GlobalPet CBD Market: Overview
A stellar compound annual growth rate and an increased marketworth is set to be witnessed in the globalpet CBD market over the period of 2019 to 2027. This will propel creation offresh growth opportunities for companies in its vendor landscape. Severaltrends are impacting the trajectory in a positive way, foremost among which areincrease in pet ownerships and pet humanization.
GlobalPet CBD Market: Competitors Landscape
Numerous medium and small sized companies operate in the nichemarket space of pet CBD. Most of these account for a small market share.However, there are bigger players such a Mars Inc. and Nestle Purina, whichprovide some degree of consolidation in the market. Together, these players aredirecting efforts towards increasing sales and revenue by trying to tap intonew regions and consumer-bases.
Companies in the global pet CBD market that are well-known andproactive include the following:
· Canna-Pet
· Choom Holdings Inc.
· Receptra Naturals
· Curaleaf
· Trulieve Cannabis Corporation
· Pure Spectrum
· Cannabis Strategies Acquisition Corp.
· Pet Releaf, Diamond CBD Inc.
· PotNetwork Holdings Inc.
· Kat's Naturals
· Bluebird Botanicals
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Players in the global pet CBD market are proactive and optingfor strategies such as acquisitions and collaborations. These can lead to deeppenetration in the market, consolidated position, and better grasp on marketshare. Product improvement and portfolio diversification are also significantfactors of growth. Players such as Nestle Purina are also eyeing the CBD dogfood market share.
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GlobalPet CBD Market: Key Trends and Drivers
Pet companionship is increasing world over and this is set tocontribute heavily to growth in the market. There are various other major andminor growth factors set to push the market upward over the forecast period.The upcoming report on global pet CBD market, prepared by Transparency MarketResearch, delves into these trends and drivers in great detail. A glimpse isprovided below:
· Organic products are gaining traction world over and healthcareindustry for pets is no different. Therefore, an increase in demand for plantbased supplements, medicine, food, and so on is noted. This is set to drive theglobal pet CBD market upward.
· Pets are humanized and the trend is catching on with people likewildfire. One of the biggest reasons behind this is that they act as therapyaids. And, as mental issues crop up, demand for pet adoption will grow. This isset to drive market for pet CBD higher up on a steady trajectory as variousailments suffered by these pets will need appropriate treatment.
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GlobalPet CBD Market: Regional Analysis
North America will be a dominant region in the global pet CBDmarket, topping the charts for market share as well as growth rate. Presence ofa large number of animal research and development centers is one of the biggestfactors over the forecast period. Others include high adoption of companionanimals noted in this region. A high disposable income allows for treatment ofpets for diseases such as cancer, anxiety and seizures. This is also an outcomeof growing trend of pet humanization. One of the largest contributors of growthin the region will be United States of America. Major players in the regionsuch as Joy Organics, Green Roads of Florida, HempMy Pet, Fomo Bones, CannaPet, and Pet Relief are contributing to growth.
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