CBD Pet Market Analysis, Share, Industry, Opportunities 2031

Report Description

The CBD pet market size was valued at USD 185 million in 2021 and is projected to reach USD 4.5 billion by 2030, expanding at a CAGR of around 58% during the forecast period, 2022 – 2030. The growth of the market is attributed to rising health expenditures and increasing health concerns among owners.

Get Free Sample Report

CBD's application in medicinal goods for pets is a relatively new trend in the field of CBD. CBD oil is gaining popularity among humans as a natural treatment for a variety of chronic and severe medical disorders. Because dogs, cats, and other animals have a biological system that similar to humans, it is thought that CBD can have same effects on them as it does on humans. An increasing number of pet owners are investigating the use of CBD to deal with the symptoms of a variety of medical conditions in their animals. According to the Cannabis product news article, approximately 24.0 percent of pet owners in the United States use CBD-based products for themselves or their pets. Epilepsy, sleep difficulties, anxiety, and cancer have all been treated using CBD medications for pets.

COVID-19 has increased the pet ownership, leading to huge pet spending. During the pandemic, 11.4 million families, according to the APPA, received a new companion animal. As a result, the flow of CBD supplements entering the market to address concerns like inflammation, pain management, and anxiety for their pets resulted in an increase in pet supplement sales in 2020. The FDA is working to define CBD pet products and standardize items that can be used to diagnose and prevent ailments in animals. In 2019, the FDA issued warning letters to 13 pet firms for selling CBD-containing pet products in violation of the FD&C laws. In pet CBD products, the breach involves utilizing contaminated animal food and unauthorized new animal medications. For instance, CBDfx announced the arrival of all-natural moisturizing & calming CBD pet balm in June 2021, which targets trouble areas such as noses and paw pads to deliver immediate, focused treatment, and a dose of relaxation for pets.

Market Trends, Drivers, Restraints, and Opportunities

• Advantages of CBD-based medicines in treating physical and emotional disorders in animals are fueling the market.
• Rising prevalence of anxiety disorders in pets, particularly dogs, is estimated to boost the market.
• Increasing government funding and favorable trade regulatory conditions for CBD, hemp, and cannabis, is projected to drive the market during the forecast period.
• Growing prevalence of drowsiness, anxiety, heart illnesses, bowel & GIT problems, and excessive licking behavior in pets is anticipated to boost the market during the projected period.
• Increased consumer knowledge of natural supplements, as well as current focus on the therapeutic and medical benefits of cannabis, are anticipated to boost the market.
• After-treatment side effects such as hypotension, dry mouth, and sleepiness, in pets is expected to hamper the market growth.
• Key market players are continually developing new items, in order to maintain their market share, which is estimated to offer immense growth opportunities for the new players in the market.

Scope of the Report

The report on the global CBD pet market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The dog segment held major market share in 2021

Based on animal types, the market is bifurcated into dogs and cats. The dog segment is further segregated into vitamins & supplements and foods/treats. The cat segment is further divided into vitamins & supplements and foods/treats. The dog segment accounted for around 65% of the total market share in 2021. Dogs are popular pet all around the world. They have a strong attachment with their owners and are treated as family members. Pet owners are concerned about their dogs' health and well-being, and they spend lots of money on them, which is projected to drive the segment. Furthermore, growing acceptance of CBD food items as well as rising demand for organic food-grade by pet owners is propelling the market. The cat segment is projected to expand at a rapid pace during the forecast period. Increasing awareness for the health and hygiene of cats is fueling the market. When it comes to the care of cats, the young generation, particularly millennials, has grown quite cautious.

Get Free Sample Report

The general health/wellness segment held around 23% of the total market share in 2021

On the basis of Indications, the market is fragmented into general health/wellness, epilepsy, anxiety/stress, and joint pain. The general health/wellness segment dominated the market in 2021 owing to increasing health concerns and growing pet healthcare costs among pet owners. Furthermore, the growing number of enterprises offering products for general health and wellbeing is boosting the segment. The joint pain segment is expected to grow at a substantial rate during the forecast period. The growth of the segment is attributed to rising joint pain diseases in companions as a result of immobility and obesity. As of 2019, one out of every four dogs in the US have some kind of arthritis, according to the American Pet Products Association (APPA). CBD oil has been proved to be effective in treating joint-related issues in a natural way, which is driving the segment.

The e-commerce segment held around 40% of the total market share in 2021

In terms of end-users, the market is segregated into CBD store, e-commerce, pet specialty stores, and others. The e-commerce segment held around 40% of the total market share in 2021 owing to ease of availability of products on online portals. An online platform helps to prevent the prescription-related issue. Online platforms are becoming popular among pet owners thus, boosting the segment. Furthermore, the adoption of e-commerce is driven by the discounts provided by most of the e-commerce sites. The increasing availability of internet connectivity and smartphones in both developing and developed countries is projected to propel the segment.

North America accounted for over 35% of the total market share in 2021

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021. Growth of the market in the region is attributed to favorable government initiatives and the presence of major market players such as Canna-Pet, Fomo Bone, and HempMy Pet. Europe is anticipated to dominate the market during the forecast period. Increasing pet expenditure and pet population in the region is estimated to drive the segment. The growing use of CBD in food and for therapeutic applications is boosting the market.

Get Free Sample Report