CBD Pet Products Market Report 2021 – Global Growth, Trends, and Forecasts to 2026 – ResearchAndMarkets.com
The global CBD pet products market is anticipated to witness a CAGR of 41.3% during the forecast period (2021-2026).
As an impact of COVID-19 on the CBD pet products market, the market did not experience any negative consequence instead the sales got increased.
As there were no new entrant during the COVID period, the existing players enjoyed the oligopoly from the rising demand of CBD pet products. The sales got spiked more due to the availability of the products on e-commerce platforms which made easier for pet owners to access and got delivered in their doorsteps during the lockdown periods.
The CBD pet supplements are primarily fuelled by the increasing consumer awareness of the natural supplements and the current spotlight on the medical and therapeutic benefits of cannabis. The niche status of the current market is attributed to the governmental and trade regulatory environments related to cannabis, CBD, and hemp.
Nonetheless, the Farm Bill passed in December 2018, the Agricultural Improvement Act of 2018, took a significant step forward by separating hemp and hemp-derived CBD from marijuana-based products, thereby creating ample opportunities for the hemp-derived products to be used in the pet food industry.
Key Market Trends
Changing Consumer Preferences Towards Organic Healthcare Pet Products
The changing consumer trends towards organic supplements related to food, nutrition, and health has crossed over to the pet food industry, thereby resulting in the increasing adoption of CBD supplements in the pet food industry. A study conducted by the American Pet Products Association in 2019, revealed that nearly 39.0% of dog owners and 34% of the cat owners are likely to prefer the CBD based products for their pets owing to the legalization of cannabis.
Contrasting to it, currently nearly 11.0% of the dog owners and 8.0% of the cat owners are using the CBD supplements or treats for their pets. Thus, the evident potential in the pet market place and the extensive trade effort to secure the regulatory guidelines clearly indicate that the CBD pet products market will experience a higher growth during the forecast period.
North America to Drive the CBD Pet Sales
North America is traditionally the largest market for pets primarily owing to the pet humanization trend. The United States is the largest market for CBD pet sales in the North American market garnering more than half of the market share.
HempMy Pet, Canna Pet, Fomo Bones, Wet Noses, Honest Paws, Green Roads of Florida, Joy Organics, Holista Pet, and Pet Relief are the key emergents offering CBD based pet products in the United States market. Moreover, Nestle Purina, is also considering making CBD dog food, while small pet CBD brands are likely to be taken over by the companies such as Mars Inc., Nestle, General Mills Inc.,J.M. Smucker Co. and Canopy Growth Corp. Over the years, much strengthened market concentration is thus likely to accelerate the sales of CBD pet products in the North American market.
The global CBD pet products market is a niche market, with various small and medium-sized companies coining a very minimal share in the world. However, the ongoing activities of the pet food giants such as Nestle Purina, Mars, Inc., and JM Smucker among others into the CBD industry, is likely to provide a slightly consolidated view of the market. North America and Europe, and Asia Pacific are the major regions showing maximum competitor activities.
New Report Reveals Huge Market For CBD Pet Products
The booming CBD market has spawned a very interesting subset within its category—pet products. Recently, Nielsen, the well-known measurement company and Headset, a provider of data and analytics for the legal cannabis industry, unveiled a new report that shows there’s a huge market opportunity for CBD pet products. Among its most telling projection—hemp-based CBD products will make up 3 to 5% of all hemp CBD sales within the U.S. by 2025.
Other findings include:
*74% of CBD buyers have pets.
*Pet products have racked up over $9.4 million in sales at regulated adult-use cannabis retailers in California, Colorado, Nevada and Washington combined. This covers the period from the first quarter of 2018 through the third quarter of 2019.
*The average price per pound for CBD dog treats is twice the average dog treat.
*To date, 24% of pet owners use hemp-CBD either for themselves, their pet(s), or for both.
*Nearly 26% of American adults with dogs are using hemp-CBD products. Half already use hemp-CBD for their dog, while the other half only use it for themselves.
Cy Scott, founder and CEO of Headset, offered incisive insight on the explosion of hemp-CBD in the pet space. “The perceived positive effects of cannabis and CBD have created new markets, reinvigorated traditional CPG categories and also fueled legalization efforts,” said Scott in a public statement. “It’s no surprise that cannabis and CBD are becoming a popular way to treat pets naturally, driving another exciting market category for cannabis while energizing the pet industry.”
New survey offers insight on the explosion of CBD in the pet space
The survey included respondents from a variety of age groups and income levels, with most falling into the millennial category and making less than $50k annually.
Safety and efficacy attitudes before vs after administering CBD
Before giving their pets CBD, 20% of respondents said they were concerned about the efficacy. After giving CBD a try, 56% said it was no longer an issue. When it comes to safety, 61% of the participants voiced safety concerns prior to administering CBD to their pets. But after using it, 40% said they were no longer concerned. Another key takeaway from the survey is that 63% of respondents indicated they tried other medications before trialing CBD on their pets. Of that 63%, over 80% agreed that CBD was more effective and safer, respectively.
Following the positive experience, 9 out of 10 participants said they would recommend CBD for pets to others. “The biggest surprise was the relatively large percentage of respondents who started using CBD oil for pets on the recommendation of friends and family (50.45),” noted AmericanMarijuana.org editor-in-chief Dwight K. Blake. “This statistic suggests that people who use CBD oil for pets have seen its benefits enough to recommend it to those close to them. Another exciting finding in the study further reinforces the trend where satisfied users recommend CBD oil for pets; over 90% of participants in this survey recommend using the oil to others.”
When it comes to vet visits, 35% of participants said their vets advised them to use CBD on their pets and 11% said that their vets overly advertised CBD for pets to them. Only 10% of respondents said their vets doubted the efficacy of CBD for pets, while 24% remained neutral.