GVR Report cover CBD Pet Market Size, Share & Trends Report

CBD Pet Market Size, Share & Trends Analysis Report By Animal Type (Dog, Cat), By Indication (General Health/Wellness, Anxiety/Stress), By End Use (E-commerce, CBD Store), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Aug, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-103-5
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

The global CBD pet market size was valued at USD 125.00 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 58.9% from 2021 to 2028. The perceived benefits of cannabis, high awareness among pet owners, and preference for natural pet supplements have led to an upsurge in the market growth. The benefits of CBD-based products in fixing physical and mental issues in pets are driving the market. According to the Cannabis product news report, around 24.0% of U.S. pet owners consume CBD-based products either for themselves or for their pets. Pet CBD treatment has been found useful in treating diseases like cancer, anxiety, sleep disorders, and epilepsy. Rising incidences of anxiety disorder in pets, especially dogs, is another growth propelling factor for the market.

North America CBD pet market size, by indication, 2018 - 2028 (USD Million)

The Covid-19 pandemic has increased pet ownership, resulting in significant spending on pets. As per the APPA estimation, 11.4 million households got a new companion animal during the pandemic. As a result, an upsurge in the sales of pet supplements in 2020was partially a result of the flood of CBD supplements into the market to address issues comprising anxiety, pain management, and inflammation for their pets. For instance, Petco’s supplies and companion animal sales increased 20.1% from fiscal 2019 to fiscal 2020 while cat and dog food sales increased 3.4% and services and other sales increased 6.1% from fiscal 2019 to fiscal 2020, respectively.

Moreover, the market is highly unregulated, which is favorable for new industry players. The FDA has started initiatives to define the CBD pet products and regularize the products, which can be used for the diagnosis and prevention of diseases in animals. For instance, in November 2019, the FDA sent warning letters to 13 pet companies for violating the FD&C acts and selling CBD-containing pet items. The violation includes using adulterated animal food items and unapproved new animal drugs in pet CBD products. On the other side, CBD is legal in Europe, which is fueling the growth of the market in the region.

The demand for CBD pet supplements is mainly fueled by the growing consumer awareness of natural supplements and the present spotlight on the medical and therapeutic benefits of cannabis. As a result, in June 2021, CBDfx announced the addition of a novel all-natural Calming & Moisturizing CBD Pet Balm targeting problem areas, like paw pads and noses, to provide rapid, concentrated relief and a boost of calm for pets.

The industry players are constantly trying to develop new products in order to sustain their market share. For instance, in March 2020, CBD Living launched 19 new products, which include chews, tinctures, topical, and gels. The products will address different health and lifestyle disorders in animals such as anxiety, sleep disorder, and excessive licking behavior. The aforementioned factors are expected to propel the market growth in the coming years.

Animal Type Insights

The dog segment dominated the market and accounted for a share of over 68.0% in 2020. Dogs are extremely popular as companion animals across the globe. They share a solid bond with their proprietors and are considered a part of the family. Pet owners are worried about their canines and they invest significantly in their health and wellbeing. These factors are expected to provide significant opportunities for the segment growth during the forecast period. Besides, the rising acceptability of CBD food products is boosting the segment growth. Moreover, increasing demand for organic food-grade among pet owners is fueling the segment growth. In September 2020, Lazarus Naturals has extended its pet line to enter CBD dog treats and a new tincture for cats and dogs, all with ingredients that offer an all-natural alternate wellness option.

The cat segment is expected to witness lucrative growth over the forecast period. Cats are the second most popular choice of companion animals. Increased concern regarding the health and hygiene of cats is driving the segment. The younger population, especially millennials, has become very careful when it comes to the care of cats. According to the International Association for the Study of Pain, degenerative joint disease (DJD) is apparent in up to 90%of all cats with an assessed 50% of these having medical signs of impairment owing to joint pain. Thus, such factors support the segment growth.

Indication Insights

The general health/wellness segment dominated the market with a revenue share of over 23.0% in 2020. The growth can be attributed to the increasing pet healthcare expenditure and growing health concerns among pet owners. Moreover, the increasing portfolio of companies offering products for general health/wellness is fueling the revenue. For instance, in January 2021, Martha Stewart launched a line of CBD-infused dog treats in three different formulas, comprising wellness, calm, and mobility.

The joint pain accounted for the second-largest revenue share in 2020. Increasing joint pain disorders in companions due to obesity and immobility are driving the segment. According to the American Pet Products Association (APPA), around 1 in 4 dogs in the U.S. had some form of arthritis as of 2019. Moreover, according to the Association for Pet Obesity Prevention estimates, around 56.0% of dogs and 60.0% of cats in the U.S. are obese. CBD oil is found helpful in treating joint-related problems naturally, which is fueling the segment growth.

End-use Insights

The e-commerce segment dominated the market and accounted for a revenue share of more than 40.0% in 2020. The growth can be attributed to the easy availability of various CBD products on online portals. The prescription-related complication can be avoided using an online platform. Pet parents are also increasingly adopting online platforms, thereby boosting the segment growth.

Global CBD pet market share, by end use, 2020 (%)

Moreover, the e-commerce channels offer products at discounted prices most of the time, thus increasing the adoption. In addition, the rising penetration of smartphones and the internet providing accessibility in developed as well as developing countries are anticipated to increase the usage of e-commerce platforms.

Regional Insights

North America dominated the market and accounted for a revenue share of over 38.0% in 2020. This growth can be attributed to the presence of key market players such as HempMy Pet, Fomo Bone, and Canna-Pet, coupled with favorable government initiatives. For instance, the Agricultural Improvement Act passed in December 2018 legalized hemp production in the U.S., which has created ample opportunities for the growth of the market in the region. Furthermore, according to a survey conducted in 2019 by the APPA, 34.0% of the feline owners and 39.0% of the canine species owners prefer CBD-infused pet products. These factors are fueling the revenue.

Europe held the second-largest share in the market in 2020 as CBD is legalized in most of the countries. Moreover, the increasing pet population and growing pet expenditure in this region are boosting the growth. According to the European Pet Food Industry Report, Europeans spent around USD 21.0 billion on pets as of 2019. The increasing adoption of CBD for food grades and therapeutic purposes is further propelling the market growth. In Asia Pacific, the market is expected to witness lucrative growth over the forecast period owing to factors such as the growing pet population, increasing disposable income, and a highly unregulated market scenario.

Key Companies & Market Share Insights

The market is highly competitive. The pet food companies such as Nestle; Mars Inc.; and General Mills Inc. are also expected to enter into the market in the coming years by opting for strategies such as new product launches, acquisitions, and collaborations in order to increase their market penetration. For instance, in February 2019, Martha Stewart collaborated with Canopy Growth to launch a range of CBD-infused animal health products. In February 2020, Charlotte’s Web Holdings, Inc. received approval from the U.S. Hemp Authority and National Animal Supplement Council (NASC) for its CBD supplements, tinctures, and topicals for pets. In June 2020, Charlotte’s Web acquired Abacus Health, a hemp extract-based pharmaceutical company, to improve its product portfolio. Some prominent players in the global CBD pet market include:

  • Honest Paws

  • Canna-Pet

  • Fomo Bones

  • Pet Relief

  • HolistaPet

  • Joy Organics

  • Wet Noses

  • CBD Living

  • Pet stock

  • Petco

  • Charlotte’s Web

CBD Pet Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 187.50 Million

Revenue forecast in 2028

USD 4.79 Billion

Growth Rate

CAGR of 58.9% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Animal type, indication, end use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East and Africa

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; Japan; India; China; Brazil; Mexico; Argentina, South Africa; Saudi Arabia

Key companies profiled

Honest Paws; Canna-Pet; Fomo Bones; Pet Relief; HolistaPet; Joy Organics; Wet Noses; CBD Living; Pet stock; Petco; Charlotte’s Web

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global CBD pet market report on the basis of animal type, indication, end use, and region:

  • Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Dog

      • Foods/Treats

      • Vitamins &Supplements

    • Cat

      • Foods/Treats

      • Vitamins & supplements

  • Indication Outlook (Revenue, USD Million, 2016 - 2028)

    • Joint Pain

    • Anxiety/Stress

    • Epilepsy

    • General Health/Wellness

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Pet Specialty Stores

    • E-commerce

    • CBD Store

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East and Africa

      • South Africa

      • Saudi Arabia

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