Market Size
Global CBD Pet Products Market reached USD 512.5 million in 2022 and is expected to reach USD 2,958.3 million by 2030 growing with a CAGR of 24.5% during the forecast period 2024-2031. Pet owners are increasingly more looking for natural and holistic remedies for pets' illnesses and are turning to CBD as an opportunity.
CBD is the abbreviation used for cannabidiol, one of the chemical substances derived from both hemp or marijuana plants. CBD acts on the endocannabinoid structures (ECS) of both people and pets, such as puppies and cats. The endocannabinoid machine is a completely unique verbal exchange gadget in the brain and body that influences many critical features, along with how a pet feels, movements, and reacts. When extracted and used in oils or other merchandise like chews, CBD can help with a spread of different conditions which includes calming, relaxation, and doubtlessly even osteoarthritis ache alleviation for pets.
As more research and facts about the capacity advantages of CBD for pets end up to be had, pet owners have become more aware about its uses. This elevated awareness has contributed to the growing market for CBD pet products.
Market Scope
| Metrics | Details |
| CAGR | 24.5% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | By Type, By Distribution Channel, and By Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
Growing Number of Pet Ownership is Driving the CBD Pet Products Market Growth
Pet ownership has been at the rise globally, with greater people welcoming pets into their houses and thinking about them as a part of their households. The emotional bond among pet owners and their pets has reinforced, leading to expanded investments in pet care and properly-being. According to National Pet Owner's Survey (2021-2022) conducted by the American Pet Products Association (APPA), in the United States, almost 70% of United States households own a pet, which equates to 90.5 million homes an increase of approximately 6.5% from the year 2019 and this has boomed the pet care spending which has resulted in a huge increase in products and services aimed toward affluent pet owners.
The growing popularity of CBD products for human use has indirectly influenced the CBD pet products market. Many pet owners who have experienced the benefits of CBD themselves are open to exploring similar options for their pets. They seek natural and holistic remedies to address their pets' health concerns, leading to the increased demand for CBD pet products.
Rising Awareness of CBD Benefits is Expected to Drive The CBD Pet Products Market Growth
CBD has received significant media attention, including coverage in news articles, television programs, and online platforms. These media outlets often discuss the potential benefits of CBD and share stories of pet owners who have seen positive results with CBD pet products. Such coverage helps raise awareness and generate interest in CBD as a potential solution for pet health concerns.
The internet has played a crucial role in disseminating information about CBD and its benefits. Numerous websites, blogs, and online forums provide educational resources and user experiences related to CBD pet products. Pet owners can access information on the potential uses, dosages, and precautions associated with CBD for pets. This accessibility to information contributes to the growing awareness of CBD benefits.
Veterinary Caution and Recommendations are Restraining the CBD Pet Products Market
The veterinary community is cautious about recommending CBD pet products due to several factors, including the lack of consensus on its safety, dosing guidelines, and potential interactions with other medications. Without clear guidelines, veterinarians may hesitate to endorse or prescribe CBD products, leading to a restrained market.
The evolving regulatory landscape surrounding CBD products adds to veterinary caution. Regulations may vary across jurisdictions, and veterinarians need to navigate legal requirements and potential liabilities when discussing or recommending CBD products. This uncertainty can discourage veterinary professionals from fully endorsing CBD pet products.
Market Segmentation Analysis
The global CBD pet products market is segmented based on type, distribution channel, and region.
The Food-Grade Segment Holds the Largest Market Share in the CBD Pet Products Market
Food-grade CBD pet products, along with CBD-infused treats or puppy meals, offer comfort and familiarity to puppy owners. Those products can be easily included into pets' daily exercises and are regularly visible as a natural extension of their normal food plan. This familiarity and simplicity of use contribute to the recognition and marketplace proportion of food-grade CBD pet merchandise.
Food-grade CBD puppy products, inclusive of treats or chews, allow pet owners to have higher manage over the dosage. Each treat or portion of puppy food can incorporate a selected quantity of CBD, allowing puppy owners to manage CBD to their pets in a measured and controlled way. This dosing control is notably valued through puppy owners and contributes to the marketplace percentage of food-grade CBD merchandise.
Market Geographical Share
The North America Held the Largest Market Share in the CBD Pet Products Market
North America, particularly the United States, has been at the forefront of CBD legalization and adoption. Several states in the U.S. have legalized CBD products, including those for pets, earlier than other regions. According to the United States, cannabis research firm Bright field Group, the CBD pet product market generated sales worth USD 629 million in 2021, nearly 50% more than in 2020. Furthermore, in 2021, most of the CBD-related pet products (77%) purchased in the United States were for dog consumption. This early adoption and favorable regulatory environment have allowed the CBD pet products market to flourish in North America.
Veterinary professionals in North America have been relatively more involved in exploring the potential benefits of CBD for pets compared to other regions. Some veterinarians in North America have been open to discussing and recommending CBD pet products based on their experiences and emerging research. This veterinary involvement enhances the market share of CBD pet products in the region.
Market Companies
The major global players in the market include GCH, Inc., Canna-Pet, Honest Paws, HempMy Pet, Fomo Bones, HolistaPet, Pet Releaf, Joy Organics, Petco Animal Supplies, Inc., and Charlotte’s Web.
COVID-19 Impact on CBD Pet Products Market
Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
Covid-19 Impact
During the COVID-19 pandemic, many pet owners have been spending more time at home with their pets, leading to increased attention to their pets' health and well-being. This heightened focus on pet health may have driven pet owners to explore natural and alternative remedies like CBD pet products. The pandemic has brought about increased stress and anxiety for both humans and pets. As pet owners sought ways to help their pets cope with the changes and uncertainties, the demand for products like CBD pet products that claim to promote relaxation and anxiety relief may have seen an uptick.
Key Developments
- In December 2022, Medterra, a leader in CBD products, announced a national distribution partnership with Gopuff, the innovative, instant delivery platform for customers' daily needs. Medterra officially launched on Gopuff this past Summer in select markets, for residents in Arizona, California, Pennsylvania, and Illinois and is now in 26 additional markets with further plans for expansion through 2022 and 2023.
- In May 2023, Charlotte's Web Holdings, Inc., the market leader in cannabidiol hemp extract wellness products are pleased to add Phillips Pet Food & Supplies, America's largest distributor in the pet specialty retail channel, covering more than 6,000 retailers representing more than 14,000 retail locations.
- In June 2022, Antelope, a pet wellness platform owned by Alpine Investors, announced its acquisition of pet CBD supplement, and treat company Diggin’ Your Dog and Super Snouts. Diggin’ Your Dog and Super Snouts will continue to operate under its name and Christy Love will continue as the company’s chief executive officer.
Why Purchase the Report?
- To visualize the global CBD pet products market segmentation based on type, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of CBD pet products market-level with all segments.
- The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The global CBD pet products market report would provide approximately 53 tables, 47 figures, and 190 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
