[FURL=https://www.industryarc.com/Report/19491/cbd-pet-market.html?utm_source=freeprnow&utm_medium=pressrelease&utm_campaign=paidpressrelease]CBD Pet Market[/FURL] size is estimated to reach $285.6 million by 2026, growing at a CAGR of 40.6% during the forecast period 2021-2026. Cannabidiol (CBD) is the second most prevalent of the active ingredients of marijuana. CBD pet products are increasingly being adopted across the world owing to the rise in health consciousness among pet owners and the growing number of diseases in pets. The rise in the adoption of medium chain triglycerides oil in CBT products for wellness, increase in the demand for CBD products for treating deficiencies in the endocannabinoid system, rise in the demand for tetrahydrocannabinol drugs in the form of treats, and the growing investment by the key players to develop healthier CBD products are the factors that are set to drive the growth of the CBD Pet Market for the period 2021-2026.Key Takeaways
Geographically, the North America CBD Pet Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of medium chain triglycerides oil in CBT products for wellness.
The increase in the demand for CBD products for treating deficiencies in the endocannabinoid system is driving the Treats segment. However, High doses of CBB adversely affect the liver and results in elevated enzymes, such as alkaline phosphatase, which is one of the major factors that are said to reduce the growth of the CBD Pet Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the CBD Pet Market report.
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CBD Pet Market Segment Analysis - By Geography
North America held the largest share with 30% of the overall market in 2020. The growth in this segment is owing to the factors such as the increase in the adoption of medium chain triglycerides oil in CBT products for wellness and the increase in product launches by the key players. The rise in the demand for tetrahydrocannabinol drugs for treating joint pains is driving the growth of the CBD Pet Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026.
CBD Pet Market Drivers
Increase in the Adoption of Tetrahydrocannabinol Drugs
Rise in CBB Research and Development Activities for Pets
CBD Pet Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the CBD Pet Market. Key companies of this market are Veritas Farms, Canopy Growth Corporation, Honest Paws, Joy Organics, CBD Living, HolistaPet, PETstock, FOMO Bones, Pet Releaf, and Petco among others.
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