Veterinary CBD Market Overview
The Global Veterinary CBD Market value is touted to acquire a market value of USD 1.453 billion in 2018 to USD 17.345 billion by 2026, at a phenomenal CAGR of 57%.
Market Dynamics
CBD pet products contain anti-inflammation and anti-anxiety effects, which are the veterinary CBD market's key growth stimulants. It is projected that the industry will reach an incredible CAGR, mostly due to the rising number of household pets and the growing need for humane animal management practices. While the FDA has begun efforts to identify and regularize CBD pet products, the products can be used to diagnose and avoid animal diseases. It is expected that the easing limitations on the use of CBD drugs for the treatment of many ailments would propel demand development in the coming years.
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The growing prevalence of bowel and GIT-related problems in pets can demonstrate the pet CBD market's propelling rise. Pets are also suffering from anxiety and sleep disorders, as in human beings, the growing incidence of pet CBD disorders can show increasing demand for the market for pet CBD. Treatment with cannabidiol is critical for complications related to cancer in pets, growing demand for CBD derivatives for the veterinary treatment market can show lucrative growth in the CBD market for pets.
On the other hand, it is expected that the uncertain regulatory climate for the use of CBD goods, combined with the production of the source product, would discourage demand growth in the near future.
Veterinary CBD Market Segmental Analysis
By Source
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.
By Product
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.
Veterinary CBD Market Regional Analysis
Geographically, Asia Pacific, America, Europe, and the Middle East & Africa cover the pet cbd (Cannabidiol) market
Considering the global situation, due to the regulatory allowances for marijuana, along with the large-scale infrastructure funding for emerging industries, America is expected to dominate the veterinary CBD industry. The veterinary market is concentrated in this area, but there is also substantial untapped demand in other areas, mostly due to increasing pet numbers and higher pet spending. The global veterinary CBD market is currently concentrated in North America, but due to the growing number of pets and a related increase in spending on pets, there is substantial untapped opportunity in other countries like Canada. Because of the involvement of a vast number of animal research and development centres, North America also adds to the high revenue generation segment. Due to the high prevalence rate of bowel-related disorders and GIT-related disorders in dogs, North America and Europe together account for a large sales share in the pet CBD industry.
The emerging market for veterinary CBD is Europe. The area has been a major market competitor in North America due to the intensified emphasis on pet wellbeing and a well-established legacy of implementation and analysis.
There is the largest number of livestock and pets in the Asia Pacific, and the regional market is currently constrained by regulatory requirements and a high degree of preference for conventional medical practices. As the largest producer of hemp and with a recorded history of medicinal marijuana use, the area promises rapid business expansion.
Competitive Landscape
The major players of the market are 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), and Wet Noses (US).
In order to retain their market share, the players in the industry are actively seeking to produce new goods. The advances in the formula are likely to resolve numerous animal health and lifestyle problems such as anxiety, sleep disturbance, and repetitive licking behavior. In the coming years, the aforementioned factors are expected to drive market growth.
Table of Contents
- EXECUTIVE SUMMARY
1.1. Market Attractiveness Analysis
1.1.1. Global Veterinary CBD Market, by Source
1.1.2. Global Veterinary CBD Market, by Product
1.1.3. Global Veterinary CBD Market, by Distribution Channel
1.1.4. Global Veterinary CBD Market, by Region
- MARKET INTRODUCTION
2.1. Definition
2.2. Scope of the Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Macro Factor Indicator Analysis
- RESEARCH METHODOLOGY
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
- MARKET DYNAMICS
4.1. Introduction
4.2. Drivers
4.2.1. Rise in the Adoption of Pets
4.2.2. Growing Animal Healthcare Expenditure
4.2.3. Increasing Awareness of Animal Health
4.3. Restraints
4.3.1. XX
4.3.2. XX
4.4. Opportunities
4.4.1. Regulatory Scenario
- MARKET FACTOR ANALYSIS
5.1. Value Chain Analysis/Supply Chain Analysis
5.2. Porter’s Five Forces Model
5.2.1. Bargaining Power of Suppliers
5.2.2. Bargaining Power of Buyers
5.2.3. Threat of New Entrants
5.2.4. Threat of Substitutes
5.2.5. Intensity of Rivalry
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