The pet care trends have continuously evolved to pave the way for commercialization of variety of nutrition, skin care, and therapeutic products among pet owners. The growing buzz around the purported therapeutic benefits of CBD, a cannabidiol, found predominantly in Cannabis sativa plants including marihuana and hemp, has opened up a new horizon for pet care product manufacturers worldwide.
When referring to the drug, CBD is better known as cannabis with psychoactive properties, where cannabis include Cannabis sativa, Cannabis indica, and Cannabis ruderalis. CBD oil has gained groundswell of attention in the medical industry over the years, and have attracted attention of veterinarians as well.
The drive for CBD pet market has stemmed from their popularity as animal supplement, notably for dogs and cats, where entourage effect of the ingredient compounds is observed. While jury is still out on the scientific evidence backing the use of CBD as health products, the excitement has only gotten intense. In particular, CBD oil has been found to show promising result as a painkiller, and for anxiety-reducing and anti-inflammatory affects. Another key benefit has been observed in promoting bone and joint health in pets.
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Continuous R&D in cannabis and marijuana-related products will extend the horizon for various industry stakeholders in the CBD pet market during the forecast period 2020 – 2030.
CBD Pet Market: Insights into Drivers, Current Prospects, and Emerging Avenues
The CBD pet market has witnessed growth in valuation from the rise in acceptance of CBD oil for pets, which hinges on the growing awareness about the providing relief from medical conditions. The increasing proclivity of all-natural treatment for pets has boosted the prospects of organic CBD products among pet owners, fueling lucrative opportunities for players in the CBD pet market.
There is an unmet need for research for safety and risks of using CBD for dogs, thereby opening up a vast avenue for pet nutritional products providers. Of the various categories, CBD is increasingly preferred in liquid form, commonly as oil. Growing acceptance of CBD products for dogs is a key trend boosting the sales avenues in the CBD pet market.
CBD Pet Market: Key Forces of Competition
Various players in the CBD pet market are leaning on offering products that are certified by regional government agencies. In recent years, a number of manufacturers in the CBD pet market have been able to gain consumer trust by making their products are USDA certified, notably USDA certified organic oil. This has also been able to attract veterinarians.
Companies in the CBD pet market ecosystem are keenly working to improve the safety of products. Of note, several players are aiming at reducing the percentage of THC in the CBD-based products. THC is the main component in cannabis that has attracted negative criticism for its mind-altering effects. This has been found in some cases to initiate intoxication affect in humans and animals. Various government agencies have leaned on raising the awareness about the benefits of CBD with negligible or no THC. The various initiatives by the National Center for Complementary and Integrative Health are a case in point.
Some of the key players in the CBD pet market are Charlotte’s Web, Petco, CBD Living, Wet Noses, Joy Organics, HolistaPet, Pet Relief, Fomo Bones, and Honest Paws.
CBD Pet Market: Factors Shaping Demand and Consumption of Lucrative Regions
North America CBD pet market has made some spectacular strides in recent years. The high level of awareness about the purported benefits of CBD oil among pet owners in the key economies of the region has helped boost the prospects. Further, a growing number of universities are conducting research that has been sponsored by AKC Canine Health Foundation and similar agencies on evaluating the impact of CBD for treating epileptic dogs.
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Asia Pacific market is being viewed with great optimism in offering headwind to the global CBD pet market. The rise in number of pets and growing spending on pet health products Furthermore, an yet-unregulated market landscape in Asia Pacific has shaped the growth contours of the regional market.
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