The CBD market for pets is going through accelerated growth internationally with North American dogs accounting for the biggest spend.
Research released recently by Grand View Research (CBD Pet Market 2024 – 2030) shows that the CBD global pet market was worth around US$248 million in 2023 and is projected to reach UIS$1,7 billion by 2030. This market segment is growing at over 34% a year and is concentrated mostly in North America and Europe, but interestingly, Saudi Arabia features strongly as a CBD market for pets.
This phenomenal market growth is being driven by several factors such as new products being developed by the pharmaceutical industry, increased consumer awareness of CBD pet products and more spend as a result of growing ‘pet humanization’.
Pet ‘parents’ spend money on CBD products to keep their beloved companions happy and healthy, and, increasingly because of the proven health benefits of CBD for people. They’re spending big on pharmaceuticals, vitamins, foods and treats, and over-the-counter drugs.
Dogs and Cats
The dogs segment held the largest revenue share of 65.05% of the market in 2023. One of the key factors responsible for this high share is the wide acceptability of CBD products for dogs to treat painful conditions such as osteoarthritis, hip dysplasia, or other chronic diseases.
CBD is particularly good in helping canines manage their pain. Trial studies at Cornell University, USA, showed cannabis treatment led to a decrease in pain in more than 80% of dogs with osteoarthritis, allowing them to be more comfortable and active.
Moreover, multiple research studies demonstrated that as a natural supplement, CBD is therapeutically effective and has minimal adverse effects. Therefore, this new approach to treatment is one of the fastest-growing health trends in dogs.
Cats are the second-most popular choice as pets. The segment is projected to be driven by growing concern over the health and immunity of cats and the rising usage of CBD oils to increase comfort, relieve ailments, and boost the overall quality of life.
The younger generation, especially millennials, are leading the way in owning cats and are highly aware of maintaining their pet’s health. Interestingly, many millennial sare adopting ‘rescue’ cats which are often stressed out and anxious. In these cases, CBD oils are a natural way of treating these conditions without adverse affects.
Indication Insights
The joint pain segment held the largest revenue share of 28.73% in 2023. CBD is widely used for reducing joint pain and improving the quality of a pet’s life. Joint pain can have many causes such as arthritis, overworking, trauma, and hip dysplasia, among others. The pain causes pets to be reluctant to move, making joints stiffer.
When CBD oils are massaged topically, the skin absorbs the oil and activates the endocannabinoid system, which regulates pain sensations in animals, thereby reducing the pain caused due to arthritis and sore joints. CBD also interacts with receptors in the skin, muscles, and nerves of pets to relieve any physical pain. Therefore, oils, supplements, and mobility chews are widely purchased by pet owners to support their pets suffering from joint pain.
The anxiety/stress segment is estimated to grow at the highest CAGR from 2024 to 2030. Anxiety or stress is as common in animals as in humans. They display anxious responses, fears, or phobias associated with the environment, objects, sounds, other animals, and people.
Some common symptoms displayed by an anxious or stressed animal are increased vigilance, panting, compulsive behaviour, changed sleep patterns, unusual barking, drooling, restlessness, destructive behaviours, urination, and depression. According to a survey by Green Element, anxiety rates among US pet dogs caused by other cats or dogs increased to 43.5% in 2022 from 16.5% in 2020 and pet owners are increasingly turning to CBD.
Grand View Research CBD Pet Market 2023 – 2030
Key Market Trends & Insights
· In terms of region, North America was the largest revenue generating market in 2023.
· Country-wise, Saudi Arabia is expected to register the highest CAGR from 2024 to 2030.
· In terms of segment, dogs accounted for a revenue of USD 161.6 million in 2023.
· Cats is the most lucrative animal type segment, registering the fastest growth during the forecast period.
Market Size & Forecast
· 2023 Market Size: USD 248.4 Million
· 2030 Projected Market Size: USD 1,718.4 Million
· CAGR (2024-2030): 32.47%
· North America: Largest market in 2023
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