, simply put, is the treatment offered to pets for treating various diseases, including seizures, cancer, anxiety, and more. It is generally derived from two sources- hemp and marijuana.
Different factors are propelling the growth of the veterinary CBD market such as fewer side effects, burgeoning demand by pet owners for organic healthcare products, different benefits of using pet CBD such as to treat osteoarthritis, reduce tiredness and fatigue, balance mood swings, maintain mental health, and manage pet pain, seizures, and anxiety. Besides, a rise in the number of household pets, an increase in the willingness to invest in pet healthcare, no requirement for customization, new and untapped market, and low implementation cost are also adding market growth.
On the flipside, unclear regulatory environment, legal allowances and restrictions which vary, issues associated with import and export, and manufacturing processing, as well as the purchase of raw materials for veterinary CBD products, are factors that may impede the veterinary CBD market growth during the forecast period.
Geographically, the global veterinary CBD market is segmented into four regions, namely Europe, the Americas, the Middle East and Africa (MEA), and the Asia Pacific. Among these, the Americas will dominate the market during the forecast period. Legislative allowance for marijuana, coupled with huge infrastructure support for new industries, is adding market growth.
In Europe, the veterinary CBD market is likely to possess the second-largest share during the forecast period. The well-established tradition for conducting research coupled with implementation is adding market growth in the region.
In the Asia Pacific region, the veterinary CBD market is likely to develop at a fast rate during the forecast period. This region is the largest hemp producer. Besides, surging usage of medicinal marijuana, coupled with the presence of maximum pets and livestock, are adding market growth.
In the Middle East Africa, the global veterinary CBD market is likely to have limited share during the forecast period. Low per capita income, underdeveloped pet healthcare industry, and fewer household pets are resulting in small growth in the region.
Notable players in the global veterinary CBD market report include HempMy Pet (US), HolistaPet (US), Joy Organics (US), Fomo Bones (US), Wet Noses (US), Green Roads of Florida (US), Honest Paws (US), Canna- Pet (US), and Pet Releaf (US). Key players have encompassed various strategies to stay ahead in the competition, such as joint ventures, research and development, acquisitions, product launch, strategic alliances, partnerships, and others.
The veterinary CBD market segmentation is divided into three categories based on the product, distribution channel, and source.
Based on the source, the market has been segmented into marijuana and hemp CBD derived. Among these, the hemp-derived segment will have a major share in the market during the forecast period. The legalization of hemp in maximum countries coupled with relaxation rules for growing hemp is adding growth to this segment.
Based on the product, the market has been segmented into food grade, therapeutic grade, and personal care. The therapeutic grade product is again segmented into pet supplements pet CBD oils. The food grade product is again segmented into treats, chews, others. Among these, the therapeutic grade product will spearhead the market during the forecast period. Growing support for therapeutic products by veterinarians, coupled with consumers rising concern about the mental wellbeing of pets are adding to the growth of the segment.
Based on the distribution channel, the market has been segmented into e-commerce websites, veterinary clinics, retail pharmacies, and others. Among these, e-commerce websites will dominate the market during the forecast period.
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