According to a new report, the global CBD pet products market is expected to register a CAGR of 12% from 2022 to 2027. The market under study has not experienced any negative impact during the COVID-19 pandemic, the report said.
Changing Consumer Preferences
Additionally, with no new entrants during the pandemic, existing players are enjoying an oligopoly due to the growing demand for CBD pet products. “The availability of our products on e-commerce platforms has led to a surge in sales, making it easier for pet owners to access our products, and making it easier for us to deliver our products to our doorsteps during the lockdown due to the pandemic.
However, cannabis is considered unhealthy for pets, so unfavorable and stringent government regulations in some developing countries due to social constraints are impacting the demand for CBD pet products. This is also due to a lack of awareness on the part of the owner.
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Traditional dog and cat products currently dominate the market, but products for horses and other domesticated animals are on the horizon. As pet and animal products focus on treats, nutritional supplements, and food additives, therapeutic CBD with its anxiolytic and anti-inflammatory properties is expected to continue to be the best-selling product.
“North America dominates the market,” said the report. “CBD pet supplements are largely fueled by growing consumer awareness of natural supplements and the current focus on the medical and therapeutic benefits of cannabis.
In addition, increasing pet adoption and growing demand for premium pet care products are some of the factors expected to drive the market growth. Additionally, pet care accounted for about 3% of total legal cannabis industry sales in the United States in 2018.
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According to the American Pet Products Association, US pet owners spent an estimated $95.5 billion on pet supplies, treatments, and veterinary care in 2020. As CBD pet products become more readily available and accepted, well-positioned suppliers and distributors, will be able to take advantage of tremendous growth opportunities for CBD pet sales.
Covid-19 Impacts On CBD Pet Market
The market under study has not experienced any adverse effects during the COVID-19 pandemic. On the contrary, sales increased. With no new entrants entering the market during the pandemic, existing players enjoyed an oligopoly as demand for CBD pet products increased. This has made it easier for pet owners to access their products and have them delivered to their doorsteps during the pandemic lockdown.