Market Trends of CBD Pet Products Industry
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.
