Cannabidiol (CBD) is a natural compound found in the hemp and cannabis plant, which is being largely used due to its medicinal properties. Pet CBD treatment is given to treat nausea, stress, cancer, seizures, and anxiety. Cannabis oil cake is alternative medicine used to treat such symptoms.
As the CBD oil cake does not contain tetrahydrocannabinol, it has no psychotropic effects on the neurological system, and therefore helps to improve sleep quality and sleep duration in pets. In addition, pet CBD exhibits anti-inflammatory action, as it interacts with the receptors in the immune cells of the body. In the veterinary market, pet CBD is available in capsule, topical, and tincture form.
COVID-19 Impact analysis
- The CBD pet market did not experience any negative consequence due to COVID-19, instead the sales augmented. This can be attributed to increasing awareness of the health of domestic animals, as they can also spread the virus. As there was no new competitor during the pandemic, the existing players enjoyed the oligopoly. The growth rate of CBD pet market increased during lockdown, due to the availability of pet products on online platforms and doorstep delivery. Moreover, the need for protecting animals from viruses is expected to increase product demand, thus contributing toward the market growth. Furthermore, favorable initiatives undertaken by the governing authorities for the promotion of health awareness and increasing expenditure are projected to propel the demand for CBD pets over the post-pandemic period.
Top Impacting Factors
The perceived benefits of cannabis in fixing physical and mental issues in pets, preference for natural pet supplements, and high awareness among pet owners have augmented the market growth.
Hemp derivative products (seed oil, fiber, CBD) are widely used as pharmaceuticals, personal care, animal feed, food, and beverage, which further propel the CBD pet market growth.
Raising government support and favorable trade regulatory environments related to CBD, hemp, and cannabis is fueling the growth of the CBD pet market.
Industry players are constantly trying to develop new products to sustain their CBD pet market share. For instance, in March 2020, CBD Living launched 19 new products, which include chews, tinctures, topical, and gels.
The rising prevalence of bowel and GIT-related problems, cardiac disorders (heart attack and tachycardia), anxiety, insomnia, and excessive licking behavior in pets is expected to foster the growth of the pet CBD market.
However, side effects such as drowsiness, dry mouth, hypotension in pets after the treatment restrain the growth for the pet CBD market.
Market Trends
New product launches to flourish the market
- In December 2018, the Farm Bill passed at United States Congress for the Agricultural Improvement Act of 2018, to separate hemp and hemp-derived CBD from marijuana-based products, expected to create ample opportunities for the hemp-derived products, including CBD to be used in the pet food industry.
- In February 2019, Martha Stewart collaborated with Canopy Growth to launch a range of CBD infused animal health products.
- In February 2020, Charlotte’s Web Holdings, Inc. received approval from the U.S. Hemp Authority and National Animal Supplement Council (NASC) for its CBD supplements, tinctures, and topicals for pets.
Surge in usage due to varying consumer preferences toward organic healthcare CBD pet products
- The changing consumer trends toward organic supplements related to health, nutrition, food, and has resulted in increased adoption of CBD supplements in the pet food and beverage industry. According to the American Pet Products Association study in 2019, nearly 39% of dog owners and 34% of cat owners prefer CBD-based products for their pets, owing to the legalization of cannabis. Opposing to it, currently, nearly 11% of dog owners and 8% of cat owners are using CBD supplements for their pets. Thus, the extensive trade effort to secure the regulatory guidelines indicates that the CBD pet market will experience higher growth in the forecast period.
Key Benefits of the Report
- This study presents the analytical depiction of the CBD pet along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the CBD pet market share.
- The current market is quantitatively analyzed to highlight the CBD pet market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed CBD Pet market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the CBD Pet Report
- Who are the leading market players active in the CBD pet market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "CBD pet "?
- What is "CBD pet " market prediction in the future?
- Who are the leading global players in the "CBD pet " market?
- What are the current trends and predicted trends?
- What are the key benefits of the "CBD pet " market report?
CBD Pet Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Honest Paws, Joy Organics, Wet Noses, Petco, Fomo Bones, Canna-Pet, CBD Living, Charlotte’s Web, Pet stock, HolistaPet, Pet Relief |
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