Veterinary CBD Market Overview
The CBD veterinary market could reach $ 125 million by 2027, reveals MRFR (Market Research Future). The global industry will achieve a huge growth rate of 57% from 2020 to 2027, the company report adds.
Cannabis has many benefits, and pet owners are increasingly aware of it, which is reflected in the strong demand for CBD veterinary products. The preference is especially high for natural CBD supplements, which leads to a significant increase in business growth. CBD veterinary products help solve the mental and physical problems of pets. Veterinary treatment with CBD has been shown to be critical in the treatment of disorders such as anxiety, cancer, epilepsy, and sleep disorders.
The escalation of cases of anxiety disorder among pets, especially dogs, could further drive market demand in the coming years. Other aspects of the representation of growth may be the increase in pet health spending along with the growing concerns among pet owners. In addition, expanding vendor portfolios focused on providing wellness and health products will further increase revenue generation.
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The highly competitive market has a number of players striving to foster their positions, adopting strategies such as acquisitions, collaborations and new product launches. To illustrate, in November 2021, PAO Group Inc. confirmed its plan to introduce its new range of CBD veterinary products. The company will launch two CBD nutraceuticals, RehabRX CBD, a basketball, and RelaxRX CBD, a sleep aid.
Market segmentation
The source, the product and the distribution channels are the main segments according to which the global market has been analyzed in the MRFR report.
Marijuana and hemp are the key sources described in the MRFR report. Unlike the legalization issues associated with marijuana, hemp has smooth sales in almost every country and is widely used in CBD products.
The products highlighted in the MRFR study are therapeutic grade, food grade, personal care and more. Food quality is at the forefront, while the fastest growing segment may be the therapeutic grade.
Distribution channels are retail pharmacies, e-commerce, veterinary clinics and more.
Regional perspectives
Europe, APAC or Asia Pacific, MEA or Middle East and Africa and America are the main markets for CBD veterinary products.
Leading the global veterinary CBD market, America benefits from the legislative acceptance of marijuana combined with the well-developed infrastructure that favors new industries. The U.S. market will continue to lead, given the perceived healthy effects of CBD among pet owners, the revitalization of core CPG segments, and increased legalization efforts, especially in the United States.
Europe is home to a large animal health industry that focuses primarily on pet health, which should benefit the CBD veterinary market in the coming years. Frequent research activities backed by large-scale funding will make the European market one of the strongest competitors in the coming years. The high availability of a variety of CBD products for veterinarians on trouble-free prescription-based online portals has increased sales in the region. The popularity of e-commerce channels in the region has increased exponentially as they sell items at reduced prices. Increased penetration of e-devices such as smartphones along with increased use of the internet also seem to favor the e-commerce platform in the region, which should further boost sales.
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Asia Pacific has a large number of livestock and pets and is known for its important hemp production. The region also has a history of medical marijuana use and therefore promises aggressive growth in the coming years, further bolstered by growing awareness of the benefits of the product. As a result, the APAC market will thrive at a phenomenal rate in the years to come.
Major companies
Pet Releaf (USA), Joy Organics (USA), HolistaPet (USA), HempMy Pet (USA), Green Roads of Florida (USA), Honest Paws (USA), Fomo Bones (USA), Wet Noses (USA), Canna -Pet (USA), are some of the market leaders outlined in the MRFR study.
See reports related to:
CBD Market Research Report: Global Forecast to 2027
CBD Oil Market Research Report: Global Forecast to 2027
Medical Cannabis Market Research Report: Global Forecast to 2027
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