CBD Pet Supplements: Market outlook
Growing consumer awareness of nutritional advantages associated with hemp derivatives and increasing production of industrial hemp has directed the growth of the market for hemp derivatives. Hemp derivative products such as, seed oil, fiber, CBD, etc. are widely used in many end-use industries, such as food and beverage, pharmaceuticals, personal care, animal feed, and others, which further drive market demand. The trend of hemp-based foods and beverages is becoming popular globally, gaining traction from manufacturers. CBD Pet Supplements have become a big market for pet owners as they are turning to this alternative option of non-traditional therapeutics. Cannabidiol is a compound found in a hemp plant that is used in humans due to its medicinal properties. There is an increase in demand among people to control a range of conditions such as anxiety, nausea, stress, etc. It has various antibiotic and analgesic effects and properties present in cannabidiol. Owing to these factors, CBD pet supplement market will increase in the years to come.
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CBD awareness among consumers on rise, sparking growth of CBD pet supplements market
CBD and its many interlinked industries and services are rising at unparalleled levels. CBD is reaching widespread market adoption worldwide due to its comprehensive health benefits without any of the psychoactive effects of THC. Forbes has predicted all CBD products in the market will touch a CGAR of 49% by 2019, bringing the CBD products market at $20 billion by 2024. Adoption rates are steadily rising and will continue to rise as awareness spreads. Further medical and therapeutic benefits are discovered each year, while commercial production continues to offer an ever-expanding variety of products that are infused with CBD.
CBD pet supplements are witnessing growth in various innovative pet healthcare practices
CBD pet supplements are innovative and cost more there can be a huge market for them soon. CBD-pet supplements are among the most exciting new developments in pet health and their wellbeing is available today. Taking into consideration the same benefits that are offered to humans, supplements infused with CBD can also be given to pets to promote vitality and longevity. CBD pet supplements which are safe and well-treated hemp-derived cannabinoid supports the health of pets by interacting with their endocannabinoid systems. Some of the key reasons due to which many pet owners are turning towards CBD pet supplements such as; it supports healthy joints helps to promote cardiovascular function, and prevent heartworm transmission. US pet care sales were almost US$ 800 million, and consumers are ready to pay more for pet healthcare services. CBD pet supplements offer number of claims including wheat free, corn free and soy free which means they are totally natural, promoting market growth.
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CBD Pet Supplements: Market Segmentation
Based on type, global CBD Pet Supplements can be segmented as: -
CBD Pet Supplements: Key Players
Some the key players operating their business in the global CBD Pet Supplements market are Nestle Purina, GCH Inc, HempMy Pet, Canna-pet, Fomo Bones, Honest Paws
- Purina, Pet food gaint which is owner by Nestle is now considering to sell CBD infused dog snacks as there is high demand for CBD pet supplements
Opportunities for CBD Pet Supplements Market Participants:
Consumer behavior is changing towards CBD pet supplements owing to its nutritional benefits introduced in the pet industry, resulted in the increasing demand for CBD supplements in the pet nutrition industry. The demand for CBD infused food products in the foodservice industry has been growing high. This is especially gaining traction in developing countries. The easy availability of these products in the retail market has resulted in a large consumer base, this offers an opportunity for the CBD pet supplements manufacturers. The use of CBD pet supplements in the pet industry will increase exponentially in the years. But there is an underlying opportunity for the manufacturers to launch their products in the retail market to enter the pet food industry. The surging popularity of CBD pet supplements also reflects there will be and overall demand of CBD and marijuana products as well. The success of small CBD pet supplement companies shows that it is not only marijuana growers that are in a position to profit from the increasing popularity of cannabis products, but there is a potential for players across industries such as food, beverage, pharmaceuticals, and others to bet on the continued growth of this CBD pet supplement industry.
- A study by Brightfield Group in 2017 showed that sales of CBD pet supplement increased almost four times to US$ 32 million from US$ 8 million. The CBD pet supplement industry could ball on almost US$ 1.16 Billion in US alone by end of 2022.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.