The global cannabidial (CBD) pet market is expected to reach $399.2 million by 2027, expanding at a CAGR of 40.3%, 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, the report said.
In addition, increasing demand for CBD-infused food products is boosting the market growth. The growth is also fueled by increased usage of natural supplements in treating various lifestyle-related disorders in pets.
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.
Cannabidiol-infused products have also been found to be 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 an increasingly upward trend in the coming few years. According to the National Pet Owners Survey carried out by the American Pet Products Association (APPA), around 67% of U.S. households own a domesticated pet, adding up to around 85 million U.S. families as of 2019.