CBD is a cannabidiol that is a natural compound found in the plant named Cannabis sativa. The cannabis plant produces marijuana and hemp that are the two components having various therapeutic properties. For pets, hemp is utilized for medicinal purposes due to the presence of higher CBD and low amounts of toxic THC (Tetrahydrocannabinol) in it. Pet CBD treatment is provided to treat diseases like cancer, seizures, and anxiety. Cannabis oil is an alternative medication to treat such kind of symptoms in the pet CBD market. Per CBD oil improves sleep quality, sleep duration and treats inflammatory bowel disease in pets. The pet CBD is present in various forms such as topical, capsule & tincture form.
MARKET SCOPE
The "Global Pet CBD Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the pet CBD market with detailed market segmentation by source type, indication, end-user, and geography. The report provides key statistics on the market status of the leading pet CBD market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-Based on source type, the global pet CBD market is segmented into hemp and marijuana.
-On the basis of indication, the market is segmented into bowel disorders, sleep disorders, cancer, epilepsy and others.
-On the basis of end-users, the market is bifurcated into veterinary hospital pharmacies, pet shops and e-commerce websites.
MARKET DYNAMICS
Drivers
- The growing dog adoption with rising demands for pet care as they also suffer from various ailments including digestive imbalance, arthritis, nausea, cancer, and seizures that drive the pet CBD market.
- The increasing prevalence of bowel and GIT-related problems in pets and increasing incidences of anxiety disorder in pets, especially dogs, boost the market growth.
- Growing demand for CBD derivatives for the veterinary treatment market and increasing demand for plant-based supplements, medicine, and food fuel the market growth.
- Increasing research funding, high awareness among pet owners, and large production of CBD oil cake and capsule for the pets propel the market growth.
Restraints
- Side effects such as dry mouth, drowsiness & low blood pressure after treatment.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The pet CBD market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the pet CBD market in these regions.
IMPACT OF COVID-19 ON PET CBD MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. At the beginning of the pandemic, the pet CBD market experienced disruptions due to country-wise lockdown, trade and supply chain disruptions, business shutdown, and so on. However, sales increased as a result of the growing demand for CBD supplements to address issues such as anxiety, pain management, and inflammation in pets. As a result, the manufacturer increased production to meet the demand and found various innovative ways to offer these CBD products like oil tinctures, treats, and gels. Therefore, even though the pet care industry has faced disruptions, still the COVID-19 will contribute towards the increasing sales of pet CBD in the future.
MARKET PLAYERS
The report covers key developments in the pet CBD market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from pet CBD market are anticipated to have lucrative growth opportunities in the future with the rising demand for pet CBD in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the pet CBD market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Fomo Bones
-Canna-Pet
-Charlotte's Web
-Receptra Naturals
-Curaleaf
-Pure Spectrum
-Pet Releaf
-Diamond CBD, Inc.
-PotNetwork Holdings, Inc.
-Bluebird Botanicals
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.