New York, US, May 20, 2022 (GLOBE NEWSWIRE) -- Veterinary CBD Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Veterinary CBD Market Information By Distribution Channel, Source, Product, and Region - Forecast till 2030”, the market is estimated to reach USD 410.10 Million by 2030 at a CAGR of 53.4% during the forecasted period.
Market Scope:
Veterinary CBD products or treats should contain the equal quality of CBD oil as the ones for humans. The only difference between these two is the concentration.
Competitive Analysis
The veterinary CBD market has prominent players such as:
- HolistaPet (US)
- Green Roads of Florida (US)
- Joy Organics (US)
- Wet Noses (US)
- Fomo Bones (US)
- Pet Releaf (US)
- Honest Paws (US)
- HempMy Pet (US)
- Canna-Pet (US)
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Market USP Covered
Market Drivers
The global market for veterinary CBD has registered a major spike in the growth rate in the last few years. The market's growth is mainly credited to the increasing number of household pets across the globe. Furthermore, the factors such as fewer side effects than conventional medication, low implementation costs, increasing willingness to spend on the health of pets, increasing demands for organic healthcare products, and relatively new and untapped market are also projected to boost the growth of the market over the coming years. in addition, the low implementation costs and its proven to work against several pet diseases are likely to offer lucrative opportunities to the market players across the globe.
Market Restraints
On the other hand, the unclear regulatory environment for the product manufacturing and use of veterinary CBD oil products are likely to impede the market's growth.
COVID-19 Impact
The COVID pandemic has had a major impact on the majority of the market sectors across the globe in recent times. The global market for veterinary CBD is no different than others. Along with that, the global health crisis affected public health majorly. Several governments across the globe implemented [partial or complete lockdowns in order to stop the spread of the disease. The travel restrictions across several regions worldwide led to the stoppage of transportation and supplies. Due to this disruption of supply chains worldwide, the global market for veterinary CBD faced a major loss for a certain period.
Nevertheless, the market players worldwide have implemented several new policies to produce great demands for the veterinary CBD market over the assessment timeframe.
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Segment Analysis
The global market for veterinary CBD has been fragmented into various segments based on distribution channel, products, source, and region.
Based on the source, the global veterinary CBD market is split into marijuana-derived and hemp-derived. In the majority of the countries, hemp is considered legal. They are mainly used for CBD products. Through the weak intensity of THC, hemp is restricted or banned across several regions. However, marijuana is one of the top raw materials for CBD products, given its THC potency. Marijuana is legal across countries like the US, Canada, and South Africa. Still, it is not legal across several countries globally, but it is likely to be successfully legalized in many places over the assessment era.
The global market for veterinary CBD is split into personal care, food-grade, and therapeutic-grade based on product. The therapeutic-grade segment is anticipated to account for the largest revenue share across the global market over the forecasted timeframe. The segment's growth is mainly accredited to the growing constant support of the consumer and veterinarians for the product. Nowadays, veterinarians and consumers have gained awareness regarding the mental well-being of pets, which is causing an upsurge in the growth of the therapeutic-grade segment. The segment is again classified into Pet Supplements and Pet CBD Oils.
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Based on distribution channels, the global market for veterinary CBD is split into vet care clinics, e-commerce, retail pharmacies, and other informal channels of sale. The E-commerce or online market space segment is anticipated to account for the highest revenue share across the global market over the assessment era. The segment offers an easy platform for the audience to buy all the products. The platform even allows customers to compare the products and sell them.
Regional Analysis
The veterinary CBD market is studied across five major regions: Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
As per the research report by MRFR, the North American region is projected to dominate the global veterinary CBD market over the assessment era. The regional market's growth is mainly credited to the growing awareness regarding pets' mental health.
The veterinary CBD market for the European region is likely to grow at a strong pace over the assessment era. The regional market's growth is mainly attributed to the increasing demand for CBD products, focusing on pet health. Furthermore, the well-established tradition for research across the region is also projected to boost the regional market's growth over the review timeframe.
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The Asia-Pacific regional market for veterinary CBD is likely to exhibit the highest growth rate over the forecasted timeframe. The major aspect causing an upsurge in the regional market's growth is that the region has the highest numbers of livestock and pets. Although the regional market has witnessed maximum preference for traditional medical practices and regulatory norms, the MRFR analysis predicts that the factors such as the largest producer of hemp, history of medicinal marijuana use, and growing awareness regarding the veterinary CBD oil and its benefits may catalyze the growth of the veterinary CBD market across the region over the coming years.
The veterinary CBD market for the Middle East & African region is growing at the least pace compared to other regions across the globe. The slow growth of the regional market is because of the low per capita income, underdeveloped pet healthcare industry, and fewer household pets.
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