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 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 $20 billion by 2024. Adoption rates are steadily rising and will continue to rise as awareness spreads. Further medical and therapeutic benefits are discovered each year, while commercial production continues to offer an ever-expanding variety of products that are infused with CBD.
CBD pet supplements are innovative and cost more there can be a huge market for them soon. CBD-pet supplements are among the most exciting new developments in pet health and their wellbeing is available today. Taking into consideration the same benefits that are offered to humans, supplements infused with CBD can also be given to pets to promote vitality and longevity. CBD pet supplements which are safe and well-treated hemp-derived cannabinoid supports the health of pets by interacting with their endocannabinoid systems. Some of the key reasons due to which many pet owners are turning towards CBD pet supplements such as; it supports healthy joints helps to promote cardiovascular function, and prevent heartworm transmission. US pet care sales were almost US$ 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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Based on type, global CBD Pet Supplements can be segmented as: -
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
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.
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