Dublin, July 12, 2021 (GLOBE NEWSWIRE) — The “CBD Pet Products Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
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 availibility 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.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1.1 Food Grade
5.1.2 Therapeutic Grade
5.2 Distribution Channel
5.2.1 Online Retail Channel
5.2.2 Retail Pharmacies
5.2.3 Veterinary Clinics
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 HempMy Pet
6.3.3 Fomo Bones
6.3.4 Honest Paws
6.3.5 Joy Organics
6.3.6 Holista Pet
6.3.8 Wet Noses
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/ml40wg