The legalization of cannabis in certain nations ha saved numerous lives. With the rise in pet ownership numbers and pet healthcare costing a heft amount, cannabidiol (CBD) plays a major part in alleviating the pain of pets. The global veterinary CBD market report by Market Research Future (MRFR) contains numerous insights and trends which would provide investors in making wise decisions.
Veterinary CBD Market Outlook
The global veterinary CBD market is poised to reach a stellar mark by 2025. It can exhibit a CAGR of 129% from 2019 to 2025 (forecast period). It stood at USD 98.83 million in 2018. The rise in the number of pet owners combined with the inclination of pet owners to spend money on animal health are likely to drive the market growth till 2025. High prevalence of mental health as well as pain caused by diseases among pets can drive the market demand at an exponential rate.
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Clinical trials outlining the effectiveness of CBD-infused products are likely to gather support for the veterinary CBD market till the end of the forecast period. A study published in the National Center for Biotechnology Information (NCBI) in 2019 has found CBD given to dogs suffering from epilepsy had fewer epileptic attacks. CBD oil given to pets have been known to alleviate pain levels and provide soothing effects for anxiety and other maladies.
The preference for organic foods by pet owners over conventional due to their taste, flavor, and low probability of side-effects can bode well for the market prospects in the coming years. The high market valuation pegged for the pet care market at USD 202.6 billion by 2025 is a positive indicator of the large size predicted for the global veterinary CBD market.
Unclear laws and legalizations pertaining to CBD products can impinge the market growth.
The global veterinary CBD market is segmented by source, product, and distribution channel.
By source, it is segmented into hemp derived and marijuana derived. The hemp derived segment is expected to perform exceptionally due to being a source of tetrahydrocannabinol (THC) and the unclear policies regarding marijuana. On the other hand, the marijuana derived segment can drive the fortunes of the global veterinary CBD market due to the legalization of marijuana farming in few countries.
By product, it is segmented into therapeutic-grade, food-grade, and personal care. Therapeutic-grade is further segmented into pet supplements and pet CBD oils. Food-grade, on the other hand, is segmented into soft chews, treats, and others. The therapeutic-grade segment is projected to exhibit a stellar growth rate during the forecast period due to rollback of certain policies restricting production of CBD. On the flip side, the personal care segment is expected to expand in size due to opportunities for mood management and elderly pet care.
By distribution channel, it is segmented into veterinary clinics, retail pharmacies, e-commerce websites, and others.
Asia Pacific (APAC), the Americas, the Middle East & Africa (MEA), and Europe are regions taken into consideration in the compilation of the global veterinary CBD market report.
The Americas is likely to generate a significant amount of revenue for the global market due to the passing of the 2018 Agricultural Improvement Act which has approved the legalization of marijuana farming. Within the Americas, North America can contribute to the global veterinary CBD due to supportive pet-friendly policies. Latin America has a smaller share compared to its counterpart owing to low infrastructure. But allocation of land in Uruguay as well as policies encouraging growth of hemp can drive the regional growth.
The APAC region has promise for massive growth due to being one of the biggest cultivators of medical marijuana. Higher awareness of CBD is likely to drive the demand of the market in the coming years.
Veterinary CBD Market Competitive Analysis
Major industry participants in the global veterinary CBD market include
- Joy Organics
- Fomo Bones
- Green Roads of Florida
- HempMy Pet
- Honest Paws
- Pet Releaf
- Wet Noses
Willie’s Reserve, a U.S. based chain of stores offering marijuana-based products, is launching a new line exclusively for pets. The company is willing to reach its consumer by showcasing its line at pet product exhibitions.
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