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Cannabidiol (CBD) Pet Market Size

Report ID: GMI9941
Published Date: Jun 2024
Report Format: PDF

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CBD Pet Market Size

Cannabidiol Pet Market size was valued at USD 693.4 million in 2023 and is estimated to grow at 18.2% CAGR from 2024 to 2032, driven by the growing pet ownership coupled with increasing awareness and acceptance of the potential therapeutic benefits of hemp-derived CBD for pets.

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As more studies suggested that CBD can help manage various conditions such as anxiety, chronic pain, arthritis, and seizures in pets, pet owners are becoming more willing to explore CBD products as a natural and holistic alternative to traditional medications. For instance, a study by Cornell University College of Veterinary Medicine revealed that over 80% of dogs affected by arthritis experienced less pain after using CBD supplements. This promising result gained traction among pet owners, thereby surging the demand for CBD products as a viable treatment option. Thus, growing awareness is expected to attract opportunities in the market.

CBD pet refers to products containing CBD specifically formulated for pets. CBD is a non-psychoactive compound derived from the cannabis plant known for its potential therapeutic effects, including anti-inflammatory, analgesic, and anti-anxiety properties. CBD pet products are designed to be safe for animal consumption and are typically available in various forms such as oils, treats, capsules, and topical creams.

Cannabidiol Pet Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cannabidiol Pet Market Size in 2023:	USD 693.4 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	18.2%
2032 Value Projection:	USD 3.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	160
Tables, Charts & Figures:	311
Segments covered:	Pet Type, Product Type, Application, Distribution Channel, and Region
Growth Drivers:	Increasing incidence of chronic disorders in pets Growing pet care expenditure Increasing R&D investment and activities
Pitfalls & Challenges:	Adverse effects Regulatory challenges

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Cannabidiol pet industry size was worth 693.4 million in 2023 and is projected to expand at 18.2% CAGR from 2024 to 2032, due to the growing pet ownership coupled with increasing awareness and acceptance of the potential therapeutic benefits of hemp-derived CBD for pets.

The dog pet type segment in the CBD pet industry accounted for USD 416.1 million in 2023 and is estimated to showcase notable gains between 2024 and 2032, due to increasing popularity of dogs as pets globally.

The supplements product type segment in the cannabidiol (CBD) pet industry recorded 62.7% share in 2023 and is estimated to depict substantial gains between 2024 and 2032, owing to the increasing demand for CBD supplements among pet owners.

U.S. cannabidiol pet industry size recorded USD 384.9 million in 2023 and is estimated to expand at significant CAGR from 2024 to 2032, on account of the large population of pet dogs and cats with millions of households owning at least one canine and feline as a companion.