CBD Pet Market Segment Analysis – By Product Type
The CBD Pet Market based on the Product Type can be further segmented into Oil Tincture, Capsules, Treats, Topical, and Others. The Treats segment held the largest share owing to the factors such as the rise in the demand for tetrahydrocannabinol drugs in the form of treats and the increase in the adoption of CBD for treating deficiencies in the endocannabinoid system. The growing demand for CBD among pet owners in developed nations is driving the growth of the CBD Pet Market. The Oil Tincture segment is estimated to be the fastest-growing segment with a CAGR of 41.2% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of medium chain triglycerides oil in CBT products and the increase in awareness about the benefits of oil tincture.
CBD Pet Market Segment Analysis – By Application
The CBD Pet Market based on the Application can be further segmented into Epilepsy, Joint Pain, General Health & Wellness, Anxiety/Stress, and Others. The General Health & Wellness segment held the largest share in 2020 owing to the factors such as the rise in the pet healthcare expenditure owing to the growing concern among pet owners and the increase in the adoption of medium chain triglycerides oil in CBT products for wellness. The growing demand for advanced CBT products for health and wellness is driving the growth of the CBD Pet Market. The Joint Pain segment is estimated to be the fastest-growing segment with a CAGR of 41.4% over the period 2021-2026. This growth is owing to the factors such as the growing demand for tetrahydrocannabinol drugs for treating joint pains and the rise in research and development activities for developing specific CBT products for treating joint pains.
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CBD Pet Market Segment Analysis – By Geography
North America held the largest share with 30% of the overall market in 2020. The growth in this segment is owing to the factors such as the increase in the adoption of medium chain triglycerides oil in CBT products for wellness and the increase in product launches by the key players. The rise in the demand for tetrahydrocannabinol drugs for treating joint pains is driving the growth of the CBD Pet Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the increase in the demand for CBD products for treating deficiencies in the endocannabinoid system, the rise in the adoption of tetrahydrocannabinol drugs in the form of treats, and the growing investment by the key players to develop advanced CBD pet products.
CBD Pet Market Drivers
Increase in the Adoption of Tetrahydrocannabinol Drugs
Tetrahydrocannabinol Drugs and CBD products are extensively being adopted for pets owing to the growing awareness about their potential in treating various diseases, such as chronic pain, arthritis, and sleep disorders. The key players across the world are focusing on developing Tetrahydrocannabinol drugs and CBD products for treating joint pains, which is one of the major factors driving the growth of the CBD Pet Market.
Rise in CBB Research and Development Activities for Pets
The rise in health consciousness among pet owners owing to the growing number of diseases in pets has propelled the demand for healthier products for pets. Moreover, manufacturers are launching medium chain triglycerides oil for CBT products, which is further propelling the growth of the CBD Pet Market.
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CBD Pet Market Challenges
Side Effects owing to High Dosage
The key players in the market are increasing their investment to carry out various research and development activities for developing CBD that treats deficiencies in the endocannabinoid system. However, High doses of CBB adversely affect the liver and results in elevated enzymes, such as alkaline phosphatase, which is one of the major factors that is estimated to reduce the growth of the CBD Pet Market.
CBD Pet Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the CBD Pet Market. Key companies of this market are Veritas Farms, Canopy Growth Corporation, Honest Paws, Joy Organics, CBD Living, HolistaPet, PETstock, FOMO Bones, Pet Releaf, and Petco among others.
Partnerships/Product Launches:
In July 2020, Canopy Growth Corporation has launched SurityPro backed CBD products for supporting joint health and flexibility, calm behavior, healthy aging, and overall physical well-being in dogs.
In January 2020, Veritas Farms has launched CBD supplements that are designed specifically for the pet industry. These CBD supplements are made with organic ingredients to attract pet owners who are looking for organic products.
In December 2019, Honest Paws has entered into a partnership with American Manufacturing and Distribution Company to enhance their CBD pet through their B2B and direct-to-consumer partnerships.
Key Takeaways
Geographically, the North America CBD Pet Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of medium chain triglycerides oil in CBT products for wellness.
The increase in the demand for CBD products for treating deficiencies in the endocannabinoid system is driving the Treats segment. However, High doses of CBB adversely affect the liver and results in elevated enzymes, such as alkaline phosphatase, which is one of the major factors that are said to reduce the growth of the CBD Pet Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the CBD Pet Market report.
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