CBD Pet Products Market Report 2021 – Global Growth, Trends and Forecasts to 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “CBD Pet Products Market – Growth, Trends, Impact of COVID-19, and Forecast (2021-2026)” report has been added to from ResearchAndMarkets.com offer.

The global CBD pet products market is expected to witness a CAGR of 41.3% during the forecast period (2021-2026).

Due to the impact of COVID-19 on the CBD Pet Products market the market did not experience any negative consequences instead sales increased.

As there were no new entrants during the COVID period, existing players took advantage of the oligopoly of growing demand for CBD pet products. Sales increased further due to the availability of products on e-commerce platforms, which made it easier for pet owners to access and deliver to their doorsteps during lockdown times.

CBD supplements for pets are primarily fueled by growing consumer awareness of natural supplements and the current focus on the medical and therapeutic benefits of cannabis. The current market niche status is attributed to government and commercial regulatory environments related to cannabis, CBD, and hemp.

Nevertheless, 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 products, creating many opportunities for hemp-derived products are used in the pet food industry.

Main market trends

Changing consumer preferences towards organic pet health care products

The shift in consumer trends towards organic supplements related to diet, nutrition, and health has spilled over to the pet food industry, driving the growing adoption of CBD supplements in the pet food industry. the pet food industry. A study conducted by the American Pet Products Association in 2019 found that nearly 39.0% of dog owners and 34% of cat owners are likely to prefer CBD products for their pets due to the legalization of cannabis.

Contrary to this, currently nearly 11.0% of dog owners and 8.0% of cat owners use CBD supplements or treats for their pets. Thus, the obvious potential in the pet market and the considerable commercial efforts to secure the regulatory guidelines clearly indicate that the market for CBD pet products will witness higher growth during the forecast period.

North America Will Boost CBD Pet Sales

North America has traditionally been the largest market for pets, largely due to the trend towards humanizing pets. The United States is the largest market for CBD pet sales in the North American market, recording 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 top emerging CBD pet products in the US market. Additionally, Nestlé Purina is also considering making CBD dog food, while smaller brands of CBD for pets are likely to be taken over by companies such as Mars Inc., Nestle, General Mills Inc., JM Smucker Co. and Canopy Growth Corp. Over the years, greatly increased market concentration is therefore likely to accelerate sales of CBD pet products in the North American market.

Competitive landscape

The global CBD pet products market is a niche market, with various small and medium-sized companies accounting for a very minimal share globally. However, the ongoing activities of pet food giants such as Nestle Purina, Mars, Inc., and JM Smucker, among others, in the CBD industry are likely to provide a slightly consolidated view of the market. North America and Europe, as well as Asia-Pacific are the major regions with maximum competing business.

Main topics covered:

1. INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Constraints

4.4 Porter’s Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Typology

5.1.1 Food grade

5.1.2 Therapeutic quality

5.2 Broadcast Channel

5.2.1 Online retail channel

5.2.2 Retail pharmacies

5.2.3 Veterinary clinics

5.2.4 Others

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Most Adopted Strategies

6.2 Market Share Analysis

6.3 Company Profiles

6.3.1 HempMy pet

6.3.2 Canna-Pet

6.3.3 Bone Fomo

6.3.4 Honest Paws

6.3.5 Organic Joy

6.3.6 Pet Holista

6.3.7 NaturVet

6.3.8 Wet nose

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 AN ASSESSMENT OF THE IMPACT OF COVID-19 ON THE MARKET

For more information on this report, visit https://www.researchandmarkets.com/r/kzrn09

Marie R. McCraw