Veterinary CBD Market is Projected to Register a Healthy CAGR of 57% in the Forecast Period

The veterinary CBD market is all set to procure a strong valuation of USD 125 million by 2022, says MRFR (Market Research Future). It is also projected that the market size can soar at a remarkable rate of 57?tween 2016 and 2-22 (assessment period).The market is highly competitive in nature. The pet food companies such as Nestle; Mars Inc.; General Mills Inc. are also expected to enter into the market in the coming years by opting for strategies such as new product launches, acquisitions, and collaborations in order to increase their market penetration. For instance, in November 2020, CV Sciences Inc., an affluent brand known for its extensive line of CBD products, introduced PlusCBD Pet, a full series of hemp extracts made exclusively for cats and dogs. Made with natural hemp extracts, PlusCBD Pet will be available in formats of 250mg and 500mg consisting flavors such chicken, beef, salmon, peanut butter as well as unflavored.

The perceived benefits of cannabis, high awareness among pet owners, and preference for natural pet supplements have led to an upsurge in market growth. The benefits of CBD based products in fixing physical and mental issues in pets are driving the market. According to the Cannabis product news report, around 24.0% of the U.S. pet owners consume CBD based products either for themselves or for their pets. Pet CBD treatment has been found useful in treating diseases like cancer, anxiety, sleep disorders, and epilepsy. Rising incidences of anxiety disorder in pets especially dogs is another growth propelling factor for the market. The growth can be attributed to the increasing pet healthcare expenditure and growing concern among the pet owners. Moreover, the increasing portfolio of companies offering products for general health/wellness is fueling the revenue.

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Major Companies

Pet Releaf (US), Joy Organics (US), HolistaPet (US), HempMy Pet (US), Green Roads of Florida (US), Honest Paws (US), Fomo Bones (US), Wet Noses (US), Canna-Pet (US), are some of the market leaders profiled in the MRFR study.

Market Segmentation

Source, product and distribution channels are the major segments based on which the global market has been analyzed in the MRFR report.

Marijuana and hemp are the key sources described in the MRFR report. Unlike legalization issues associated with marijuana, hemp notes smooth sales almost in all the countries and is extensively used in CBD products.

Products highlighted in the MRFR study are therapeutic grade, food-grade, personal care and more. Food grade is in the lead while the fastest growing segment can be therapeutic grade.

Distribution channels are retail pharmacies, e-commerce, vetcare clinics and more.

Regional Outlook

Europe, APAC or Asia Pacific, MEA or Middle East and Africa and the Americas are the primary markets for veterinary CBD products.

Leading the worldwide market for veterinary CBD, America benefits from the legislative acceptance of marijuana combined with the well-developed infrastructure that favors new industries. The American market will continue to lead, in view of the perceived healthy effects of CBD among pet owners, reinvigorated basic CPG segments and increasing legalization efforts, especially in the United States.

Europe is home an extensive animal health industry that is primarily focused on pet health, which should benefit the veterinary CBD market in the following years. Frequent research activities backed by large-scale funding will turn the European market into one of the strongest contenders in the years ahead. High availability of a variety of vet CBD goods on online portals with no prescription-based issues have boosted the sales in the region. The popularity of e-commerce channels in the region has risen exponentially, as these sell items at discounted prices. Increased penetration of electronic devices like smartphones along with the rising internet usage also seem to be favoring the e-commerce platform in the region, which should further bolster the sales.

Asia Pacific boasts of massive numbers of livestock as well as pets and is known for significant production of hemp. The region also has a history of use of medicinal marijuana, and therefore exhibits promise for aggressive growth in the coming years, further bolstered by the growing awareness about the benefits of the product. Therefore, it is safe to assume that the APAC market will be capturing a phenomenal growth rate in subsequent years.

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