TThe global CBD pet market size was valued at USD 74.14 million in 2020 and is expected to reach 399.2 million in 2027 with a growth at compound annual growth rate (CAGR) of 46.40% from 2020 to 2027. The perceived benefits of cannabis, high awareness among pet owners, and preference for natural pet supplements have led to an upsurge in market growth. The benefits of CBD based products in fixing physical and mental issues in pets are driving the market. According to the Cannabis product news report, around 24.0% of the U.S. pet owners consume CBD based products either for themselves or for their pets. Pet CBD treatment has been found useful in treating diseases like cancer, anxiety, sleep disorders, and epilepsy. Rising incidences of anxiety disorder in pets especially dogs is another growth propelling factor for the market. According to the Clinical Ethology of the Veterinary Faculty report, around 88.0% of the treated patients showed anxiety-related disorders as of 2018.
Moreover, the market is highly unregulated, which is favorable for new industry players. Although FDA has started initiatives to define the CBD pet products and regularize the products can be used for diagnosis and prevention of diseases in animals. For instance, in November 2020 FDA sent warning letters to 13 pet companies for violating the FD&C acts and selling CBD containing pet items. The violation includes using adulterated animal food items and unapproved new animal drugs in pet CBD products. On the other side, CBD is legal in Europe, which is fueling the growth of the market in the region.
The pet food-grade segment dominated the market and accounted for the largest market share of over 60.0% in 2020. This is due to increasing pet health spending among owners. Rising acceptability of CBD food products across the product line such as treats and chews is boosting segment growth. Moreover, increasing demand for organic food-grade among pet owners is fueling segment growth.
The general health/wellness segment dominated the market with a revenue share of around 23.8% in 2020. The growth can be attributed to the increasing pet healthcare expenditure and growing concern among the pet owners. Moreover, the increasing portfolio of companies offering products for general health/wellness is fueling the revenue. For instance, in November 2020 Wet Noses launched CBD products for pet’s general health and wellness.
E-commerce segment dominated the CBD pet market and accounted for a revenue share of more than 40.0% in 2020. The growth can be attributed to the easy availability of various CBD products on online portals. The prescription-related complication can be avoided using an online platform.
North America dominated the market and accounted for a revenue share of over 35.0% in 2020. This growth can be attributed to the presence of key market players such as HempMy Pet, Fomo Bone, and Canna-Pet, coupled with favorable government initiatives. For instance, the Agricultural Improvement Act passed in December 2018, which legalized the hemp production in the U.S. has created ample opportunities for the growth of the market in the region. Furthermore, according to a survey conducted in 2020 by the APPA, 34.0% of the feline owners and 39.0% of the canine species owners prefer CBD infused pet products. These factors are fueling the revenue.
Some of the prominent players in the CBD pet market include: Honest Paws, Canna-Pet, Fomo Bones, Pet Relief, HolistaPet, Joy Organics, Wet Noses, CBD Living, Pet stock, Petco, Charlotte’s Web.
Report : CBD Pet Market - By Product (Therapeutic Grade and Food grade), By Application (Joint Pain, Anxiety/Stress, Epilepsy, General Health/Wellness and Others), By End-Use (Pet Specialty Stores, E-Commerce and Others), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027