Dublin, July 12th, 2021 (GLOBE NEWSWIRE) – Added the report “CBD Pet Products Market – Growth, Trends, Impact of COVID-19, and Forecasts (2021-2026)” has been added ResearchAndMarkets.com offer.
The global CBD pet product market is expected to have a CAGR of 41.3% over the forecast period (2021-2026).
As the impact of COVID-19 on the pet product CBD market, the market did not have a negative impact and instead increased sales.
With no new entrants to the market during the COVID period, the existing players enjoyed the oligopoly from rising demand for CBD pet products. Sales continued to grow due to the availability of the products on e-commerce platforms that made it easier for pet owners to access and that were delivered to their doorsteps during blackout times.
The pet CBD supplements are primarily driven by increasing consumer awareness of the natural supplements and current attention to the medicinal and therapeutic benefits of cannabis. The niche status of the current market is attributed to the regulatory and commercial environment related to cannabis, CBD and hemp.
Nonetheless, the December 2018 Farm Bill, the Agricultural Improvement Act of 2018, made a significant step forward by separating hemp and hemp-derived CBD from marijuana-based products, creating ample opportunities for the uses of hemp-derived CBD Products were created for the pet food industry.
Major market trends
Changing consumer preferences towards organic health care pet products
The changing consumer trends towards organic nutritional supplements related to food, nutrition and health have carried over to the pet food industry, resulting in increased acceptance of CBD supplements in the pet food industry. A 2019 study by the American Pet Products Association found that nearly 39.0% of dog owners and 34% of cat owners are likely to prefer CBD-based products for their pets because of cannabis legalization.
In contrast, nearly 11.0% of dog owners and 8.0% of cat owners are currently using the CBD supplements or treats for their pets. The apparent potential in the pet market and the extensive trade efforts to ensure regulatory guidelines therefore clearly show that the CBD pet product market will experience higher growth over the forecast period.
North America is said to be driving CBD sales from pets
North America has traditionally been the largest market for pets, largely due to the trend towards the humanization of pets. The United States is the largest market for CBD pet sales in the North American market and has more than half 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 major suppliers of CBD-based pet products in the US market. Additionally, Nestle Purina is also considering making CBD dog food, while brands of CBD for small pets are likely to be produced by companies like Mars Inc., Nestle, General Mills Inc., JM Smucker Co., and Canopy Growth Corp. Over the years, the increased market concentration should therefore accelerate sales of CBD pet products in the North American market.
The global CBD pet product market is a niche market where various small and medium-sized businesses have a very small share of the world. However, the ongoing activities of pet food giants like Nestle Purina, Mars, Inc. and JM Smucker in the CBD industry among others should offer a slightly consolidated view of the market. North America and Europe and the Asia-Pacific region are the most important regions with the highest levels of competitive activity.
Key topics covered:
2 RESEARCH METHOD
4 MARKET DYNAMICS
4.1 Market overview
4.2 Market drivers
4.3 Market Restrictions
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Food quality
5.1.2 Therapeutic grade
5.2 Distribution Channel
5.2.1 Online retail channel
5.2.2 Retail Pharmacies
5.2.3 Veterinary clinics
6 COMPETITIVE LANDSCAPE
6.1 Most commonly adopted strategies
6.2 Market share analysis
6.3 Company profiles
6.3.1 Hemp My pet
6.3.3 Fomo bones
6.3.4 Honest paws
6.3.5 Joy Organics
6.3.6 Holista pet
6.3.8 Wet noses
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 AN EVALUATION OF THE IMPACT OF COVID-19 ON THE MARKET
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