According to Precision Business Insights (PBI), the latest report, the veterinary CBD market is expected to be worth USD million in 2022, growing at a significant CAGR from 2022 to 2028. The primary driver of the expansion of the global veterinary CBD market is enhancing government support for CBD and creating advantageous trade regulatory frameworks.
Therapeutic Grade Segment to Dominate the Veterinary CBD Market:
Therapeutic Grade segment is expected to account for a larger revenue share in the global veterinary CBD market, with a value share worldwide due to the rising, continued support for the product among consumers and veterinarians. Due to growing consumer and veterinary concern over dogs’ mental health, this product is in greater demand. Other sub-segments of this market include pet CBD oils and pet supplements.
North America Veterinary CBD Market:
The North America market is expected to increase in the global veterinary CBD market over the forecast period. It is projected to grow at a robust CAGR in the coming years. A huge number of animal research and development facilities make North America the region with the highest income generation. The expansion of the regional market is also being supported by rising costs and investments in pet care. The expanding understanding of pets’ mental health is mostly to responsible for the expansion of the local market.
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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global veterinary CBD market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In June 2019, Diamond CBD was launched by PotNetwork Holding Inc., a subsidiary of the company, with the goal of offering a wide variety of innovative CBD oil product lines to the international market.
The veterinary CBD market is segmented based on product, distribution channel, and geography.
Based on the product:
- Food Grade
- Therapeutic Grade
- Personal Care
Based on the distribution channel:
- E Commerce
- Retail Pharmacies
- Vetcare Clinics
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Key players’ profiles in the veterinary CBD market report are Joy Organics (US), Fomo Bones (US), Honest Paws (US), Canna-Pet (US), HolistaPet (US), HempMy Pet (US), Pet Releaf (US), Wet Noses (US) and Green Roads of Florida (US).
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