Recent analysis has predicted the global CBD pet market size is expected to reach $4.79bn by 2028, growing at a CAGR of 58.9 per cent.
New analysis from Research and Markets attributes the growth to increasing health expenditure and health concerns among pet owners, as well as increasing demand for CBD-infused pet food.
The company notes that the pet-boom during the COVID-19 pandemic saw the industry witness manufacturing challenges, such as altered consumption patterns, improved demand, worker protection protocols and spot shortages in packaging.
It states: “For instance, in 2019, Nestle owned Purina, a pet food company, broadcasted its decision to invest in CBD-infused dog food production. Furthermore, increased usage of natural supplements in treating various lifestyle-related disorders in domesticated animals is fueling the growth.”
And went on to say: “…However, sales growth figures driven by consumer demand and increased spending on pets permitted the industry to make a steep comeback in the latter of the year 2020. Paw CBD, cbdMD, Inc.’s pet brand has seen an estimated 64 per cent increase in net sales from March 2020 quarter of about $750,000 to about $1,229,000 for June 2020 quarter.”
Research and Markets also attributes growth to the fact that CBD-infused products are also useful in cancer-related pain in animals, as well as key players in the industry focusing on product innovation due to consumer preference for natural supplements.