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Veterinary CBD Market 2019 Global Trends, Sales, Supply, Demand, Regional Analysis and Industry Segments Forecast to 2025
Veterinary CBD Market Research Report Insights and Industry Analysis by Source (Marijuana-Derived, Hemp-Derived); Product (Food-Grade, Therapeutic-Grade, Personal Care); Distribution Channel (E-Commerce, Retail Pharmacies, Vetcare Clinics) and Regions, Competitive Market Size, Share, Trends, and Forecast, 2019-2025
Veterinary CBD Market Analysis
The global veterinary CBD market 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 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.
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The MRFR report offers a wide segmental analysis of the veterinary CBD market on the basis of source, product, and distribution channel.
Based on source, the veterinary CBD 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 CBD products, 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 veterinary 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 the region, the veterinary CBD 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.
Leading players profiled in the veterinary CBD market 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.
August 2019: HempMeds has launched its latest CBD pet product line recently at SuperZoo 2019 to offer the most powerful and the highest quality hemp solutions for making a positive difference in the lives of pets.
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The reports of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.