Veterinary CBD Market 2020 To 2025 Booming Trends, Share, Growth Challenges, Key Players And Industry Segments

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.

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 Veterinary CBD products can impinge the market growth.

Veterinary CBD Market Segmentation Analysis

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.

Veterinary CBD Market Regional Analysis

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.

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Veterinary CBD Market Competitive Analysis

Major industry participants in the global veterinary CBD market include Joy Organics, Fomo Bones, Green Roads of Florida, LLC, HempMy Pet, Honest Paws, Pet Releaf, Wet Noses, Canna-Pet, and HolistaPet.

Veterinary CBD Industry News

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.

Veterinary CBD Market Review, Future Growth, Global Survey, In-Depth Analysis, Share And Key Findings

Veterinary CBD Market Segmentation

The MRFR report offers a wide segmental analysis of the Pet CBD Market on the basis of source, product, and distribution channel.

Based on source, the veterinary CBD oil market is segmented into hemp-derived and marijuana-derived. Hemp has been valued traditionally owing to its fiber strength and used in various industries. Following the laws restricting marijuana and the availability of Vet CBD Oil, hemp is widely used for producing various CBD products. Its THC count is weaker than marijuana, and it is legal all throughout the world. Marijuana is prized owing to its potent THC production, yet is hampered due to lack of supporting legal framework both for manufacturing as well as processing. Marijuana has lately been legalized in South Africa, Canada, and different states within the US. Of these, the hemp-derived segment will have the largest share in the market over the forecast period. 

Based on product, the Pet CBD market is segmented into food-grade, therapeutic grade, and personal care. The food-grade segment is further segmented into treats, chews, and others (hemp biscuits and hemp capsules). The therapeutic grade segment is again segmented into pet CBD oils and pet supplements. Of these, the food-grade segment is predicted to dominate the market over the forecast period. This is owing to the rising spending by pet owners. The veterinary food market in the United States is predicted to grow at a 4.5% over the forecast period. 

Based on distribution channel, the veterinary CBD (Cannabis) market is segmented into veterinary clinics, retail pharmacies, e-commerce, and others. Of these, the veterinary clinics' segment will lead the market over the forecast period owing to veterinary CBD products finding greater acceptance while the e-commerce segment will grow at the fastest pace. 

Veterinary CBD Market Analysis 

Global veterinary CBD market size is predicted to grow at a 129.97% CAGR over the forecast period (2019-2025), states the latest Market Research Future (MRFR) report. CBD is one medicine that is doing rounds in the veterinary world and has ample benefits on the pet’s health. Cannabidiol will not get the pet high, and it is non-psychoactive, there is no chance of overdose, and contains a lower amount of THC. 

Various factors are propelling the Veterinary CBD Market Growth. Some of these factors according to the Market Research Future report, include rising number of household pets, ease of restrictions governing the consumption of CBD products for treating various ailments, rising demand for premium care products, proven to work against various diseases, minimal side effects in comparison to conventional medication, and works miraculously towards the maintenance of pets’ mental health. 

On the contrary, unclear regulatory environment for using veterinary CBD products, manufacturing of source product (marijuana and/or hemp), and variations in legal restrictions and allowances of CBD from country to country and also with various regions of the same country are factors that may restrict the veterinary CBD market growth over the forecast period. 

Veterinary CBD Market Regional Analysis

Based on the region, the veterinary CBD (Cannabis) market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific, and the Middle East and Africa. Of these, North America will command the market over the forecast period. This is owing to the presence of leading players of CBD oil in the region. The US is the key contributor in this region owing to the increasing awareness about animal health and growing animal healthcare expenditure. Currently, the veterinary CBD market is concentrated in North America, yet there is a lot of untapped potential in the remaining regions owing to rising expenditure on pets and the growing number of pets. 

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Veterinary CBD Market Key Players 

Leading players profiled in the Veterinary CBD Industry Report include Wet Noses (US), Green Roads of Florida (US), Pet Releaf (US), Fomo Bones (US), Joy Organics (US), Canna-Pet (US), HempMy Pet (US), HolistaPet (US), and Honest Paws (US), among others. Key companies are using different strategies to boost their production capacities such as mergers and acquisitions that will aid them in expanding their existence in the worldwide market.

Veterinary CBD Market Size, Industry Analysis, Key Findings, Share, Research, Development Status

Veterinary CBD Market Overview

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.

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 Pet 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.

Veterinary CBD Market Regional Frontiers

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.

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Veterinary CBD Industry Updates

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.

Veterinary CBD Market Competitive Dashboard

The top players operating in the veterinary CBD market include HolistaPet (US), Honest Paws (US), Canna-Pet (US), HempMy Pet (US), Fomo Bones (US), Joy Organics (US), Green Roads of Florida (US), Pet Releaf (US), and Wet Noses (US).