Global CBD Pet Care market as valued at US$24.662 billion in 2019. Increasing awareness about benefits of cannabis in the treatment of several physical and mental issues in companion animals has led to an upsurge in the demand for CBD products for pet care. Pet owners are getting more knowledge about the use of CBD-infused products and increasing demand for natural pet supplements is boosting the demand for CBD pet care products. Growing incidence of anxiety disorder in pet, especially dogs, is further spurring the demand for CBD pet products which is bolstering the growth of CBD pet care market. According to the Clinical Ethology of the Veterinary Faculty Report, more than 85 percent of the treated animal patients showed anxiety-related disorders in 2018. Pet owners are increasingly giving CBD-infused treats and chews to their dogs and cats in order to provide relief to them for ranging from anxiety to pain and seizures. Another factor that is making CBD pet care market more attractive is that at present, the market is highly unregulated which is favorable for new entrants in this industry. However, the U.S. Food and Drug Administration (FDA) has started working on initiatives to define CBD pet care products and regulation regarding the use of CBD products for diagnosis and prevention of various diseases in pet animals. For instance, 13 pet companies received warning letters from the FDA in November 2019 for violating the FD&C acts and selling pet items containing CBD. These regulations are hindering the market growth to an extent. As the demand for CBD pet products is growing at a substantial rate, industry players are trying to keep up with this demand rise by developing new products in order to sustain their market share while expanding their customer base.
Global CBD pet care market has been segmented on the basis of product, animal type, distribution channel, and geography. On the basis of the product, the market has been segmented as food grade and therapeutic grade. By animal type, the global CBD pet care market has been segmented into dogs and cats. The market has also been classified by distribution channel as online and offline.
Europe accounts for a significant share in the global CBD pet care market
By geography, the global CBD Pet Care market is classified into five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). Europe accounted for a significant share in the global CBD Pet Care market in 2019. The legalization of CBD in Europe supports the growing demand for CBD pet care products in the region. In the United Kingdom, although CBD companies are not allowed to sell CBD products designed specifically for pets, vets are allowed to prescribe ‘human’ CBD products to pets under the regulations of the VMD (Veterinary Medicines Directorate). North America will witness a decent compound annual growth rate during the forecast period owing to the increasing awareness about different CBD pet products in the United States and Canada. Increasing number of products are being launched in these countries, thus positively impacting the growth of this regional CBD pet care market. Although the sales of CBD pet products accounts for only a fraction of the total, its is growing quickly in the United States. According to some survey data, more than 30 percent and around 40 percent of cat owners and dog owners, respectively, like the idea of CBD supplements for their pets and would be very much interested to buy CBD supplements for their pets if they were legal.
Market Players and Competitive Intelligence
Prominent key market players in the global CBD Pet Care market include LHC, Inc., HempMy Pet™, Canna-Pet®, FOMO BONES, Honest Paws, LLC, HolistaPet, Pet Releaf, and Joy Organics among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global CBD Pet Care market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.