Market Analysis
The Veterinary CBD Market is estimated to reach USD 0.96 billion by 2032, growing at a CAGR of 53.4%, according to the recent Market Research Future (MRFR) report. Simply defined, pet/veterinary CBD treatment is the use of CBD to treat a variety of ailments in pets, including seizures, cancer, anxiety, and more. It is generally obtained from two sources: hemp and marijuana.
Several factors are driving the growth of the veterinary CBD market, including fewer side effects, a surge in demand among pet owners for organic healthcare products, and various benefits of using pet CBD, such as treating osteoarthritis, reducing tiredness and fatigue, balancing mood swings, maintaining mental health, and managing pet pain, seizures, and anxiety. Furthermore, an increase in the number of family pets, an increase in readiness to engage in pet healthcare, no need for customisation, a new and untapped market, and inexpensive implementation costs are all contributing to market expansion.
The veterinary CBD market is witnessing a surge in demand, driven by growing acceptance and awareness of cannabis treatments for pets. CBD offers potential benefits for managing pain, anxiety, and other ailments in animals, leading to increased adoption among pet owners. With evolving regulations and positive research outcomes, the market for cannabis treatments in veterinary care is poised for continuous growth.
The Veterinary CBD market is rapidly evolving as pet owners seek alternative therapies for their furry companions. With the increasing acceptance of Veterinary CBD treatment for pets, the market is witnessing substantial growth. Veterinary clinics and retailers are expanding their product offerings to meet the growing demand for CBD-based pet remedies.
On the other hand, an unclear regulatory environment, varying legal allowances and restrictions, issues with import and export, manufacturing and processing, and the purchase of raw materials for veterinary CBD products are all factors that may impede the veterinary CBD market's growth over the forecast period.
Market Segmentation
The veterinary CBD market has been segmented into three categories based on the product, distribution channel, and source.
Based on the source, the market has been segmented into marijuana and hemp-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.
Regional Analysis
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.
Key Players
Notable players in the global veterinary CBD market share 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.
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