The global veterinary CBD market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 36.3%, surpassing a valuation of USD 17.345 billion during the forecast period till 2025.
CBD pet products possess anti-inflammation and anti-anxiety properties, which are the primary growth stimulants of the veterinary CBD market. The market is estimated to garner an impressive CAGR, mainly due to the surging number of household pets and mounting demand for humane practices in livestock management. The easing restrictions governing the utilization of CBD products in order to treat several ailments are estimated to propel the market growth in the coming years. As the pet care market globally seems to witness a never-ending rise, CBD infused products will garner revenues. The surging adoption of pets and soaring demand for premium care products are likely to encourage the market growth across the globe.
On the contrary, the unclear regulatory environment for the utilization of CBD products, coupled with the manufacturing of source product are estimated to deter the market growth in the foreseeable future.
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Veterinary CBD Market Key Players
- Honest Paws (US)
- HolistaPet (US)
- HempMy Pet (US)
- Canna-Pet (US)
- Joy Organics (US)
- Fomo Bones (US)
- Pet Releaf (US)
- Green Roads of Florida (US)
- Wet Noses (US)
Global Veterinary CBD Market: Segmental Analysis
The veterinary CBD market has been segmented on the basis of source, product, and distribution channel.
By source, the veterinary CBD market is segmented into marijuana-derived and hemp-derived. Of these, marijuana-derived veterinary CBD is considered completely legal in South Africa, Canada, and a few US states. It is one of the top raw materials for CBD products owing to the potency of the THC. Several countries are likely to legalize marijuana in the coming years due to its medicinal values.
The product segment includes therapeutic-grade, food-grade, and personal care. Of these, the therapeutic-grade is estimated to be the fastest-growing segment owing to the rising support for these products, especially by the veterinarians. Also, the rising consumer concern for the mental wellbeing of pets has influenced the market growth in the segment.
The distribution channel is segmented into retail pharmacies, e-commerce websites, veterinary clinics, and others. Of these, the e-commerce websites channels are considered one of the best distribution channels for these products due to the current boom in e-commerce and easy availability of these products online.
Geographically, the veterinary CBD market spans across the Asia Pacific, America, Europe, and the Middle East & Africa.
Considering the global scenario, America is estimated to lead the veterinary CBD market owing to the legislative allowances for marijuana, coupled with the large-scale infrastructure support for new industries. The veterinary market is concentrated in this region, but there is significant untapped potential in other regions as well, mainly due to the surging number of pets and increased spending on pets.
Europe is an emerging market for veterinary CBD. Increased focus on pet health and a well-established tradition for implementation and research has made the region a strong contender to the market in North America.
The Asia Pacific boasts the highest number of livestock and pets, and the regional market is presently limited by regulatory norms and high preference for traditional medical practices. The region promises aggressive market growth as it is the largest producer of hemp and has a recorded history of medicinal marijuana use.
August 2019: A global leading hemp and cannabis wellness brand for pets, True Leaf Brands Inc. has recently declared that the company has launched its veterinarian-formulated, cannabidiol (CBD) supplements, especially for dogs at SuperZoo 2019.
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