- Personal Care
The veterinary CBD market size is valued at USD million in 2021 and is poised to grow at a significant CAGR over 2022â€“2028. The potential therapeutic applications of CBD in the context of evidence-based medicine, especially in dogs and horses in relation to the treatment of pain, epilepsy, and anxiety in order to give veterinarians a succinct summary of scientific results in this area. Increasing interest in the therapeutic approach in veterinary medicine is logically connected to expanding the use of cannabinoids or medical cannabis in human. Due to legal restrictions, the use of medical cannabis for veterinary purposes is not permitted in many nations; however, the use of CBD alone is generally possible. However, the number of trustworthy sources for the clinical use of cannabis in veterinary medicine is substantially smaller. Cannabidiol (CBD) products have become very popular recently, both among pet owners and in the veterinary field. Over-the-counter hemp-based CBD is extremely well-liked due to its widespread accessibility and Internet "buzz," and cannabis, in general, has turned into one of the most influential natural medications to be brought into contemporary veterinary practice.
In Feb 2019, Canopy Growth and Martha Stewart worked together to introduce a line of CBD-infused animal health products.
Fastest Growing Market
Over the past ten years, a rise in the proportion of homes with several pets has been crucial in maintaining the size of the pet population. In the US, there were 149 million dogs and cats kept as pets in 2020 compared to 140 million in 2019, an increase of around 7%. That growth greatly outstripped pre-pandemic projections, which expected an increase of 1%-2%. Due to the peculiarities of the lockdown situation, many Americans choose to adopt or purchase pets as companions. The epidemic also significantly decreased birth rates, which may have led some millennial couples to choose dogs over children. Hence, the flood of CBD supplements that entered the market to treat concerns like anxiety, pain management, and inflammation for pets led to an increase in the sales of pet supplements in 2020.
The Veterinary CBD Market is projected to expand at a CAGR of 18.5% during the forecast period.
The major players in the global veterinary CBD market are Canna-Pet (US), Fomo Bones (US), Green Roads of Florida (US), HempMy Pet (US), HolistaPet (US), Honest Paws (US), Joy Organics (US), Pet Releaf (US) and Wet Noses (US).
Asia-Pacific is the fastest-growing region for Veterinary CBD Market