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CBD Pet Market Size & Growth, 2020-2027 | Industry Trends Report

CBD Pet Market Analysis Report By Product, By Application, By End-use, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17620122  |  Published: September 2020  |  No of Pages: 130
Format: Electronic (PDF)  |  Industry: Therapeutic Area  |  Publisher: Grand View Research

Industry Insights

The global CBD pet market size was accounted for USD 27.7 million in 2019. It is also projected to witness 40.3% CAGR over the forecasted period, 2020 to 2027. Rising awareness about the consumption of cannabis prevailing among pet owners and shifting trend towards natural pet supplements is expected to drive the market growth.

These CBD products help in fixing the mental and physical issues of pets. The CBD treatment also helps in the treatment of diseases like anxiety, sleep disorder, epilepsy, and cancer. Moreover, the rising number of anxiety disorder cases among the dogs is also considered as the major factor driving the demand for such products.

The U.S. CBD pet market

The cannabidiol pet market is unregulated which is permitting new entrants to enter the global market. Thus, the FDA has also set up regulatory measures for defining CBD products that can be used to prevent and diagnose diseases in the animals. Moreover, the legalization of CBD across Europe is also projected to bode market growth.

Product Insights

The food-grade segment held the highest share of more than 60.0% across the global market in 2019. This can be associated with the rising spending on pet food by the owners. Further, increasing the acceptability of pet food products like chews and treats is also projected to trigger market growth.

The therapeutic grade product segment is also projected to gain significant growth from 2020 to 2027. This can be associated with the rising adoption of CBD oils for the treatment of pain and inflammation. As this oil is free from hazardous ingredients like THC (Tetrahydrocannabinol), it does not have adverse effects on the pets’ nervous system, which is projected to propel its market demand in the upcoming years.

Application Insights

In 2019, the application segment of general health/ wellness accounted for the largest share of 23.8% across the global market. The surging expenditure on pet healthcare and increasing concerns regarding pets among their owners are estimated to augment the demand for this segment.

The segment of joint pain also accounted for a significant share of more than 23.6% across the global CBD pet market in 2019. The rising number of joint-pain cases among pets owing to immobility and obesity are projected to boost the market growth. For example, a study by APPA (American Pet Products Association) in 2019 stated that 1 in 4 dogs across the U.S. is suffering from arthritis. Moreover, as this oil is helpful for the treatment of problems associated with the joints, the market is expected to significant momentum in the upcoming years.

End-use Insights

In 2019, the e-commerce end-use segment accounted for the largest share of more than 40.0% across the global market. This can be attributed to the ease in the availability of several CBD products on e-commerce platforms like Alibaba and Amazon. Also, the fact that the reduction in the number of complications associated with prescription is projected to propel the market growth.

Global CBD pet market

Also, additional features of the e-commerce segment such as hassle fee instant delivery, quick replacement facility, and availability of a wide range of product portfolio on a single platform for comparison are expected to augment the market growth. Moreover, surging penetration of the internet and smartphones across remote locations is further expected to fuel up the demand for CBD pet.

Regional Insights

North America accounted for a dominant share of more than 35.0% across the global market in 2019. This can be associated with the imposition of favorable initiatives by governing authorities and the surging presence of key players like Fomo Bone, Canna-Pet, and HempMy Pet across countries like the U.S. and Canada.

In 2019, Europe is also projected to account for a substantial share across the global market. The legalization of CBD and the increasing pet population is expected to propel the market growth across this region. For example, the industry report published by the European Pet Food Industry stated that around 21.0 USD Billion was spent in 2019 by the Europeans on their pets. Moreover, the surging adoption of CBD for therapeutic and food-grade purposes is anticipated to trigger market growth.

COVID-19 Impact Insights

The global cannabidiol (CBD) pet market is witnessing substantial growth due to the ongoing COVID-19 pandemic. This can be attributed to increasing awareness about the health of domestic animals as they can also act as virus-spreaders. Also, the need for protecting animals from diseases and viruses is expected to augment the market growth. Moreover, favorable initiatives undertaken by the governing authorities for the promotion of health awareness and increasing expenditure across the health sector are projected to propel the demand for CBD pets over the post-pandemic period.

CBD Pet Market Share Insights

The global market includes key players such as General Mills Inc., Nestle, Mars Inc., Canna-Pet, Pet Relief, Honest Paws, Fomo Bones, CBD Living, Pet stock, Petco, and Charlotte’s Web. Constant product development and innovation to improve the taste of animal food are being undertaken by the key players for widening the geographical reach.

Several strategies like acquisitions, collaborations, and product launches are being implemented by the players for widening their product portfolio. For example, Martha Stewart had collaborated with the Canopy Growth for launching a wide variety of CBD infused food products for animals.

Report Scope

Attribute

Details

Market size value in 2020

USD 37.4 million

Revenue forecast in 2027

USD 399.2 million

Growth rate

CAGR of 40.3% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative Units

Revenue in USD million and CAGR from 2016 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

The U.S.; Canada; Germany; the U.K.; France; Italy; Spain; Japan; China; India; Brazil; Mexico; Argentina; South Africa; Saudi Arabia

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub segments. For the purpose of this study, Million Insights has segmented the global CBD pet market on the basis of product, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2027)
    • Therapeutic Grade
        • Pet Supplements
        • Pet CBD Oil
    • Food grade
        • Treats
        • Chews
        • Others

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Joint Pain
    • Anxiety/Stress
    • Epilepsy
    • General Health/Wellness
    • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2027)
    • Pet Specialty Stores
    • E-commerce
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
    • Europe
        • The U.K.
        • Germany
        • France
        • Italy
        • Spain
    • Asia Pacific
        • Japan
        • China
        • India
    • Latin America
        • Brazil
        • Mexico
        • Argentina
    • Middle East & Africa
        • South Africa
        • Saudi Arabia

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