What set the course for the development of the CBD pet market?
Pet care trends have continued to evolve to pave the way for the commercialization of a variety of nutritional, skin care and therapeutic products among pet owners. Growing excitement about the purported therapeutic benefits of CBD, which is primarily found in cannabis sativa plants like marijuana and hemp, has opened new horizons for pet care product manufacturers around the world.
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In terms of the drug, CBD is better known as cannabis with psychoactive properties, with cannabis including cannabis sativa, cannabis indica, and cannabis ruderalis. CBD oil has gained increasing attention in the medical industry over the years and has also caught the attention of veterinarians.
The drive for the CBD pet market is due to its popularity as an animal nutritional supplement, especially in dogs and cats where the entourage effect of the ingredients has been observed. While the jury is not yet out on the scientific evidence for the use of CBD as a health product, the excitement has only intensified. In particular, CBD oil has been shown to show promising results as a pain reliever and with anti-anxiety and anti-inflammatory effects. Another important benefit has been seen in promoting bone and joint health in pets.
Ongoing research and development on cannabis and marijuana-related products will broaden the horizons for various industry players in the CBD pet market over the forecast period 2020-2030.
CBD Pet Market: Insights into Drivers, Current Perspectives, and Emerging Paths
The CBD pet market has seen an increase in value due to the increased adoption of CBD oil for pets, which depends on the growing awareness of disease relief. The increasing propensity for all-natural pet treatments has increased the prospects for organic CBD products among pet owners and opened up lucrative opportunities for players in the CBD pet market.
There is an unmet need for research into the safety and risks of using CBD in dogs, opening up a broad avenue for pet food suppliers. Of the various categories, CBD is increasingly preferred in liquid form, usually as an oil. The growing adoption of CBD products for dogs is a major trend that is boosting opportunities in the CBD pet market.
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CBD Pet Market: Key Forces Of Competition
Various players in the CBD pet market rely on offering products that are certified by regional government agencies. In recent years, a number of manufacturers in the CBD pet market have been able to gain consumer confidence by having their products USDA certified, particularly USDA certified organic oil. This could also attract veterinarians.
Companies in the ecosystem of the CBD pet market are working hard to improve the safety of products. It is noteworthy that several actors are aiming to reduce the amount of THC in CBD-based products. THC is the main ingredient in cannabis that has received negative criticism for its mind-altering effects. In some cases it has been found that this causes a poisoning effect in humans and animals. Various government agencies have relied on raising awareness of the benefits of CBD with negligible or no THC. One example of this are the various initiatives of the National Center for Complementary and Integrative Health.
Some of the key players in the CBD pet market are Charlotte’s Web, Petco, CBD Living, Wet Noses, Joy Organics, HolistaPet, Pet Relief, Fomo Bones, and Honest Paws.
CBD Pet Market: Factors Driving Demand and Consumption in Lucrative Regions
The North American CBD pet market has made some spectacular strides in the past few years. The high level of awareness of the purported benefits of CBD oil among pet owners in the region’s major economies has helped improve the outlook. In addition, a growing number of universities are conducting research sponsored by the AKC Canine Health Foundation and similar agencies to evaluate the effects of CBD on the treatment of epileptic dogs.
The Asia Pacific market is viewed with great optimism as it provides headwinds to the global CBD pet market. The rise in the number of pets and rising spending on pet health products In addition, an as yet unregulated market landscape in the Asia-Pacific region has shaped the growth contours of the regional market.
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