The global CBD pet market is anticipated to value USD 399.2 million until 2027. It is also expected to register a CAGR of 40.3% over the forecasted years, 2020 to 2027. The rising health concerns of pets coupled with surging expenditure across the health and wellbeing sector is projected to drive the market growth.
The general health/ wellness segment dominated the global market in 2019 owing to surging expenditure on pet healthcare and increasing concerns regarding pets among their owners. On the other hand, the joint pain application segment accounted for 23.6% in 2019 on account of the increasing number of joint-pain cases among pets owing to immobility and obesity.
In 2019, the e-commerce end-use segment dominated the global cannabidiol pet market on account o salient features like hassle-free instant delivery, quick replacement facility, and availability of a wide range of products on a single platform. Also, ease of availability and surging usage of smartphones and the internet is projected to further fuel up the market demand.
North America accounted for the highest share of around 35.0% across the global market in 2019 due to the surging presence of key players and the imposition of favorable initiatives by governing authorities across the U.S. and Canada. Europe also accounted for a significant share owing to the legalization of CBD and increasing pet population across this region.
The market for CBD Pet across the globe includes key players such as Nestle, Mars Inc., General Mills Inc., Canna-Pet, Honest Paws, Pet Relief, and Fomo Bones. These players are developing various strategies like product launches, collaborations, and acquisitions for widening their geographical reach.
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Further key findings from the report suggest:
• The therapeutic grade segment is expected to account for significant CAGR from 2020 to 2027 across the global market.
• In 2019, the e-commerce end-use segment dominated the global CBD pet market.
• North America accounted for the highest share of around 35.0% across the global market in 2019.
• The key players operating in this market are Nestle, Mars Inc., General Mills Inc., Canna-Pet, Honest Paws, Pet Relief, and Fomo Bones.
Million Insights has segmented the global CBD pet market on the basis of product, application, end-use, and region:
CBD Pet Product Outlook (Revenue, USD Million, 2016 - 2027)
• Therapeutic Grade
• Pet Supplements
• Pet CBD Oil
• Food grade
CBD Pet Application Outlook (Revenue, USD Million, 2016 - 2027)
• Joint Pain
• General Health/Wellness
CBD Pet End-Use Outlook (Revenue, USD Million, 2016 - 2027)
• Pet Specialty Stores
CBD Pet Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia