The CBD pet market is growing despite the economic downturn due to the global pandemic, described as “worse than the great depression.” In 2020, the CBD pet market was valued at $125 million. The value is expected to reach $187.5 million this year, with a compound annual growth rate (CAGR) of 58.9%.
Several factors could be fueling this growth. It seems that pet owners have continued to derive value in CBD products, even when they have to dig deeper into their pockets. Increased awareness about the therapeutic potential of CBD for pets and greater accessibility to high-quality CBD products are significant market drivers. Pet owners are also in favor of natural supplements hence the upsurge in demand for pet CBD.
Mammals have an endocannabinoid system that allows them to exploit the therapeutic potential of CBD, as well as other cannabinoids. CBD may help to relieve the following conditions in pets:
Pain and inflammation
Convulsions and seizures
CBD may also help to boost the immunity of pets
Pet ownership skyrocketed during the COVID-19 pandemic period. Data from the APPA indicates that approximately 11.4 million households acquired pets in 2020. This has resulted in increased spending on pet supplements, CBD included.
CBD products have also become more accessible and at competitive prices. The CBD market is unregulated, which makes it favorable for new entrants. With stiff competition, businesses are being forced to make their prices friendly. In addition, businesses have been compelled to become innovative in their product offerings to stand out from the competition. For example, CBD pet treats are now available in multiples flavors and formulations.
Increased speculation and knowledge about CBD is probably the most significant driver for the growth of the pet CBD market. As new research is revealing the safety and therapeutic efficacy of CBD, increasingly more pet owners are turning to CBD. Anecdotal evidence from family and friends is also motivating pet owners to give it a try.
The most popular pet CBD products in 2020, according to Statista, are pet edibles, followed by pet tinctures and then pet topicals. Popular pet CBD brands include Holista Pet, CBDistillery, Honest Paw, Lazarus Naturals, and Joy Organics. The dog segment enjoyed market dominance by commanding a share of 68%. This comes as no surprise as dogs are the most popular pets around the world.