While the global veterinary CBD market is relatively new, it is poised for explosive growth in North America. This region is ripe for development, as the industry is fueled by factors driving both industries. Currently, there is a glut of available research highlighting the potential of veterinary CBD. According to a recent study, the global market for veterinary CBD products is projected to grow at a 5.7% CAGR over the next five years.
The Veterinary CBD market has several segments. The Food-Grade segment is expected to grow the fastest, with sub-segments such as Chews, Treats, and Retail Pharmacies. The Personal Care segment deals with hyperactivity, mood disorders, and aptitude in pets. This segment has the largest potential for growth, and is led by the United States. But regions in Asia Pacific aren’t without challenges. In addition to the lack of regulatory framework, these regions also lack a robust pet healthcare industry.
Despite regulatory norms and the preference for conventional medicine, the Veterinary CBD market has tremendous potential. The most developed region for the market is the US, which is home to the largest number of household pets and is the largest producer of hemp. Although there are some limitations to the market in this region, it shows promising signs of aggressive growth. Middle East & Africa, which have the highest per capita income and few household pets, are also key regions for the veterinary cannabis industry.
The most important regions to consider for Veterinary CBD market growth are North America and Europe. These regions account for the majority of the market and are primarily responsible for a high proportion of the industry. However, European markets are also strong competitors and have a long history of using medicinal marijuana. Lastly, Asia-Pacific is the fastest growing region for veterinary CBD products, due to the highest number of household pets and low per capita income.
The US is the second-largest market for veterinary CBD products. Its size is determined by the number of pets, as well as the number of livestock. Despite the potential for aggressive market growth, the region is limited by different laws. In addition, the Middle East & Africa has the lowest per capita income and the least number of household pets. As a result, the market is small but has huge potential.
Veterinary CBD products are most popular in Asia-Pacific. Its growth is expected to be driven by increasing awareness of a variety of uses for CBD products in humans. A growing population will increase demand for CBD-based medicines, as it is a safe, effective alternative to pharmaceutical treatments. The market is expected to reach a peak of $2 billion by 2025. The veterinary CBD industry will also benefit from the rising acceptance of CBD as an additive in pet foods.