It is nice to see that people have actually started taking care of themselves in the 21st century. The amount of attention paid to mental and physical health witnessed nowadays is nothing but unprecedented. Yet, the topic of animal’s mental well-being was not that popular until recently. Thankfully, the global society has taken quite a couple of steps forward in this regard, as today’s pet CBD market is booming, with its value being estimated at nearly $30 million. Furthermore, the compound annual growth rate of about 40% is expected to intervene until 2027. As you can see, folks have finally started taking proper care of their pets, and today will speak about what to expect from the pet CBD market in the years to come.
More Awareness
The very fact that the pet CBD products have penetrated the market of medical cannabis can be treated as a daylight clear sign that the people’s awareness regarding their pets’ mental health is growing. This tendency will surely witness further development as there have been quite a couple of clinical trials testifying to the positive impact of the CBD for pets products on animals’ both physical and mental well-being. The CBD industry is developing in general, as there are new technologies, like strains autoflowering, entering the framework of fostering medical cannabis as an integral part of medicine. Thus, there is nothing to wonder about when we see the industry transcending the threshold of being used solely by humans.
What is more, recent research has showcased the usefulness of CBD in treating animal anxiety, cancer, epilepsy, and sleep disorders, while a clinical report by the Veterinary Faculty claimed that 88% of dogs treated suffered from anxiety-related health issues. Hence, the demand is here, so we can surely expect the industry to bring in the supply.
New Products
Yes, the pet CBD market is a relatively young niche of the medical cannabis industry. Nonetheless, it has a bright future to look up to, as the Farm Bill of 2018 has ensured that animals are to be taken proper care of. While the major cohort of the pet CBD products is represented by dogs, there are surely more to come, as carts, horses, and even birds are going to need those commodities in order to deal with a whole stack of health-related issues. One of the factors that propelled the industry players into widening the product segment is the increased expenditures by the pet owners on their pets’ health.
According to a report by Nielsen, pet CBD products are going to make up to 5% of the entire CBD sales across the United States by the end of 2025. Thus, we can surely expect the emergence of the new products on the horizon. For example, the CBD oil for pets is already on the market, as it has been classified as a product that helps to alleviate joint pain, which is one of the most widespread diseases, especially with the large breeds of dogs and all kinds of horses. In March 2020, there have been almost 20 new CBD pet products presented to the wide public, including gels, tinctures, oils, and chews. With each of them being aimed at addressing a particular animal health issue, there is nothing else to do but to acknowledge that there is a lot of new products to be launched in both short and long perspectives.
No Regulations in the Prospect
As of now, the pet CBD market is highly unregulated, meaning that there is a considerable threat of new entrants. On the other hand, the emergence of the new players within the industry will intensify its competition, thus crystalizing the products, leaving the end customer with decent CBD-based commodities to buy for their pets. For example, cats and dogs are known as animals inclined to suffer from obesity. While CBD oil has been deemed a substance that helps to deal with this problem, many new CBD oil producers will surely enter the stage shortly. The CBD-based products have already proven their efficiency when it comes to aiding dogs. With more than 83% of CBD users being dog owners, there is a boom to the industry’s supply that we are about to witness.
Conclusion
It should be acknowledged that regardless of all the turmoil that the world is living through right now, there is a silver lining to the 2020s. We, as a society, have finally had a look at the problems of those completely dependent on our decisions. With the clinical trials testifying to a great plenty of mental health issues in animals, this is only the movement forward that we can expect from the pet CBD market, with new products being introduced yearly.
