CBD Pet Market: Joint Pain Accounted For The Second-Largest Revenue Share

 CBD Pet Industry Overview

The global CBD pet market size was valued at USD 125.00 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 58.9% from 2021 to 2028. The perceived benefits of cannabis, high awareness among pet owners, and preference for natural pet supplements have led to an upsurge in the market growth. The benefits of CBD-based products in fixing physical and mental issues in pets are driving the market. According to the Cannabis product news report, around 24.0% of U.S. pet owners consume CBD-based products either for themselves or for their pets. Pet CBD treatment has been found useful in treating diseases like cancer, anxiety, sleep disorders, and epilepsy. Rising incidences of anxiety disorder in pets, especially dogs, is another growth propelling factor for the market.

The Covid-19 pandemic has increased pet ownership, resulting in significant spending on pets. As per the APPA estimation, 11.4 million households got a new companion animal during the pandemic. As a result, an upsurge in the sales of pet supplements in 2020was partially a result of the flood of CBD supplements into the market to address issues comprising anxiety, pain management, and inflammation for their pets. For instance, Petco’s supplies and companion animal sales increased 20.1% from fiscal 2019 to fiscal 2020 while cat and dog food sales increased 3.4% and services and other sales increased 6.1% from fiscal 2019 to fiscal 2020, respectively.

Gather more insights about the market drivers, restrains and growth of the Global CBD Pet market

Moreover, the market is highly unregulated, which is favorable for new industry players. The FDA has started initiatives to define the CBD pet products and regularize the products, which can be used for the diagnosis and prevention of diseases in animals. For instance, in November 2019, the FDA sent warning letters to 13 pet companies for violating the FD&C acts and selling CBD-containing pet items. The violation includes using adulterated animal food items and unapproved new animal drugs in pet CBD products. On the other side, CBD is legal in Europe, which is fueling the growth of the market in the region.

The demand for CBD pet supplements is mainly fueled by the growing consumer awareness of natural supplements and the present spotlight on the medical and therapeutic benefits of cannabis. As a result, in June 2021, CBDfx announced the addition of a novel all-natural Calming & Moisturizing CBD Pet Balm targeting problem areas, like paw pads and noses, to provide rapid, concentrated relief and a boost of calm for pets. The industry players are constantly trying to develop new products in order to sustain their market share. For instance, in March 2020, CBD Living launched 19 new products, which include chews, tinctures, topical, and gels. The products will address different health and lifestyle disorders in animals such as anxiety, sleep disorder, and excessive licking behavior. The aforementioned factors are expected to propel the market growth in the coming years.


Browse through Grand View Research's Animal Health Industry Research Reports.

  • Animal Wound Care Market - The global animal wound care market size was valued at USD 960.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. The rising adoption of companion animals and increasing demand for veterinary surgeries are propelling the market. Moreover, the increasing number of vet visits is further propelling the market growth. According to IDEXX Laboratories, Inc., in 2019, there were an estimated 315 million total visits in the U.S.

 

  • Companion Animal Health Market - The global companion animal health market size was valued at USD 18.67 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. A rise in the initiatives by the government and private sectors to help promote animal health is anticipated to drive market growth during the forecast period. The One Health Initiative is one such collaborative effort undertaken by multiple organizations.

 

CBD Pet Market Segmentation

Grand View Research has segmented the global CBD pet market on the basis of animal type, indication, end use, and region:

CBD Pet Animal Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Dog
  • Cat

 

CBD Pet Indication Outlook (Revenue, USD Million, 2017 - 2030)

  • Joint Pain
  • Anxiety/Stress
  • Epilepsy
  • General Health/Wellness
  • Others

 

CBD Pet End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospitals
  • Ambulatory Surgery Centers
  • Pet Specialty Stores
  • E-commerce
  • CBD Store
  • Others

 

CBD Pet Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

 

Key Companies profiled:

Some prominent players in the global CBD Pet market include

 

  • Honest Paws
  • Canna-Pet
  • Fomo Bones
  • Pet Relief
  • HolistaPet
  • Joy Organics
  • Wet Noses
  • CBD Living
  • Pet stock
  • Petco
  • Charlotte’s Web

 

Order a free sample PDF of the CBD Pet Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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