This impressive CAGR is possible due to the increasing number of household pets, the rising demand for humane practices in livestock management, and the easing of restrictions governing the use of CBD products to treat various ailments.
The market for global veterinary CBD products is already very diverse with multiple channels of sale.
The Global Veterinary CBD Market is poised to register a CAGR of 129.97% during the forecast period.
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CBD products are derived from two principle sources. Each source produces its own strain and strength of CBD-related products and independently rank within the legal framework of nations.
- Marijuana-Derived: Marijuana is prized for its potent THC production but is hampered by the lack of a supporting legal framework for manufacture and processing. This is changing rapidly with marijuana being legalized in countries such as Canada and South Africa and various states in the US. Many countries are moving toward legalization the growth and sale of marijuana and are, therefore, potential markets for CBD products in the foreseeable future.
- Hemp-Derived: Hemp has been traditionally valued for the strength of its fiber which is used in numerous industries. With the advent of CBD products and the laws restricting marijuana production, hemp is being used as a source of THC for the production of numerous CBD items. Though it has a weaker THC count than marijuana, hemp is legal throughout the world, resulting in the larger market share for the segment.
There is a vast array of veterinary CBD products available in the market.
- Food-Grade: Leading the market for global veterinary CBD products are food-grade items. This can be attributed to the increasing spending by pet owners. The US pet food market is expected to grow by 4.5% from 2018 to 2019, while the pet healthcare market is projected to reach USD 18.98 billion by 2019, growing by 4.8% from the previous year. The segment can be further divided into:
- Treats: Ideal for small doses and inducing calmness
- Chews: Best for animals that tend to gnaw
- Others: Items such as hemp capsules and hemp biscuits
- Therapeutic-Grade: Though the certification process for therapeutic products for animals is lengthy, the easing of restrictions on CBD products for medicinal purposes shall ensure that the segment registers the highest growth rate.
- Pet Supplements: CBD-infused pet supplements is a growing market increasing research on the beneficial effects of CBD in treating various mental and physiological pet afflictions.
- Pet CBD Oils: Used for a plethora of ailments
- Personal Care: These products focus on the mental health of animals, an area which has seen remarkable growth in recent years.
By Distribution Channel
The growth of the global veterinary CBD market is directly impacted by the distribution channels. The distinguishable channels are:
- E-Commerce: Top distribution channel for this market, it is expected to as long as THC manufacture and processing remain in the legal gray area globally.
- Retail Pharmacies: The primary distribution point for CBD products for household pets, with an edge over the livestock CBD market.
- Veterinary Clinics: The primary distribution point for the global livestock CBD market, this segment is expected to register the highest growth rate as veterinary CBD products find greater acceptance.
- Others: Direct distribution from the manufacturer and mass orders for large-scale livestock farms are covered in this segment.
The global veterinary CBD market is currently concentrated in North America but there is significant untapped potential in other regions due to the increasing number of pets with a corresponding rise in spending on pets.
- North America
- Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- South Korea
- Rest of Asia-Pacific
- Middle East Africa
- Middle East
Veterinary CBD Market 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)
among others are some key companies in the global Veterinary CBD that are listed by MRFR for market research.
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