Demand for Pet CBD Products Has Skyrocketed Succeeding the Passage of the 2018 Farm Bill in December 2018

Wed, 14 October 2020 5:15

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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Key Highlights

  • The CBD pet market is projected to grow with a CAGR of 41% CAGR during the forecast period
  • The pet food-grade segment dominated the industry and accounted for the highest market share in 2019 due to an increase in pet health expenditure by owners
  • The joint pain or arthritis segment spearheads the market due to the increased number of pets suffering from such problems. As per the American Pet Products Association (APPA), about one in four dogs in the U.S. had arthritis in 2019. Moreover, according to the Organization for Pet Obesity Prevention, about 56 % of dogs and 60 % of cats in the U.S. are obese
  • The e-commerce segment dominated the end-user segment, owing to the easy availability of various CBD products on online portals
  • North America is a lucrative region for the pet CDB market, followed by Europe. North America is contributing to the high revenue generation category due to the existence of a large number of animal research and development centers

Key Players

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

CBD Pet Market: Segmentation

By Product

  • Therapeutic Grade
    • Pet Supplements
    • Pet CBD Oil
  • Food grade
    • Treats
    • Chews

By Application

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

By End-User

  • Veterinary Hospital Pharmacies
  • Pet shops
  • E-commerce

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Russia
  • The Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Korea
  • Australia
  • Southeast Asia
  • The Rest of Asia-Pacific

Central and South America and the Caribbean

  • Brazil
  • Argentina
  • Chile
  • The Rest of Central and South America and the Caribbean

The Middle East and Africa

  • South Africa
  • Egypt
  • The UAE
  • Saudi Arabia
  • The Rest of MEA

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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