The popularity of CBD products has been on the rise for some time now. This is why the CBD Pet Market grows steadily and is expected to reach $217.89 million by the end of 2021.
The market’s worth was $190.74 million in 2020, which means that the market is expected to grow by $27.15 million. And, it’s expected to almost double by 2026 and reach $431.46 million.
Part of the rise in sales can be attributed to the popularity of natural ingredients and the benefits of cannabinoids.
E-commerce also made the products popular in 2020 because most CBD companies offer their products online.
Quality CBD oils for cats and dogs, CBD pet treats, and other products use only the best natural ingredients and really do what they promise.
Statistics show that 11% of dog owners and 8% of cat owners regularly give their pets either CBD oil or CBD treats. Some studies have shown that 39% of dog owners and 34% of cat owners are likely to choose CBD products for their pets.
This shows that the predicted growth is not unrealistic.
Most of the market comes from the US, because most CBD companies are based there — and because US buyers are most willing to spend more money on their pets.
In 2020, Americans spent $38.4 billion on pet food and treats and bought more premium goods for their pets than ever before.
Finally, with the increasing interest in CBD and premium pet food, by 2026, the CBD market is expected to change drastically. More precisely, market research shows that larger companies will start producing their own CBD products and buy off the smaller producers.