The global CBD pet market size is expected to reach USD 399.2 million by 2027, expanding at a CAGR of 40.3%, according to a new report by Grand View Research.
Increasing health expenditure and growing health concern among the owners of domesticated animals alongside increasing demand for Cannabidiol (CBD) infused food products is boosting the market growth.
The perceived benefits of cannabis, high awareness among pet owners, and preference for natural pet supplements have led to an upsurge in market growth. The benefits of CBD based products in fixing physical and mental issues in pets are driving the market.
According to the Cannabis product news report, around 24.0% of the U.S. pet owners consume CBD based products either for themselves or for their pets.
Pet CBD treatment has been found useful in treating diseases like cancer, anxiety, sleep disorders, and epilepsy. Rising incidences of anxiety disorder in pets especially dogs is another growth propelling factor for the market. According to the Clinical Ethology of the Veterinary Faculty report, around 88.0% of the treated patients showed anxiety-related disorders as of 2018.
GVR’s research highlights how the CBD pet market is highly unregulated, which is favourable for new industry players. Although the FDA has started initiatives to define the CBD pet products and regularize the products that can be used for diagnosis and prevention of diseases in animals. For instance, in November 2019 FDA sent warning letters to 13 pet companies for violating the FD&C acts and selling CBD containing pet items. The violation includes using adulterated animal food items and unapproved new animal drugs in pet CBD products.
On the other side, CBD is legal in Europe, which is fuelling the growth of the market in the region.
The industry players are constantly trying to develop new products in order to sustain their market share. For instance, in March 2020 CBD Living launched 19 new products which include chews, tinctures, topical, and gels. The products will address different health and lifestyle disorders in animals such as anxiety, sleep disorder, and excessive licking behaviour.
The report acknowledges how these factors are expected to propel market growth in coming years.
Source | Grand View Research