SAN FRANCISCO, Sept. 16, 2020 /PRNewswire/ -- The global CBD pet market size is expected to reach USD 399.2 million by 2027, expanding at a CAGR of40.3%, according to a new report by Grand View Research, Inc. increasing health expenditure and growing health concern among the owners of domesticated animals are driving the market. In addition, increasing demand for Cannabidiol (CBD) infused food products is boosting the market growth. Furthermore, increased usage of natural supplements in treating various lifestyle-related disorders in the domesticated animals is fueling the growth.
Key suggestions from the report:
The increased use of cannabidiol infused products and increasing lifestyle-related disorders in domesticated animals is propelling the market growth
In terms of revenue, the food-grade segment dominated the market with a revenue share of over 60.0% in 2019, owing to increased product availability and consumption. Moreover, the growing popularity of organic foods among humans as well as domesticated animals is further propelling the demand
Cannabidiol oil dominated the therapeutic grade segment as of 2019. The growth can be attributed to its application in various diseases such as joint pain, gut problems, sleep disorder, and anxiety
General health/wellness dominated the application segment as of 2019. The growth can be attributed to the growing incidence of arthritis and joint-related disorders in domesticated animals
The anxiety/stress application segment is expected to show the fastest growth over the forecast period owing to the increasing application of cannabidiol supplements in anxiety-related disorders in domesticated animals.
On the basis of end-use, e-commerce held the largest revenue share in 2019 owing to product availability and ease of ordering.
The cannabidiol infused product is also found useful in cancer-related pain in animals. Rising adoption of domesticated animals and their increased health expenditure are further anticipated to put market growth on the expedited platform in the coming few years. For instance, according to the National Pet Owners Survey carried out by the American Pet Products Association (APPA), around 67.0% of the U.S. households own a domesticated animal that constitutes 85.0 million families in the country as of 2019.
Grand View Research has segmented the global CBD pet market on the basis of product, application, end-use, and region:
CBD Pet Product Outlook (Revenue, USD Million, 2016 - 2027)
Pet CBD Oil
CBD Pet Application Outlook (Revenue, USD Million, 2016 - 2027)
CBD Pet End-Use Outlook (Revenue, USD Million, 2016 - 2027)
Pet Specialty Stores
CBD Pet Regional Outlook (Revenue, USD Million, 2016 - 2027)
Veterinary Medicine Market – The global veterinary medicine market size was estimated at USD 24.5 billion in 2018 and is expected to register a CAGR of 6.2% during the forecast period.
Companion Animal Diagnostics Market – The global companion animal diagnostics market size was valued at USD 2.1 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 8.4% from 2019 to 2026.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.