A new report concludes that the global CBD pet products market is anticipated to see a compound annual growth rate of 12% from 2022 to 2027.
During the COVID-19 pandemic, the market studied did not experience any negative consequences, the report said. In addition, there were no new entrants during the pandemic, so the existing players enjoyed the oligopoly from the growing demand for CBD pet products.
“The sales were spiked due to the availability of the products on e-commerce platforms, which made it easier for pet owners to access and have products delivered to their doorsteps during the pandemic-induced lockdowns,” the report said.
Yet, the unfavorable and stringent government regulations in several developing countries due to social constraints have affected the demand for CBD pet products since cannabis is considered unhealthy for pets. This can be attributed to the lack of awareness among pet owners as well.
While traditional dog or cat products currently dominate the market, those targeted for equine and other domesticated animals are on the horizon. As pet and animal products are focused on treats, supplements and food additives, therapeutic CBD with antianxiety and anti-inflammation properties is expected to remain the top-selling product.
“North America dominates the market,” the report said. “CBD pet supplements are primarily fueled by increasing consumer awareness about natural supplements and the current spotlight on the medical and therapeutic benefits of cannabis. Additionally, the rise in the adoption of pets and increasing demand for premium care products are a few factors that are expected to drive the market growth. Moreover, in 2018, in the United States, pet care accounted for nearly 3% of the overall revenue of the legal cannabis industry.”
According to the American Pet Products Association, U.S. pet owners are estimated to have spent about $95.5 billion in 2020 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 exploit the tremendous opportunities for growth in CBD pet sales.
CBD Pet Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027) is available at researchandmarkets.com, a market research store.