July 13, 2021
The global CBD pet products market is anticipated to witness a CAGR of 41.3% during the forecast period (2021-2026).
As an impact of COVID-19 on the CBD pet products market, the market did not experience any negative consequence instead the sales got increased.
As there were no new entrant during the COVID period, the existing players enjoyed the oligopoly from the rising demand of CBD pet products. The sales got spiked more due to the availability of the products on e-commerce platforms which made easier for pet owners to access and got delivered in their doorsteps during the lockdown periods.
The CBD pet supplements are primarily fuelled by the increasing consumer awareness of the natural supplements and the current spotlight on the medical and therapeutic benefits of cannabis. The niche status of the current market is attributed to the governmental and trade regulatory environments related to cannabis, CBD, and hemp.