SAN FRANCISCO, Sept. 16, 2020 /PRNewswire/ -- The
global CBD pet market size is expected to reach
USD 399.2 million by 2027, expanding
at a CAGR of 40.3%, according to a new report by Grand
View Research, Inc. increasing health expenditure and growing
health concern among the owners of domesticated animals are driving
the market. In addition, increasing demand for Cannabidiol (CBD)
infused food products is boosting the market growth. Furthermore,
increased usage of natural supplements in treating various
lifestyle-related disorders in the domesticated animals is fueling
the growth.
Key suggestions from the report:
- The increased use of cannabidiol infused products and
increasing lifestyle-related disorders in domesticated animals is
propelling the market growth
- In terms of revenue, the food-grade segment dominated the
market with a revenue share of over 60.0% in 2019, owing to
increased product availability and consumption. Moreover, the
growing popularity of organic foods among humans as well as
domesticated animals is further propelling the demand
- Cannabidiol oil dominated the therapeutic grade segment as
of 2019. The growth can be attributed to its application in various
diseases such as joint pain, gut problems, sleep disorder, and
anxiety
- General health/wellness dominated the application segment as
of 2019. The growth can be attributed to the growing incidence of
arthritis and joint-related disorders in domesticated
animals
- The anxiety/stress application segment is expected to show
the fastest growth over the forecast period owing to the increasing
application of cannabidiol supplements in anxiety-related disorders
in domesticated animals.
- On the basis of end-use, e-commerce held the largest revenue
share in 2019 owing to product availability and ease of
ordering.
Read 130 page research report with ToC on "CBD Pet Market
Size, Share & Trends Analysis Report By Product (Therapeutic
Grade, Food Grade), By Application (Joint Pain, Anxiety), By
End-use, By Region (North America,
Europe, APAC, Latin America, MEA), And Segment Forecasts,
2020 - 2027'' at:
https://www.grandviewresearch.com/industry-analysis/cannabidiol-pet-market
The cannabidiol infused product is also found useful in
cancer-related pain in animals. Rising adoption of domesticated
animals and their increased health expenditure are further
anticipated to put market growth on the expedited platform in the
coming few years. For instance, according to the National Pet
Owners Survey carried out by the American Pet Products Association
(APPA), around 67.0% of the U.S. households own a domesticated
animal that constitutes 85.0 million families in the country as of
2019.
Grand View Research has segmented the global CBD pet market
on the basis of product, application, end-use, and region:
- CBD Pet Product Outlook (Revenue, USD Million, 2016 -
2027)
-
- Therapeutic Grade
-
- Pet Supplements
- Pet CBD Oil
- Food Grade
-
- CBD Pet Application Outlook (Revenue, USD Million, 2016 -
2027)
-
- Joint Pain
- Anxiety/Stress
- Epilepsy
- General Health/Wellness
- Others
- CBD Pet End-Use Outlook (Revenue, USD Million, 2016 -
2027)
-
- Pet Specialty Stores
- e-commerce
- Others
- CBD Pet Regional Outlook (Revenue, USD Million, 2016 -
2027)
-
- North America
-
- Europe
-
- Germany
- France
- The U.K.
- Italy
- Spain
- Asia Pacific
-
- Latin America
-
- Middle East & Africa
-
- South Africa
- Saudi Arabia
List of Key Players of CBD Pet Market
- Honest Paws
- Canna-Pet
- Fomo Bones
- Pet Relief
- HolistaPet
- Joy Organics
- Wet Noses
- CBD Living
- Pet stock
- Petco
- Charlotte's Web
Find more research reports on Animal Health Industry,
by Grand View Research:
- Companion Animal Postoperative Pain Management Therapeutics
Market – The global companion animal postoperative pain
management therapeutics market size was estimated at USD 228.90 million in 2018 and is expected to
witness a CAGR of 6.7% during the forecast period.
- Veterinary Medicine Market – The global veterinary
medicine market size was estimated at USD
24.5 billion in 2018 and is expected to register a CAGR of
6.2% during the forecast period.
- Companion Animal Diagnostics Market – The global companion
animal diagnostics market size was valued at USD 2.1 billion in 2018 and is expected to grow
at a compound annual growth rate (CAGR) of 8.4% from 2019 to
2026.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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