Cannabidiol Pet Market Overview:
In 2020 it was estimated that the Global Cannabidiol Pet Market was valued at USD 125.00 million. Between 2021-2028, it is projected to increase at a compound annual rate of 58.9 percent. The growth in the market is due to the perception of benefits from cannabis as well as pet owners' preference for natural products. The market is driven by the advantages of CBD-based pet products that have physical and mental health issues.
The report on Cannabis products says that approximately 24.0 percent of U.S. pet owners use CBD-based items for themselves and their pets. The usage of CBD for pets has been shown to be beneficial in the treatment of anxiety, insomnia epilepsy as well as other illnesses. Another reason for this is the growing prevalence of anxiety conditions in pets, especially dogs.
Cannabidiol Pet Market Driving Forces:
The pet CBD sector is experiencing substantial expansion
Because of the rise in GIT-related bowel problems among pets, the demand for CBD will likely grow. Pets may also be suffering from sleep disorders and anxiety. This could indicate that there is a rising market for CBD products for pets. Cannabidiol is a drug that can treat pet cancers. If there's an increase in the demand for CBD derivatives and CBD-based treatments for pets, the pet CBD market will likely see significant growth. Pets can also suffer from heart diseases, such as heart attack and tachycardia.
Cannabidiol Pet Market Restraining factors:
Side effects in restraining the future expansion of the CBD pet CBD market.
CBD is also used to treat heart problems. This is one reason the use of pet CBD is growing in popularity. The CBD dosage schedule is the most crucial aspect in the pet CBD industry. Pets could be rendered unconscious when given an amount that is greater than their normal. This could lead to slow growth. This could lead to side effects like dry mouth, dizziness, and low blood pressure, which could hinder future growth in the pet CBD market.
Cannabidiol Pet Market Key Market Trends:
Pet food has now become the top choice for organic supplements. This has led to an increase in the use of CBD supplements. CBD (Cannabidiol) products are increasingly popular among pet owners, both canine and feline. CBD is a great option to reduce joint pain and anxiety.
According to the American Pet Products Association's annual survey, CBD-based products were the most popular by 34% of dog owners and 39% after the legalization. CBD treats or supplements are used by more than 11% and 8 percent of cat and dog owners and pet owners, respectively. Because of the potential growth of the CBD pet market and the numerous trade efforts to obtain regulatory guidelines, it is likely that CBD pet products will witness a greater growth rate during the forecast period.
Cannabidiol Pet Market Latest Developments:
Sky Wellness, which provides Cannabidiol Pet Market for both pets and humans launched its CBD Wellness line for dogs under the D Oh Gee brand. Three broad-spectrum CBD products, THC-free, have been added to the collection. They are designed to promote joint mobility and joint well-being. PAO Group Inc. launched its first two CBD nutraceutical products: RelaxRX CBD(a salve). FOMO Bones launched a new website on Shopify in the month of October 2021. It became the first CBD-approved retailer using the platform.
Cannabidiol Pet Market: Key Companies
The Cannabidiol pet market also includes Petco Health & Wellness Company Inc., Charlotte's Web, Joy Organics Llc. Pet Relief, HolistaPet. CBD Living, Fomo Bones., Wet Noses Inc., Honest Paws LLC., Canna-Pet LLC, and others.
Segmentation of the Cannabidiol Pet Market:
CBD Pet Supplements Market Segmentation is based on type, globally CBD Pet Supplements can be divided into Tinctures, Powders, and Gels, as well as Treats and Tropicals. Additionally, the pet CBD market is possible to divide into two types based on source type cannabis and hemp. There are a variety of indications the market can be classified into categories, such as sleep disorders, bowel issues epilepsy, cancer as well as other diseases. The market is divided into pet stores, veterinary hospitals, and websites that sell to end-users.
FAQ:
What is the CBD pet market's size?
What is the CBD market increasing for pet owners?
Is CBD for pets the same as CBD for humans?
Can my pet take CBD?
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