CBD Pet Products Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
CBD Pet Products Market Analysis
The CBD Pet Products Market is projected to register a CAGR of 12% over the forecast period.
- CBD pet products' growth is fuelled by the increasing consumer awareness of natural supplements and the current spotlight on the medical and therapeutic benefits of cannabis. The market is primarily driven by factors such as increasing R&D initiatives, pet humanization, increasing demand, and expenditure. The rising incidence of bowel and GIT-related problems in pets, the increase in the number of pets that suffer from anxiety and sleep disorders like in human beings, and the growing rate of such disorders in pets are propelling growth for the pet CBD pet products market in the forecast period.
- Furthermore, several players are launching new CBD-based products in the market which is further fueling the growth of the CBD Pet Products market. For instance, in November 2022, Happy Paws launched a premier line of hemp-derived THC-free CBD pet products that enable dogs and cats to enjoy the benefits of CBD. The company has an innovative process that infuses all the good properties of CBD oil into a range of products that includes three unique Tinctures (Daily, Calming, and Hip & Joint)
- Moreover, cannabidiol treatment is important for cancer related difficulties in pets, growing demand for CBD derivatives for the veterinary treatment market, shows the lucrative growth for the pet CBD market. In some cases, pets suffering from cardiac disorders, like heart attacks and tachycardia are treated with CBD products, which is further fueling the growth of the market.
CBD Pet Products Market Trends
This section covers the major market trends shaping the CBD Pet Products Market according to our research experts:
Increase in the Number of Pet Owners and Increased Spending on Pets
Pets owners spend on their pets as they view pets as a integral member of the family. The population is increasingly opting to spend on quality food and supplements for their pets. Apart from food, the spending on expenses, such as surgical vet visits, grooming aids, toys, vitamins, and CBD products has also increased in recent years.
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 rising aging population in the world is one of the reasons driving the growth of the market studied, as pets are considered good companions for the elderly. Moreover, manufacturers are using organic or natural materials for manufacturing pet products such as CBD Oils which is further boosting the growth of the market studied.
Furthermore, with the growing ownership of pets, pet owners are increasingly spending on service packages with more options, including CBD products. The desire for improved pet care products has increased owing to the growing importance of pets, which is acting as a factor for the growth of the market during the forecast period.
North America Dominates the Market
North America is traditionally the largest market for pets, primarily owing to the pet humanization trend. The United States is the largest market for CBD pet sales in the North American market, accounting for more than half of the market share. According to the American Pet Products Association, US pet owners are estimated to have spent about USD 123.6 billion in 2021 on pet supplies, treatments, and veterinary care. As CBD pet products are becoming more readily available and accepted, well-positioned suppliers and distributors will be able to explore the tremendous opportunities for growth in CBD pet sales.
According to the United States, cannabis research firm Brightfield 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. Additionally, an overall increase in the acceptance of cannabidiol for pet care, pharmaceutical, and wellness purposes is expected to fuel the market growth.
Likewise, the market growth can also be attributed to the increasing R&D activities conducted by CBD pet companies such as HempMy Pet, Canna-Pet, Fomo Bones, Wet Noses, Honest Paws, Green Roads of Florida, Joy Organics, Holista Pet, and Pet Relief who are the key players offering CBD-based pet products in the United States market. For instance, in october 2021, FOMO Bones launched a newly designed website on Shopify and became one of the first CBD-approved merchants on the platform. Thus, over the years, the much-strengthened market concentration is likely to accelerate the sales of CBD pet products in the North American market.
CBD Pet Products Industry Overview
The CBD Pet Products Market is a fragmented market. Some of the players in the market are GCH, Inc., Canna-Pet, Honest Paws, HempMy Pet, and Fomo Bones. Partnerships, product launches, mergers and acquisitions, and R&D investments are some of the most adopted strategies by active players in the market.
CBD Pet Products Market Leaders
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GCH, Inc.
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Canna-Pet
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Honest Paws
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HempMy Pet
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Fomo Bones
*Disclaimer: Major Players sorted in no particular order
CBD Pet Products Market News
- November 2022: Sky Wellness, a company providing people and animals with CBD, relaunched its CBD wellness collection for dogs under its D Oh Gee brand. The collection includes three broad-spectrum, THC-free CBD products formulated to support joint health and mobility.
- August 2022: Pet Releaf launched a line of CBD grooming products for dogs, which include skin and coat relief shampoos.
- March 2022: Healthy TOKYO launched its first CBD pet line of products comprising CBD-infused treats and supplements for cats and dogs in Japan.
CBD Pet Products Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Food-grade
5.1.2 Therapeutic-grade
5.2 Distribution Channel
5.2.1 Online Retail Channel
5.2.2 Retail Pharmacies
5.2.3 Veterinary Clinics
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Australia
5.3.3.4 Rest of Asia Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Africa
5.3.5.1 South Africa
5.3.5.2 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 HempMy Pet
6.3.2 Canna-Pet
6.3.3 Fomo Bones
6.3.4 Honest Paws
6.3.5 Joy Organics
6.3.6 Holista Pet
6.3.7 NaturVet
6.3.8 Wet Noses
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
CBD Pet Products Industry Segmentation
Cannabidiol (CBD) is a chemical in the Cannabis sativa plant, also known as cannabis or hemp. For the scope of the study, the food-grade use of CBD in pet products is limited to treats, chews, and others, while the therapeutic-grade use is limited to pet supplements, pet CBD oils, and pet personal care products. CBD Pet Products Market is Segmented by Type (Food-grade and Therapeutic-grade), Distribution Channel (Online Retail Channels, Retail Pharmacies, Veterinary Clinics, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts in terms of value (USD million) for all the above segments.
| Type | |
| Food-grade | |
| Therapeutic-grade |
| Distribution Channel | |
| Online Retail Channel | |
| Retail Pharmacies | |
| Veterinary Clinics | |
| Other Distribution Channels |
| Geography | |||||||
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CBD Pet Products Market Research FAQs
What is the current CBD Pet Products Market size?
The CBD Pet Products Market is projected to register a CAGR of 12% during the forecast period (2024-2029)
Who are the key players in CBD Pet Products Market?
GCH, Inc., Canna-Pet, Honest Paws, HempMy Pet and Fomo Bones are the major companies operating in the CBD Pet Products Market.
Which is the fastest growing region in CBD Pet Products Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in CBD Pet Products Market?
In 2024, the North America accounts for the largest market share in CBD Pet Products Market.
What years does this CBD Pet Products Market cover?
The report covers the CBD Pet Products Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the CBD Pet Products Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
CBD Dog Products Industry Report
Statistics for the 2024 CBD Dog Products market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. CBD Dog Products analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
