Veterinary CBD Market Overview
The veterinary CBD market could reach USD 125 million by 2027, reveals MRFR (Market Research Future). The global industry will be achieving a tremendous growth rate of 57% from 2020 to 2027, adds the company report.
Cannabis has numerous benefits, and pet owners are increasingly growing aware about these, which reflects in the strong demand for veterinary CBD products. The preference is especially high for natural CBD supplements, which leads to significant upsurge in business growth. Veterinary CBD products help fix mental as well as physical issues in pets. Veterinary CBD treatment has proved to be instrumental in treating disorders such as anxiety, cancer, epilepsy, and sleep disorders.
Escalating cases of anxiety disorder among pets, particularly dogs could further propel the market demand in the years to come. Other growth rendering aspects can be the surging pet healthcare spending coupled with the mounting concerns among pet owners. Additionally, the expanding portfolios of the vendors focused on providing products for wellness and health will further bolster revenue generation.
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The intensely competitive market has a number of players that are striving to foster their positions, by adopting strategies like acquisitions, collaborations, and new product launches. To illustrate, in November 2021, PAO Group Inc. confirmed its plan to introduce its new veterinary CBD product range. The company will be launching two CBD nutraceutical items, namely RehabRX CBD, a salve, as well as RelaxRX CBD, a sleep aid.
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.
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.
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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. Consequently, the APAC market will be thriving at a phenomenal rate in the ensuing years.
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.
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