CBD Pet Market Overview
CBD Pet Market size is estimated to be $25 million in 2019, growing at a CAGR of 41% during the forecast period 2020-2025. CBD is a chemical compound found in the plant named Cannabis Sativa. CBD is also known as cannabinoids which are schedule 4 drugs non-psychoactive and therapeutic in nature. Cannabis plant produces Marijuana and Hemp which are the two components which have various therapeutic nature but for pets Hemp is used for medicinal purposes as it contains higher CBD and low amounts of THC (Tetrahydrocannabinol) which is toxic in nature. CBD doesn’t make pets sick as it has less than 0.3 percent of THC whereas Marijuana has 10-15 percent of THC which is psychoactive and toxic for pets. CBD helps pets especially for dogs it helps to provide calmness from anxiety and stress owing to separation feeling from owners, joint support pain relief, overall wellness and relieving body discomfort benefits. CBD consumption is non-toxic but still it produces some side effects depending upon dogs reactions including itchiness, mild drowsiness, dry mouth and low blood pressure. The increasing dog adoption demands pet care as they also suffer from various ailments including common ones such as cardiovascular diseases, digestive imbalance, arthritis, nausea, stress, cancer, seizures and pain relief which drives the market for CBD pet products. Also, pets are treated with different forms of CBD including cannabis oils, capsules and edible treats. The CBD drugs for pets come under federal regulated narcotic category and require medical consultation before buying to ensure proper dosage levels are administered to pets.
The market is driven by rise in chronic disease, increased concern of pet health, and the increased research on the benefits of CBD for pets.
Detailed analysis of the Strength, Weaknesses, and opportunities of the prominent players operating in the market will be provided in the CBD Pet Market report.
North America dominated the CBD Pet Market owing to their increase fund in animal research and presence of key players offering CBD Pet products, driving the market in this region.
CBD Pet Market Segment Analysis – By Product Type
By Product type the CBD Pet Market is segmented into different pet products derived from Hemp CBD which is non-toxic and non-psychoactive, including Oil Tincture, Treats, Capsules and Topical. Treats are the dominant segment owing to the high consumption of this product type. They are available in various food flavors for dogs it includes cheese, chicken and bacon and for cat’s salmon, tuna, catnip and chicken. These treats are beneficial for pets’ skin, coats, immunity and in relieving their stress. CBD Oil tincture is growing in demand for pets and is mixed in pet’s foods or water. CBD oil comes in different flavors including bacon and salmon which makes it more appealing in taste to the pets.
CBD Pet Market Segment Analysis – By Distribution Channel
The distribution channel segment comprise of Veterinary clinics and hospitals, Pet Shops and E- commerce platforms. The e-commerce platform is the fastest-growing segment with CAGR of 36% during the forecast period 2020-2025. This is owing to the numerous products available at lower prices as well as the increasing use of technology such as internet which in turn is increasing the use of e-commerce platforms.
CBD Pet Market Segment Analysis – By Geography
North America dominates the CBD Pet Market accounting for 38% of the market in 2019. This is owing to increased fund and scope for veterinary research as well as the higher pet adoption in this region. The CBD products have less regulation owing to its non-toxic nature; many major players are entering in the CBD Pet Market from U.S., driving the growth of this region.
However, Asia-Pacific region is poised to be the fastest-growing region for CBD Pet Market during the forecast period 2020-2025. This is owing to growing pet health awareness, and increasing disposable income of the people here.
CBD Pet Market Drivers
Rising chronic illness among pets
Majority of the pet population including dogs and cats are domesticated by humans. Rising chronic illness cases among these domestic pets including diabetes, obesity, arthritis, cancer and inflammatory bowel disorders have driven the need for pet healthcare products. These diseases produce discomfort and pain to the pets and CBD products are given as pain relief and also to calm animals under anxiety or stress. The growing awareness on the benefits of CBD on pet health and the availability of these products have further driven the market.
Increased CBD research and development for pets
The research on drugs for pet illness and their treatment have increased with rise in pet adoption and increased concerns of their health. Many CBD products are being developed for pets with increased research on the various therapeutic properties offered. CBD is known to relieve pain and calm down the pets suffering from inflammatory diseases.
CBD Pet Market Challenges
Higher dosage has adverse effects on pets
The CBD is considered to be non-toxic in nature. However, higher dosage for pets are restricted as it shows side effects like low blood pressure, drowsiness, vomiting and itching. This increases the concern on the safety of CBD products for pets. In addition, owing to measures passed by FDA on CBD safety for commercial pet usage the CBD Pet Market growth is challenged further.
CBD Pet Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in CBD Pet Market. CBD Pet Market top 10 companies are Honest Paws, Canna-Pet, Fomo Bones, Pet Relief, HolistaPet, Joy Organics, Wet noses, CBD Living, Petstock, and Veritas.
CBD Pet Market Developments:
Feb 2020:Veritas Farms, US based vertically integrated Hemp Oil Company launched three pet chew varieties under its brand name Veritas Pet brand which includes skin and allergy relief EPA and DHA, Calming chews with chamomile and valerian root and support chews with glucosamine and chondroitin.