The pet CBD market is expected to expand significantly during the forecast period due to an increase in research funding by investors in the pet CBD market. By source form, the hemp plant-derived CBD is expected to receive the majority of revenue in the pet CBD market. Also, the demand for Pet CBD products has skyrocketed, following the passage of the 2018 Farm Bill in December 2018. Also, easy market accessibility and less stringent regulations will help to boost the successful growth of the hemp sub-segment. Followed by the hemp, marijuana-derived CBD may show modest growth in the pet CBD market due to the tight regulations.
Pet owners' trust in Pet CBD products is expected to increase as more scientific research on the health benefits of CBD for pets become available and transparent, and consistent policy is put in place to enable veterinarians to evaluate and recommend CBD products. Pet CBD, in turn, is projected to make up a USD 1.7 billion market by the end of 2025, powered by further awareness and discussion of the possible benefits of CBD combined with ongoing product advances from CBD companies.
For instance, in June 2020, the Nielsen Group and Headset announced to release the 2020 Pet Industry Green Paper, a resource on hemp-based CBD products in the pet product market. According to the study, more than USD 9.4 million in pet merchandise was sold to licensed adult cannabis retailers throughout California, Colorado, Nevada, and Washington between the first quarter of 2018 and the 3rd quarter of 2019.
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CBD Pet Market: Segmentation
Central and South America and the Caribbean
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* Known and Unknown Adjacencies Influencing the Growth of Market
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