The global cannabidiol (CBD) pet market was worth an estimated $693.4 million in 2023 according to a recent market analysis by Global Market Insights. The CBD pet product market is projected to grow at an estimated 18.2% CAGR from 2024 to 2032.
Market growth will be driven by “growing pet ownership coupled with increasing awareness and acceptance of the potential therapeutic benefits of hemp-derived CBD for pets” the researchers stated.
“The dogs segment is set to lead the market, accounting for the largest revenue of USD 416.1 million in 2023, anticipating its dominance throughout the forecast period with a significant growth rate.” Global Market Insights reported in a press release. They also determined:
- The supplements segment makes up 62.7% of the market
- The joint health and mobility segment is expected to exhibit a CAGR of 18% during the analysis period
- Pet CBD e-commerce is projected to reach $1.3 billion in value by 2032
- The U.S market was worth $384.9 million in 2023
- Germany has a high growth potential in the European CBD pet market
- The Asia Pacific CBD pet market is projected to experience a CAGR of 19% during the forecast period
The global market for hemp-based products is projected to reach $16.2 billion by 2033, growing at a CAGR of 24.5% between 2023 and 2033, according to a separate market analysis by Fact.MR. The researchers estimated that the market was worth $1.8 billion in 2023.
“Europe and North America collectively account for around 70% of the global market share at present and are expected to maintain a similar outlook over the coming years as well.” Fact.MR stated about its market report.
“Rapid legalization of marijuana and CBD products in these regions is expected to be a prominent factor that will help these regions sustain a dominant market share across the forecast period.” the researchers also stated.
Technavio recently published an estimate for the overall global industrial hemp industry. Technavio is a global technology research and advisory company that “focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.”
“The global industrial hemp market size is estimated to grow by USD 6.87 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 17.1% during the forecast period.” Technavio stated in a press release.