CBD Pet Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031
CBD Pet Market – Overview
The global CBD pet market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). Increasing awareness of cannabis advantages among pet owners, along with a preference for organic pet supplies, is a primary aspect projected to drive the worldwide CBD pet market during the forecast period. Moreover, regulatory liberalization, innovative product development, increased rivalry among market players, and government backing are some of the key variables likely to fuel global CBD pet market expansion.
CBD Pet Market – Competitive Landscape
Leading players in the CBD pet market are Canna-Pet, CBD Living, Fomo Bones, Pet Relief, Honest Paws HolistaPet, Joy Organics, Pet stock, Petco, Wet Noses, and Charlotte’s Web.
Due to the growing knowledge among pet owners and the shifting inclination for natural pet supplements, the leading manufacturers are focused on product innovation tactics. Moreover, for greater market penetration, key market players are pursuing different tactics such as new product development and mergers and acquisitions.
CBD Pet Market – Trends and Opportunities
The stated advantages of cannabis, heightened awareness among pet owners, and demand for natural pet products are expected to boost the global CBD pet market. The global CBD pet market is projected to be driven by the advantages of CBD-based products in treating emotional and physical disorders in pets. As per a Cannabis product news study, around 24.0% of US pet owners use CBD-based products for themselves or their pets. Anxiety, cancer, epilepsy, and sleep problems have all been proven to benefit from pet CBD medication. Another aspect likely to boost the global CBD pet market is the increasing prevalence of anxiety disorders in pets, particularly dogs.
The global CBD pet market experienced no negative impacts during the COVID-19 outbreak. In fact, the sales of CBD pet market grew during the COVID-19 pandemic. Due to the lack of new entrants during the pandemic, the incumbent firms benefited from the oligopoly created by the rising demand for CBD pet products. The availability of the items on e-commerce sites, which made it simpler for pet owners to acquire and have supplies delivered to their doorsteps during the pandemic-caused lockdowns, boosted sales.
The e-commerce segment is expected to create revenue-generation opportunities in CBD pet market. The easy availability of numerous CBD products on online portals is anticipated to bolster the market growth. Moreover, the prescription-related problem can be avoided by using an online platform. Pet parents are also actively using online channels, which is likely to fuel segment development. Furthermore, most e-commerce platforms provide items at reduced rates, which increases adoption. Additionally, the increasing adoption of smartphones and internet connectivity in both developing and developed nations is expected to expand the use of e-commerce platforms.
CBD Pet Market – Regional Landscape
The North America CBD pet market is anticipated to grow during the forecast period. The presence of important market companies such as Fomo Bone, HempMy Pet, and Canna-Pet and favorable government efforts are expected to boost the regional market. For example, the Agricultural Improvement Act, which was approved in December 2018, authorized hemp cultivation in the United States, which has offered several prospects for the regional market to flourish.
As CBD is legal in the majority of nations, Europe is projected to contribute significantly to the global CBD pet market. Moreover, the increased pet population and pet expenditure in Europe are anticipated to drive the regional market. Europeans spent over USD 21.0 billion on pets in 2019, as per the European Pet Food Industry Report. Furthermore, the expanding use of CBD in food and medicine is expected to support regional market growth.
The CBD pet market in Asia Pacific is projected to develop during the forecast period due to rising disposable income, an increasing pet population, and a largely unregulated market environment.
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