Global CBD Pet Market: Overview
With the popularity of CBD for human consumption skyrocketing, it is only natural that its potential benefits are being considered across multiple applications including CBD for pets. All over the world, CBD is being used in various forms for pets. CBD can prove to be as beneficial amongst pets as it is for humans because all mammals share a common endocannabinoid system. Consequently, pet owners are inclined toward offering their pets the lifestyle that they themselves enjoy.
Global CBD Pet Market: Growth Factors
The most appealing factor for the popularity of CBD pet products is that this compound is neither toxic nor psychoactive. CBD, although a cousin of the more psychoactive THC, does not lead to a state of euphoria or ecstatic state of mind. Moreover, CBD works as a regulating agent, ensuring overall well-being and health of the pets. It can treat digestive disorders such as bloating and acid reflux. Cannabinoid also significantly assists in calming anxiety, soothing joint pain and cures certain skin conditions.
Although CBD products might not completely cure specific ailments amongst pets, they might considerably help with the management of several conditions. When used appropriately, CBD can significantly reduce inflammation and pain particularly when the pet is suffering from conditions such as arthritis. Furthermore, CBD products for pets are natural, non-toxic and safe. Driven by these factors, the global CBD pet market is anticipated to augment at a decent CAGR and collect considerable revenue over the forthcoming years.
The market might face major setbacks due to the lack of definitive clinical data to prove the perceived benefits of CBD for pets, along with the lack of approval for CBD for pets by regulatory bodies such as the Food and Drug Administration (FDA). As a result, veterinarians are not permitted to recommend CBD for pets. However, despite the lack of approval, several pet owners have been adopting CBD products to soothe their pets. The CBD trend is continuously spiraling upwards due to by the ability of CBD to treat physical as well as mental conditions that cannot be treated by conventional medications.
Global CBD Pet Market: Segmentation
The global CBD pet market can be segmented on the basis of product type, end-use, application, and region. Tinctures, oils, chews, gels, and sprays are some major segments by product type. CBD oils are expected to lead the CBD pet market owing to the instant relief induced by these products. Moreover, full-spectrum oils contain negligible amount of THC, making it safe for the pet. Retail, pet stores, veterinary clinics, and e-commerce are the major end-user segments of the global CBD pet market. The e-commerce segment is anticipated to amass substantial revenue over the forecast period, driven by multiplying sales of online pet products. Epilepsy, stress & anxiety, joint pain, and general wellness are the chief application segments of the global CBD pet market.
Global CBD Pet Market: Regional Analysis
The Europe segment is likely to emerge as a key contributor of the global CBD pet market in the upcoming period. This is primarily because it has been legalized over the majority of European countries. The European Food Safety Authority (EFSA) has declared CBD as a novel food. This positive approach is harbinger of extensive growth of the Europe CBD pet market. Furthermore, CBD as well as medical cannabis has also been incorporated into pet health insurances. All these growth factors together are aiding the development of the Europe CBD pet market. North America market for CBD products for pets is also expected to gain impetus.
Global CBD Pet Market: Competitive Players
Wet Noses, Canna-Pet, Charlotte’s Web, Diamond CBD, Fomo Bones, Receptra Naturals, PotNetwork Holdings, Honest Paws, Kat’s Naturals, Pet Releaf, Petco, Bluebird Botanicals, Trulieve Cannabis, and Joy Organics are some leading market players in the global CBD pet market. Several market players are offering innovative products and formulations. They are designing products specifically according to the different sizes of the pet to assure the best possible outcome.
Global CBD Pet Market: Regional Segment Analysis
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