The PET CBD industry has been making waves in recent years, with an increasing number of pet owners turning to cannabidiol (CBD) products to help support the health of their furry friends. The potential benefits of CBD for pets are vast and continue to be explored. As we delve deeper into this burgeoning market, let’s take a look at some key trends and insights.
Exponential Growth in Market Size
The global CBD pet market has witnessed significant growth over the past few years. According to a report by Grand View Research, the market size was estimated at USD 195.98 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 31.8%. Similarly, Straits Research indicates that the CBD Pet Market size reached USD 528 Million in 2022, with a projected CAGR of 21.4% in the coming years.
Dogs Lead the Pack
When it comes to the consumption of CBD-related pet products, dogs seem to be the primary beneficiaries. As highlighted by the Brightfield Group, in 2021, a whopping 77% of the CBD-related pet products purchased in the United States were for dogs.
The Future Looks Bright
The potential of the PET CBD market is undeniable. Projections from InsightAce Analytic suggest that the CBD Pet Market size, valued at 411.44 Million in 2022, is predicted to reach a staggering 17544.73 Million by the year 2031.
Embracing the Trend
With the rise in popularity of pet supplements and the increasing sales of CBD, there’s a unique intersection of trends that businesses can capitalize on. As noted in a HubSpot Blog, the surge in CBD for pets can be likened to the “21st-century catnip”, indicating the immense potential this industry holds.
In conclusion, the PET CBD industry is on an upward trajectory, with promising growth prospects. As research continues and more pet owners become aware of the potential benefits of CBD for their pets, the market is set to flourish even further. At Mile High Labs, we remain committed to delivering high-quality CBD products for pets, ensuring their well-being and happiness.
Note: Always consult with a veterinarian before introducing any new supplements or treatments to your pet’s regimen.
Source: CBD Pet Market Size and Trends.
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