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Cannabidiol (CBD) Pet Market Trends

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

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CBD Pet Market Trends

The increasing incidence of chronic disorders in pets is a major driving factor for the growth of the market. Conditions such as osteoarthritis, epilepsy, anxiety, and chronic pain are becoming more prevalent in pets.

For instance, according to the AKC Canine Health Foundation epilepsy is identified as the most prevalent neurological disorder affecting companion animals. Similarly, studies have reported that feline epilepsy affects up to 2% of the general feline population. These statistics highlighted the significant incidence of epilepsy in pets. Thus, the prevalence of such chronic conditions is a key driver in the rising demand for CBD pet products, thereby fostering market growth.

Moreover, growing awareness among pet owners, rising expenditures on pet care, and the broader availability of hemp-based CBD products in emerging markets all contribute to the expansion of the market.

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.