CBD Pet Care Market - Forecasts from 2022 to 2027

The Global CBD Pet Care market was valued at US$1,394.892 million in 2020 and is expected to grow at a compound annual growth rate of 16.98% and will reach a market value of US$4,180.331 million in 2027.

Increasing awareness about the benefits of cannabis in treating several physical and mental issues in companion animals has led to an upsurge in demand for CBD products for pet care. Pet owners are gaining more knowledge about CBD-infused products, and the increasing demand for natural pet supplements is boosting the demand for CBD pet care products. The growing incidence of anxiety disorder in pets, especially dogs, is further spurring the demand for CBD pet products which is bolstering the growth of the CBD pet care market. According to the Clinical Ethology of the Veterinary Faculty Report, more than 85 percent of the treated animal patients showed anxiety-related disorders in 2018. Pet owners are increasingly giving CBD-infused treats and chews to their dogs and cats to relieve them, ranging from anxiety to pain and seizures. Another factor that is making the CBD pet care market more attractive is that, at present, the market is highly unregulated, which is favourable for new entrants in this industry. However, the U.S. Food and Drug Administration (FDA) has started working on initiatives to define CBD pet care products and regulations regarding CBD products to diagnose and prevent various diseases in pet animals. For instance, 13 pet companies received warning letters from the FDA in November 2019 to violate the FD&C acts and sell pet items containing CBD. These regulations are hindering market growth to an extent. As the demand for CBD pet products is growing substantially, industry players are trying to keep up with this demand rise by developing new products to sustain their market share while expanding their customer base.

The global CBD pet care market has been segmented based on product, animal type, distribution channel, and geography. The market has been segmented as food grade and therapeutic grade based on the product. The global CBD pet care market has been segmented into dogs and cats by animal type. Distribution channels have also classified the market as online and offline.

Covid-19 Impact

As a result of COVID-19's repercussions on the CBD pet care market, there were no adverse repercussions; instead, sales have increased. Due to the lack of new entrants during the COVID time frame, the established players benefited from the oligarchy created by growing demands for CBD pet care products. The presence of the products on e-commerce channels made it much easier for pet parents to access and have supplied to their doorsteps even during lockdown durations, which boosted sales. The Covid-19 disease outbreak has expanded pet ownership, which has resulted in massive pet spending. According to the APPA, 11.4 million households picked up a new cat or a dog during the pandemic. As a result, an increase in pet nutrition revenues in 2020 was partly due to a flood of CBD supplements into the sector to resolve issues such as pain management, anxiety, and inflammation in their pets.

Europe accounts for a significant share of the global CBD pet care market.

By geography, the global CBD pet care market is classified into five major regional markets- North America, South America, Europe, the Middle East and Africa (MEA), and Asia Pacific (APAC). Europe accounted for a significant share of the global CBD Pet Care market in 2019. The legalization of CBD in Europe supports the growing demand for CBD pet care products. In the United Kingdom, although CBD companies are not allowed to sell CBD products designed specifically for pets, vets are allowed to prescribe ‘human’ CBD products to pets under the regulations of the VMD (Veterinary Medicines Directorate). North America will witness a decent compound annual growth rate during the forecast period due to increasing awareness about different CBD pet products in the United States and Canada. An increasing number of products are being launched in these countries, thus positively impacting the growth of this regional CBD pet care market. Although the sales of CBD pet products account for only a fraction of the total, it is proliferating in the United States. According to some survey data, more than 30 percent and around 40 percent of cat owners and dog owners, respectively, like CBD supplements for their pets and would be very much interested in buying CBD supplements for their pets if they were legal.

Recent Developments

July 2018: CBD Dog Health announced the launch of three new collections of products that contain full-spectrum hemp oil with multiple cannabinoids, including CBG, CBD, CBDA<, and CBN. These products help reduce anxiety, treat skin problems, bacteria, and slow tumour growth among pets.

April 2019: Elixinol announced its purchase of a 25 percent stake in Altmeds LLC, manufacturer of the pioneering and market-leading Pet Releaf hemp-derived CBD pet line.

February 2020: Puration announced the acquisition of the CBD-infused pet products operation.

February 2020: Veritas Farms added a line of hemp oil chews under its newly created Veritas Pets brand. These pet chews include a skin and allergy relief formula with DHA and EPA, mobility support chews with chondroitin and glucosamine, and calming chews with valerian root and chamomile.

February 2020: Medterra CBD announced its new partnership with Bentley’s Pet Stuff as part of its continued expansion within the pet care sector. This partnership will allow Medterra to sell its complete Medterra Pets portfolio in 65 Bentley’s Pet Stuff stores, including the brand’s CBD tinctures and calming and joint support soft chews.

March 2020: The production of hemp-based dry dog food was launched by Croatian entrepreneurs Mladen and Mario Falamic under the Cannabis brand at the factory in Rakitovica in the eastern part of Croatia.

June 2020: PremiumJane, one of the leading companies in the CBD industry, launched Jane’s Pets, a brand new line of CBD-based products made specifically for dogs.

July 2020: Endexx Corporation (EDXC) announced the launch of its newest product line- Phyto-Drops CBD for Pets. These products are made with all-natural ingredients and are sugar-free. Phyto-Drops CBD for Pets is available in 10 ml and 30 ml formats for dogs and cats.

September 2020: Lazarus Naturals expanded its pet line with the addition of CBD dog treats and a new tincture for dogs and cats.

November 2020: Specialized in finished CBD products, CV Sciences launched hemp extracts formulated exclusively for cats and dogs under its PlusCBD line.

Market Players and Competitive Intelligence

Prominent key market players in the global CBD Pet Care market include LHC, Inc., HempMy Pet™, Canna-Pet®, FOMO BONES, Honest Paws, LLC, HolistaPet, Pet Releaf, and Joy Organics, among others. These companies hold a significant share in the market because of their good brand image and product offerings. Major players in the global CBD Pet Care market have been covered with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.

Segmentation

By Source

• Cannabis
• Hemp

By Grade

• Food
• Pharma

By Animal Type

• Dog
• Cat

By Distribution Channel

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• United Kingdom
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Taiwan