Global Pet CBD Market: Overview
A stellar compound annual growth rate and an increased market worth is set to be witnessed in the global pet CBD market over the period of 2019 to 2027. This will propel creation of fresh growth opportunities for companies in its vendor landscape. Several trends are impacting the trajectory in a positive way, foremost among which are increase in pet ownerships and pet humanization.
Global Pet CBD Market: Competitors Landscape
Numerous medium and small sized companies operate in the niche market space of pet CBD. Most of these account for a small market share. However, there are bigger players such a Mars Inc. and Nestle Purina, which provide some degree of consolidation in the market. Together, these players are directing efforts towards increasing sales and revenue by trying to tap into new regions and consumer-bases.
Companies in the global pet CBD market that are well-known and proactive include the following:
- Choom Holdings Inc.
- Receptra Naturals
- Trulieve Cannabis Corporation
- Pure Spectrum
- Cannabis Strategies Acquisition Corp.
- Pet Releaf, Diamond CBD Inc.
- PotNetwork Holdings Inc.
- Kat’s Naturals
- Bluebird Botanicals
Players in the global pet CBD market are proactive and opting for strategies such as acquisitions and collaborations. These can lead to deep penetration in the market, consolidated position, and better grasp on market share. Product improvement and portfolio diversification are also significant factors of growth. Players such as Nestle Purina are also eyeing the CBD dog food market share.
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Global Pet CBD Market: Key Trends and Drivers
Pet companionship is increasing world over and this is set to contribute heavily to growth in the market. There are various other major and minor growth factors set to push the market upward over the forecast period. The upcoming report on global pet CBD market, prepared by Transparency Market Research, delves into these trends and drivers in great detail. A glimpse is provided below:
- Organic products are gaining traction world over and healthcare industry for pets is no different. Therefore, an increase in demand for plant based supplements, medicine, food, and so on is noted. This is set to drive the global pet CBD market upward.
- Pets are humanized and the trend is catching on with people like wildfire. One of the biggest reasons behind this is that they act as therapy aids. And, as mental issues crop up, demand for pet adoption will grow. This is set to drive market for pet CBD higher up on a steady trajectory as various ailments suffered by these pets will need appropriate treatment.
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Global Pet CBD Market: Regional Analysis
North America will be a dominant region in the global pet CBD market, topping the charts for market share as well as growth rate. Presence of a large number of animal research and development centers is one of the biggest factors over the forecast period. Others include high adoption of companion animals noted in this region. A high disposable income allows for treatment of pets for diseases such as cancer, anxiety and seizures. This is also an outcome of growing trend of pet humanization. One of the largest contributors of growth in the region will be United States of America. Major players in the region such as Joy Organics, Green Roads of Florida, HempMy Pet, Fomo Bones, Canna Pet, and Pet Relief are contributing to growth.
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