Photo Credit-Grand View Research
Let’s talk about the CBD pet market around the world, its expected size in 2023, and its expected growth rate during the period 2024-2030, when the size of the market is expected to be USD 248.39 million. Such growth is attributed to higher research and development (R&D), consumer awareness, and raised pet expenditure, particularly in markets where pets are increasingly valued as family members.
Key Growth Drivers
1. Rising R&D and Consumer Awareness:
The continued research and increased popularity of aspects of cannabis use in pets via containing cannabidiol CBD has of late continued to boost the CBD pet market. In veterinary science literature, including over the past decade, there is a growing body of evidence for the use of CBD products for various afflictions such as anxiety, inflammation,,, and chronic pain in animals. Additional awareness and recommendations for CBD treatment among veterinarians and pet owners are fueling the growth of the market.
2. Pet Humanization and Spending:
With pets considered as family, owners are willing to spend on their welfare, this encompasses purchasing pet drugs, natural enhancers and CBD products. The increase toward ‘pet parenting’ can also be evidenced by increased spending on accessories and products including CBD products for pets, pet edibles and topical, quality pet food and grooming products. Market news shows that people spend a lot of money on CBD products for animals, and this business is likely to grow rapidly.
3. Increasing Product Approvals and Collaborations:
Though there are still some challenges due to regulatory policies in some countries there is tendency for approval of CBD for pet products. For instance, Charlotte’s Web, Inc., which operates in the CBD market, increased its coverage in 2023 through cooperation with Phillips Pet Food & Supplies, gaining access to more than 6,000 stores in the United States. CBD pet products will only grow in popularity when consumers from all walks of life have access to products through the partnerships established by such brands.
Market trends, Market size, Growth, and Profitability analysis, Porter’s five force analysis
The CBD pet market is still incredibly fragmented, and the new entrants continue to appear while the incumbents invest in new solutions and products which would lock the field. Corporations with advanced CBD formulations are experiencing improvements, even those with commodities for unwell pets including pain, stress, and inflammation issue. For instance, Pet Releaf introduced a new CBD grooming range in 2022, the product line includes plant-based products for pet groomers.
On the other hand, companies that is a little on innovation stand the risk of suffering from market loss as other companies capable of satisfying the increasing demand for pet CBD products are available in the market.
Distribution Channel Trends
1. E-Commerce Dominance:
The largest market segment in the CBD pet product market in 2023 was online sales channels, with e-commerce at 42.32 percent of the market. Customers are reluctant to visit traditional stores and are willing to buy goods online since it helps reduce the risk in overpaying for the merchandise and choosing between a large number of offers, as well as receiving goods at a lower price because of seasonal sales. Smartphone usage is just getting more popular and so with the help of them the e-commerce sector is expected to further increase its future sales of CBD pet products.
2. Veterinary Clinics and Specialty Stores:
However, electronic platforms have the highest popularity of sales while pet clinics or physical shops such as pet shops are popular outlets for the sale of CBD products. Veterinary clinics are becoming more popular for providing specific CBD therapies, though US federal law prohibits veterinarians from prescribing CBD. However, regulations are changing; a few countries like Australia have made prescriptions for CBDs to pets conditional.
Pet-Specific Insights
1. Dogs Leading the Market:
Dogs segment generated the highest revenue in 2023, holding a share of 65.05% in the market. Research has shown that CBD can help with pain and mobility issues in dogs, such as osteoarthritis. According to studies like the one performed by Cornell, over 80% of dogs that received CBD treatments experienced pain relief. This has led to a rising number of pet owners choosing CBD in order to enhance their dogs’ lives.
2. Growing Use Among Cats:
While cats are less popular than dogs, the kitten experience continues to spread. The overall increase in the number of pets, particularly among millennials, is snowballing this phenomenon. There has been a rise in the treatment of cats with CBD products to relieve stress and anxiety as well as promote general comfort and health, soul cbd oil for cats being one of these.
Regional Market Insights
1. North America:
North America Holds the Largest Market for CBD Pet Products Some of the Primary Drivers of CBD Use in Veterinary Care Partnering with Hospitals and Supporting their Research Exploring Eco-friendly Packaging Options — Using 100% Recyclable PET Bottles Obtaining Feed & Animal Supplements Grade Approval for Their Products Followed by Inking Strategic Collaborations An Overview on Dispensary Billboard Marketing; A Lesson from a Cannabis Company Fig. Possession of pets by people in conjunction with developed healthcare infrastructure and increasing cannabis legalization on medical grounds are the dominant factors responsible for this growth. Particularly in the U.S. market, where around 65% of pet owners will use CBD products by 2023.
2. Europe:
DOMESTIC: CBDProducts Market Expands in Europe an with Benevolent Regulations. This has helped in creating a friendly crypto environment that allows the consumption and storage of CBD within European Union. In countries such as Sweden, large pet insurance rates are bolstering the spend on other animal healthcare products, like CBD.
3. Asia Pacific:
Growth in Asia Pacific is currently being driven by the burgeoning authorization rate for CBD in countries such as Thailand, South Korea, and Australia. In Australia, for example, the increasing acceptance of medical cannabis has driven demand — specifically in the veterinary field (albeit not on a country-wide scale as yet), and Japan, whose population is both getting older and more interested in pets after 2011’s Tohoku earthquake and tsunami.
To conclude, what is the future of CBD in pet care?
Thanks to percolating consumer awareness and deeper research into the potential applications for CBD, coupled with increasingly sophisticated online and offline distribution channels, there are all the signs suggesting that the global CBD pet market is set for a period of sustained growth. The future could be a very interesting one and Over the years as regulation continues to evolve in favor of these products, more pet owners are likely to realize that the benefits grow significantly longer-term. To learn more, visit Technavio!