Global CBD Pet Market by Animal Type (Cat, Dog), by Indication (Anxiety/Stress, General Health/Wellness), by End Use (E-commerce, CBD Store) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global CBD pet market was valued at USD 125.00 Million in 2020. It is expected to grow at a compound annual rate of 58.9% between 2021 and 2028. Market growth has been driven by the perceived benefits of cannabis and pet owners' preference for natural supplements. The market is driven by the benefits of CBD-based products for pets with mental and physical problems. The Cannabis product news report states that around 24.0% U.S. pet owners use CBD-based products for themselves and their pets. The use of CBD for pets has been shown to be effective in the treatment of anxiety, insomnia, epilepsy, and other diseases. Another driving factor is the rising incidence of anxiety disorders in pets, particularly dogs.

Covid-19 has led to significant pet ownership and increased spending. According to the APPA, 11.4 million households received a new companion animal in the course of the pandemic. The flood of CBD supplements on the market, which address anxiety, pain management and inflammation in pets, led to an increase in sales of companion animals in 2020. Petco's companion animal and supplies sales increased by 20.1% between fiscal 2019 and fiscal 2020. Cat and dog food sales rose 3.4%, and services sales increased 6.1% between fiscal 2019 and fiscal 2020.

The market is also highly unregulated, which makes it attractive for new players. The FDA started initiatives to regulate CBD pet products and define them. This can be used to diagnose and prevent diseases in animals. In November 2019, 13 pet companies were sent warning letters by the FDA for selling CBD-containing products and violating the FD&C Acts. This includes the use of unapproved new animal drugs and adulterated animal foods in pet CBD products. The other side is that CBD is legal in Europe which is driving the market growth in the region.

CBD pet supplements are in high demand due to the increasing awareness of natural supplements by consumers and the current spotlight on the therapeutic and medical benefits of cannabis. CBDfx has announced that it will be adding a new all-natural Calming & Moisturizing CBD Pet Balm in June 2021. This balm targets problem areas like paw pads or noses to provide immediate, concentrated relief and a boost for calm for your pet.

In order to maintain their market share, industry players continue to innovate new products. CBD Living, for instance, launched 19 new products in March 2020. These include topicals, chews, tinctures and gels. These products are designed to address various health and lifestyle issues in animals, such as anxiety, sleep disorder and excessive licking behavior. These factors will drive market growth over the next few years.

Information on Animal Types

In 2020, the market was dominated by the dog segment which accounted for over 68.0% of all sales. Dogs are a popular companion animal around the world. Dogs are considered part of the family and share a strong bond with their owners. Pet owners care deeply about the health and well-being of their pets and invest heavily in their wellbeing. These factors will provide significant opportunities to the segment's growth over the forecast period. The segment is also growing due to the acceptance of CBD foods. The segment is also growing because pet owners are increasingly looking for organic food-grade. Lazarus Naturals, which has expanded its pet line to include CBD dog treats and a tincture for cats or dogs in September 2020, offers an all-natural alternative wellness option.

Over the forecast period, the cat segment will experience a lot of growth. The second most preferred companion animal is the cat. This segment is growing because of increased concern about the hygiene and health of cats. The younger generation, particularly millennials, is more concerned about the care of their cats. The International Association for the Study of Pain states that degenerative joint disease (DJD), which can affect up to 90% of cats, is accompanied by an estimated 50% of those with signs of impairment due to joint pain. These factors are important for segment growth.

Indication Insights

With a market share of more than 23.0% in 2020, the general health/wellness segment was dominant. This growth can be attributed both to growing pet healthcare spending and increasing health concerns among pet owners. The increasing number of companies that offer products for general well-being and health is also driving the growth. Martha Stewart, for example, launched a line CBD-infused dog treats that included three formulas: calm, mobility, and wellness.

In 2020, the joint pain segment accounted for the second largest revenue share. The segment is driven by the increasing number of companions suffering from joint pain due to obesity and immobility. The American Pet Products Association (APPA) estimates that around one in four dogs in America had arthritis by 2019. According to estimates by the Association for Pet Obesity Prevention, approximately 56.0% and 60.0% respectively of American cats and dogs are obese. The segment is growing because CBD oil has been proven to be effective in naturally treating joint problems.

End-use Insights

The market segment was dominant and accounted to a greater than 40% of the total revenue in 2020. This is due to the ease of accessing various CBD products online. Online platforms can help you avoid prescription-related complications. Online platforms are becoming more popular with pet parents, which in turn boosts the growth of this segment.

E-commerce channels also offer products at discounts most of the times, increasing their adoption. E-commerce platforms will be more popular due to the increasing penetration of smartphones as well as the internet's accessibility in both developed and developing countries.

Regional Insights

North America was the dominant market, accounting for over 38.0% of the total revenue in 2020. The presence of market leaders such as Fomo Bone and HempMy Pet and favorable government initiatives can explain this growth. The Agricultural Improvement Act, passed December 2018, legalized hemp production in the U.S. and has provided ample opportunities for growth. According to an APPA survey, 34% of feline owners prefer CBD-infused pet products. These are driving the revenue.

Europe held the second largest market share in 2020, as CBD has been legalized in many of the countries. The region's growing pet population and increasing pet spending are also contributing to this growth. According to the European Pet Food Industry Report 2019, Europeans spent approximately USD 21.0 billion on their pets in 2019. Market growth is also being driven by the increasing use of CBD for therapeutic and food grades. The market in Asia Pacific is expected to experience lucrative growth during the forecast period. This is due to factors like the growing pet population, rising disposable income, and a highly unregulated marketplace.

Market Share Insights & Key Companies

This market is extremely competitive. In order to expand their market share, pet food companies like General Mills Inc., Nestle, Mars Inc., and General Mills Inc. will likely enter the market with strategies such as acquisitions, new product launches, and collaborations. In February 2019, Martha Stewart teamed up with Canopy Growth in order to launch a line of CBD-infused pet health products. Charlotte's Web Holdings, Inc. was approved by the U.S. Hemp Authority (NASC), for its CBD supplements, topicals, and tinctures for pets. Charlotte's Web purchased Abacus Health in June 2020 to expand its product line. The following are some of the most prominent players in global CBD pet markets:

• Honest Paws

• Canna-Pet

• Fomo Bones

• Pet Relief

• HolistaPet

• Joy Organics

• Wet Noses

• CBD Living

• Pet stock

• Pets

• Charlotte's Web

Up Market Research published a new report titled “CBD Pet Market research report which is segmented by Animal Type (Cat, Dog), by Indication (Anxiety/Stress, General Health/Wellness), by End Use (E-commerce, CBD Store), By Players/Companies Pet stock, Canna-Pet, Petco, Charlotte’s Web, Honest Paws, CBD Living, HolistaPet, Wet Noses, Pet Relief, Joy Organics, Fomo Bones”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global CBD Pet Market Report Segments:

The market is segmented by Animal Type (Cat, Dog), by Indication (Anxiety/Stress, General Health/Wellness), by End Use (E-commerce, CBD Store).

CBD Pet Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the CBD Pet Market

Overview of the regional outlook of the CBD Pet Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The CBD Pet Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of CBD Pet Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Cat

                2. Dog

                1. Anxiety/Stress

                2. General Health/Wellness

                1. E-commerce

                2. CBD Store

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the CBD Pet Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the CBD Pet Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.