Veterinary CBD Market Study Reveals Growth Factors and Competitive Outlook for Future | Impact of COVID-19 Pandemic

Market Synopsis

The Global Veterinary CBD Market value is expected to increase to USD 125 million by 2022, at a phenomenal CAGR of 57%.The Global CBD Market is projected to register an impressive CAGR of 36.3%, increasing from USD 1.453 billion in 2018 to USD 17.345 billion by 2026.The global pet care market is also expanding due to the increasing adoption of pets across the world, along with a higher propensity for people to spend on pet healthcare. This market is expected to cross USD 202.6 billion by 2025 at a respectable CAGR of 4.9%.

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At the confluence of both these markets is the relatively new global veterinary CBD market which is poised to grow aggressively, especially in North America. The market stands to benefit from the factors that are propelling both these industries along with its own drivers which ensure that the environment for the global veterinary CBD market is conducive to unprecedented growth as reflected by its astronomical 57% CAGR for the forecast period.

Fewer side effects than conventional medication

Proven to work against many diseases for which the only current alternative is expensive drugs; case in point is osteoarthritis, a disease afflicting canines as they age.Works miraculously toward the maintenance of the mental health of pets with proven reports stating its utility in reducing tiredness, fatigue, balancing mood swings, and aiding pets in adjusting to old age.

Unclear regulatory environment for the use of CBD products and manufacturing of source product (hemp and/or marijuana)Legal allowances and restrictions differ not only from country to country but also within different regions of the same country.Differing laws and regulations pertaining to the purchase and manufacturing/processing of CBD products raw materials across countries, import and export are highly problematic, which tends to limit the growth of the market size.

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Key Players

Honest Paws (US)

HolistaPet (US)

HempMy Pet (US)

Canna-Pet (US)

Joy Organics (US)

Fomo Bones (US)

Pet Releaf (US)

Green Roads of Florida (US)

Wet Noses (US)

Segmentation

By Source

Marijuana-Derived: Completely legal in Canada, South Africa, and a few US states, marijuana is still one of the top raw materials for CBD products due to the potency of the THC. Though very few countries have legalized marijuana completely, many more are expected to effectively legalize it in the near future.Hemp-Derived: Unlike marijuana, hemp is legal in almost all countries of the world and is, thus, used primarily for CBD products. Hemp is somewhat limited only by the weak concentration of THC.

By Product

Food-Grade: The current leading market segment, it has been further divided intoTherapeutic-Grade: This segment is expected to be the fastest-growing due to increased support for these products by veterinarians and consumer concern for the mental wellbeing of pets. The segment has been further classified as

Personal Care: An upcoming niche segment, these items are focused on managing the aptitude of pets and largely deal with hyperactivity, mood management, and elder pet care.

By Distribution Channel

E-Commerce: One of the best distribution channels for veterinary CBD products is the online market space. It easily circumvents the confusing legality pertaining to CBD products while providing a platform where almost all products can be compared and sold.

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Retail Pharmacies: Petcare pharmacies are increasingly stocking CBD pet products as knowledge about them grows and they find wider acceptance among the populace.Vetcare Clinics: Arguably Ground Zero for any pet care product, veterinary clinics have increasingly started stocking pet CBD products as they deem them as efficient and inexpensive alternatives to drug therapy.

Others: This includes most informal channels of sale.

By Region

Americas

North America

US

Canada

Latin America

Europe

Western Europe

Germany

France

UK

Italy

Spain

Rest of Western Europe

Eastern Europe

Asia-Pacific

China

India

Japan

Australia

South Korea

Rest of Asia-Pacific

Middle East & Africa

Middle East

Africa

Regional Analysis

Americas: Leading the global veterinary CBD market due to the legislative allowances for marijuana and the large-scale infrastructure support for new industries, the North American market is expected to maintain its lead for the foreseeable future. Latin America is keen to follow North America’s lead when it comes to veterinary CBD products, albeit with a significantly smaller market share.Europe: A focus on pet health along with a well-established tradition for research and implementation in the region means the European market is a strong contender to the North American market.

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Asia-Pacific: Boasting highest numbers of pets and livestock, the Asia-Pacific market is currently limited only by regulatory norms and a preference for traditional medical practices. However, being the largest producer of hemp, along with a recorded history of medicinal marijuana use, the region shows the most promise for aggressive market growth once awareness of the benefits of veterinary CBD products increases.

Middle East & Africa: The market in the Middle East & Africa remains the smallest due to low per capita income, fewer household pets, and an underdeveloped pet healthcare industry in these regions.

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