What is the regional analysis of Veterinary CBD Market?

 Veterinary CBD Market Analysis 

 

The veterinary CBD market is predicted to reach USD 410.41 Million at a 53.4% CAGR between 2022 - 2030, according to the recent Market Research Future (MRFR) report. Pet/veterinary CBD treatment, simply put, is the treatment offered to pets for treating various diseases, including seizures, cancer, anxiety, and more. It is generally derived from two sources- hemp and marijuana. 

 

Different factors are propelling the growth of the veterinary CBD market such as fewer side effects, burgeoning demand by pet owners for organic healthcare products, different benefits of using pet CBD such as to treat osteoarthritis, reduce tiredness and fatigue, balance mood swings, maintain mental health, and manage pet pain, seizures, and anxiety. Besides, a rise in the number of household pets, an increase in the willingness to invest in pet healthcare, no requirement for customization, new and untapped market, and low implementation cost are also adding market growth.

 

On the flipside, unclear regulatory environment, legal allowances and restrictions which vary, issues associated with import and export, and manufacturing & processing, as well as the purchase of raw materials for veterinary CBD products, are factors that may impede the growth of the veterinary CBD market during the forecast period. 

 

Regional Analysis

 

Geographically, the global veterinary CBD market is segmented into four regions, namely Europe, the Americas, the Middle East and Africa (MEA), and the Asia Pacific. Among these, the Americas will dominate the market during the forecast period. Legislative allowance for marijuana, coupled with huge infrastructure support for new industries, is adding market growth. 

 

In Europe, the veterinary CBD market is likely to possess the second-largest share during the forecast period. The well-established tradition for conducting research coupled with implementation is adding market growth in the region. 

 

In the Asia Pacific region, the veterinary CBD market is likely to develop at a fast rate during the forecast period. This region is the largest hemp producer. Besides, surging usage of medicinal marijuana, coupled with the presence of maximum pets and livestock, are adding market growth. 

 

In the Middle East & Africa, the global veterinary CBD market is likely to have limited share during the forecast period. Low per capita income, underdeveloped pet healthcare industry, and fewer household pets are resulting in small growth in the region. 

 

Market Segmentation 

 

The veterinary CBD market has been segmented into three categories based on the product, distribution channel, and source. 

 

Based on the source, the market has been segmented into marijuana and hemp derived. Among these, the hemp-derived segment will have a major share in the market during the forecast period. The legalization of hemp in maximum countries coupled with relaxation rules for growing hemp is adding growth to this segment. 

 

Based on the product, the market has been segmented into food grade, therapeutic grade, and personal care. The therapeutic grade product is again segmented into pet supplements & pet CBD oils. The food grade product is again segmented into treats, chews, & others. Among these, the therapeutic grade product will spearhead the market during the forecast period. Growing support for therapeutic products by veterinarians, coupled with consumers rising concern about the mental wellbeing of pets are adding to the growth of the segment. 

 

Based on the distribution channel, the market has been segmented into e-commerce websites, veterinary clinics, retail pharmacies, and others. Among these, e-commerce websites will dominate the market during the forecast period. 

Key Players 

 

Notable players in the global veterinary CBD market report include HempMy Pet (US), HolistaPet (US), Joy Organics (US), Fomo Bones (US), Wet Noses (US), Green Roads of Florida (US), Honest Paws (US), Canna- Pet (US), and Pet Releaf (US). Key players have encompassed various strategies to stay ahead in the competition, such as joint ventures, research and development, acquisitions, product launch, strategic alliances, partnerships, and others. 

 

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: sales@marketresearchfuture.com

Comments

Post a Comment

Popular posts from this blog

Acute Care EHR Market Focuses on SWOT analysis, Synopsis, Development Plans 2020 to 2027

  Overview The acute care EHR slightly differ from the hospital and ambulatory EHR, generating patient information with all clinical details including the operating room, emergency department, ICU, and inpatient unit. Over the past decade, there has been a significant rise in the number of patients suffering from chronic diseases such as cancer, diabetes, heart disease, and stroke among others which are driving the acute care EHR market, increasing the number of caregiving facilities across the globe. Recognizing the exponential growth, the market perceives currently and gauging the potential the market holds to grow in the years to come; Market Research Future (MRFR), in its recently published market forecast asserts that the global  acute care EHR market  will grow exponentially by 2023, registering approximately 7% CAGR during the forecast period (2020 – 2027). The global acute care EHR is majorly driven by the augmenting demand for the remote health monitoring for geriatric patient
Read more

mHealth Market Latest Study Focuses On Current, Future Innovations and Top Key Vendors | Forecast 2030

  Market Overview The wave of modernization in the healthcare sector has led to the penetration of the concept of mHealth greatly. Reports that gauge the healthcare IT industry has been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is forecasted to achieve a 36.5% CAGR in the upcoming forecast period. The robust growth pace in the wearable health device sector has increased the expansion of the  mHealth market  globally. Moreover, increased usage of smartphones is also playing a key role in the growth of the market. Also, patients are increasingly involved and aware of their treatments which is expected to further influence the mHealth market in the forecast period. Segmental Analysis The segmental evaluation of the mHealth market is carried out on the basis of therapeutics, applications, and region. On the basis of therapeutics, the mHealth market has been segmented into respiratory,
Read more

Cardiac Monitoring and Cardiac Rhythm Management Device Market Growth, Opportunity and Product Developments 2030 |MRFR

  Market Highlights The increasing demand for minimally invasive surgeries drives the growth of this market. Advanced technologies in cardiac monitoring and cardiac rhythm management devices have also led to growth in this market.  However, factors such as stringent regulatory approval procedures, the high cost of cardiac devices, and lack of reimbursement policies in developing countries are hindering the growth of the market. Rising prevalence of cardiovascular diseases and the increasing number of unmet medical needs in undeveloped countries are leading to the growth of the  cardiac monitoring and cardiac rhythm management device ma rket . Technical advancements in drug-eluting, MRI compatible pacemakers, and Holter monitors are some of the factors leading to the growth of this market. The growth of the global cardiac monitoring device market is driven by the high prevalence of cardiovascular disorders worldwide. Regional Analysis The market in the Americas is expected to dominate t
Read more