Old Dogs Teaching New Tricks for Turning Sales in Pet CBD Market

According to Morris Animal Foundation, osteoarthritis affected about 14.0 million adult dogs in the U.S. in 2021. The increasing number of research activities on CBD-based pet products, and an improved understanding of its effects on conditions like osteoarthritis, is seeing more companies hedging their bets that the CBD for pets market will continue to grow. According to market data experts, ResearchAndMarkets.com, the global Pet CBD market is expected to reach $1.71 billion by 2030, expanding at a lucrative CAGR of 31.8% from 2023 to 2030.

More veterinary institutes have shifted their focus toward studies in CBD and its potential applications in animal health & wellness. Furthermore, key companies continue to undertake R&D initiatives to expand their product portfolios. For example, Real Brands, a CBD company, acquired Biosciences Laboratories for $12 million to expand its production capacity by 300% in CBD markets and other pet & human markets.

As more households embrace their pets as a loving and sentient part of the family, pet humanization has led to pet parents spending more and more on pet care to protect or extend life. Most pet owners view their pets as an irreplaceable addition to their family and continue to prioritize their physical and mental health. As the majority of pet owners are young, they display high awareness of CBD products and their ability to sooth their pets’ ailments.

Thus, manufacturers are widely invested in CBD-hemp formulations such as foods, medicines, and supplements specifically for cats and dogs in addition to other pets.

CBD Pet Market Report Highlights

• The CBD Pet industry reached a valuation of $195.9 million in 2022. It is expected to grow at a CAGR of 31.8% during the forecast period
• Expenditure on dogs remained a key highlight as it held the dominant market share of more than 50% in 2022, due to the increasing popularity of dogs as pets across the globe
• The joint pain segment is expected to dominate the market over the forecast period due to the increasing prevalence of arthritis in pets
• The e-commerce segment held the largest revenue share of over 40% in 2022, due to the segment’s perceived benefits of enabling pet parents to choose CBD products from a wide portfolio at competitive prices from the comfort of their home
• North America is expected to dominate the CBD Pet industry over the forecast period due to the presence of key market players coupled with growing awareness of cannabis benefits among pet owners.