CBD Pet Market Size Is Anticipated To Reach USD 4.79 Billion By 2028


 San Francisco, 29 Sep 2021: The Report CBD Pet Market Size, Share & Trends Analysis Report By Animal Type (Dog, Cat), By Indication (General Health/Wellness, Anxiety/Stress), By End Use (E-commerce, CBD Store), By Region, And Segment Forecasts, 2021 - 2028

The global CBD pet market size is expected to reach USD 4.79 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 58.9% from 2021 to 2028. Increasing health expenditure and growing health concerns among the owners of domesticated animals are driving the market. In addition, increasing demand for cannabidiol (CBD) infused food products is boosting the market growth. For instance, in 2019, Nestle owned Purina, a pet food company, broadcasted its decision to invest in CBD-infused dog food production. Furthermore, increased usage of natural supplements in treating various lifestyle-related disorders in domesticated animals is fueling the growth.

During the outbreak of COVID-19, the companion animal industry witnessed manufacturing challenges, comprising altered consumption patterns, improved demand, worker protection protocols, dearth of employees, and spot shortages in packaging, which affected the company’s business in the initial months of 2020. However, sales growth figures driven by consumer demand and increased spending on pets permitted the industry to make a steep comeback in the latter of the year 2020. Paw CBD, cbdMD, Inc.’s pet brand has seen an estimated 64% increase in net sales from March 2020 quarter of about $750,000 to about $1,229,000 for June 2020 quarter.

The cannabidiol infused product is also found useful in cancer-related pain in animals. The rising adoption of domesticated animals and their increased health expenditure are further anticipated to put the market on expedited growth platforms in the coming few years. For instance, according to the National Pet Owners Survey 2019-2020 carried out by the American Pet Products Association (APPA), around 67.0% of U.S. households own a pet that constitutes 85.0 million families in the country.

The major players are focusing on the product innovation strategies due to the high awareness among pet owners and shifting preference toward natural pet supplements. Key players in the market are engaged in various strategies, such as new product developments and mergers & acquisitions, for better market penetration. In May 2020, Puration, Inc. publicized its plans to close the purchase of a CBD-infused sun care product business. PURA targets CBD product acquisitions that can be improved with PURA's patented technology, thereby strengthening its market position.

Access Research Report of CBD Pet Market @ https://www.grandviewresearch.com/industry-analysis/cannabidiol-pet-market

CBD Pet Market Report Highlights

  • The increased use of cannabidiol infused products and growing lifestyle-related disorders in companion animals are propelling the market growth
  • In the animal type segment, the vitamins and supplements segment dominated the market in 2020 owing to the increased product availability and consumption. Moreover, the growing popularity of supplements among humans as well as companion animals is propelling the demand
  • By indication, general health/wellness dominated the market in 2020. The growth can be attributed to the increasing pet healthcare expenditure and growing health concerns among the pet owners
  • The anxiety/stress indication segment is expected to witness the fastest growth over the forecast period owing to the increasing application of cannabidiol in anxiety-related disorders in companion animals
  • On the basis of end use, e-commerce held the largest revenue share in 2020 owing to product availability and ease of ordering

List of Key Players of CBD Pet Market

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

Access Press Release of CBD Pet Market @ https://www.grandviewresearch.com/press-release/global-cbd-pet-market

 

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