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.
The CBD Pet Supplements market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the CBD Pet Supplements market, including but not limited to regional markets, nature and application
The study is a source of reliable data on:
- CBD Pet Supplements market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg Poland and Russia)
- South Asia (India, Thailand, Indonesia, Malaysia, Rest of South Asia)
- East Asia (China, Japan, South Korea)
- Oceania (Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The CBD Pet Supplements market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the CBD Pet Supplements market report projects the attractiveness of segments like type over the forecast period.
Highlights of the CBD Pet Supplements market report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the CBD Pet Supplements market
- Recommendations to companies for strengthening their foothold in the CBD Pet Supplements 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.