Global Pet CBD Market – Overview
The global pet CBD market is projected to witness considerable growth over the coming years of the forecast period. This growth of the market is fueled by the growing research funding provided by some of the large corporations working in the market. Pet CBD market has also benefitted from the growing awareness among people. More and more veterinary professionals are recommending these products for treating the chronic disorders occurring among pets.
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Global Pet CBD Market – Notable Developments
The global pet CBD market shows a fragmented vendor landscape with the presence of large pool of key players. Some of the key players in the market include names such as Bluebird Botanicals, Kat’s Naturals, PotNetwork Holdings Inc., Diamond CBD, Pet Releaf, Cannabis Strategies Acquisition Corp., and Pure Spectrum among others.
Some of the recent developments in the global pet CBD market are listed below:
- In June 2019, PotNetwork Holding Inc. announced that its subsidiary Diamond CBD has introduced a wide range of new lines of CBD oil products in the market. These new products include CBD oil with olive oil, CBD oil honey tinctures, CBD oil with hemp seed oil, and full spectrum CBD MCT oils. The company expects to leverage the peaking consumer interests and growing preference for CBD products.
- In September 2019, Pet Releaf, one of the biggest brands in the global pet CBD market, announced that the company has launched a special edition of their highly popular collection of Barking Dog Edibites®. The new edition is an all-natural and full spectrum regular CBD dietary supplement for dogs.
Global Pet CBD Market – Drivers and Restraints
One of the biggest driving factor for the growth of the global pet CBD market is the increasing prevalence of GIT and bowel related disorders among pets. Just like humans, pets too suffer from sleeping or anxiety disorders and thus need special treatment. This has thus worked in favor of the pet CBD market.
Another important driving factor for the growth of the global pet CBD market is the growing occurrence of cancer related complications. Cannabidiol treatment has thus become an important method for treating pet and helping the market to grow. Moreover, there has been a growing demand for different CBD derivatives in the market to treat chronic pet disorders. At times, there are cases of pet suffering from heart disorders or tachycardia. Treatment of such chronic disorders is also creating great demand for the market.
Global Pet CBD Market – Geographical Outlook
In terms of geographical segmentation, the global pet CBD market has five key regional segments namely, Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. Of these regional segments, currently North America is the most dominating one followed by Europe. The growth of the North America region is due to the presence of several animal research and development facilities. Whereas, the growth of the Europe market is due to the high prevalence of GIT related and bowel related disorders among the pets. In coming years, these two regions are expected to continue to lead the global pet CBD market.
Asia Pacific is expected to undergo considerable transformation over the course of the given forecast period of 2018 to 2028. The growth of the market can be primarily attributed to expanding production facilities in the region. Manufacturers are investing to expand the production of CBD capsules and oil cakes for the pets in countries such as India and China. It is expected to boost the development of the market in the region.
Global Pet CBD Market Segmentation
- Hemp plant derived
- Marijuana derived
- Sleep disorders
- Bowel disorders
- Veterinary hospitals
- Veterinary clinics
- Pet shops
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