The Global CBD Pet market size was valued at US$ 278.21 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 51.37% from 2022 to 2030. Hemp derivative products such as CBD Pet Supplements have become a huge market for pet owners as pet owners turn to the alternative option of non-traditional therapeutics. Cannabidiol is the main compound found in a hemp plant used because of its medicinal properties. There is an increase in demand for CBD among the population to control a range of conditions such as nausea, anxiety, stress, etc.
Increasing consumer awareness about the natural supplements with the therapeutic benefits of cannabis is driving the market's growth. Additionally, rising government support and favorable trade regulatory environments related to CBD, cannabis, and hemp fuel the market growth. For instance, the Farm Bill passed in December 2018 at United States Congress for the Agricultural Improvement Act of 2018 to separate hemp and hemp-derived CBD from marijuana-based products, expected to create ample opportunities for hemp-derived products, including CBD used in the pet food industry.
The Global CBD pet market is segmented on the basis of product, application, end-users, and region. Based on the product, the market is divided into Therapeutic Grade and Food Grade. On the basis of application, the market is divided into Joint Pain, Anxiety/Stress, Epilepsy, and General Health/Wellness. On the basis of end-users, the market is divided into Pet specialty stores and e-commerce. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. Among that, Europe held the largest share of the market, followed by America and the Asia Pacific. On the other hand, North America is expected to dominate the market during the analysis of the forecast period.
The key players of this market include Honest Paws, Canna-Pet, Fomo Bones, Pet, Relief, HolistaPet, Joy Organics, Wet Noses, CBD Living, Pet stock, Petco, Charlotte’s Web, among others.
