The CBD pet market has exploded in recent years and will only continue to do so.
Most pet owners can’t help but treat their furry friends to the same perks they give themselves. Whether you’re a dog or cat person, plenty of folks share their bed, food, Instagram, plane seat, and more with their animal friends. In fact, they do so gladly.
This might explain the recent explosion of CBD products for pets. According to research conducted by BDS Analytics and Arcview Market Research, the CBD pet market is expected to grow 5% faster than the overall CBD market over the next four years. Data trends predict the CBD market will rise from $1.8 billion in 2019 to $20 billion in 2024, a 48% compound annual growth rate (CAGR). In that same time frame, the pet CBD market will increase from $64 million to $810 million, a 53% CAGR.
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The research came from a RestoraPet, after the company learned that hemp CBD product accounted for 25% of its total revenue, as the company’s CBD line previously totaled less than 5% of revenue.
The connection to CBD and owning pets might run deeper than you think. For example, 74% of CBD users own pets, according to research from Headset Analytics and Nielsen. Furthermore, 24% of pet owners use CBD products for themselves, their pets, or both. About a quarter of American adults with dogs use hemp-CBD products — half of them use it just for their dogs, half use it just for themselves.
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“Understanding the dynamics at play in the cannabis space and their impact on the pet industry is critical,” Maria Lange, Vice President of Strategic Initiatives at Nielsen, said in a statement. “Despite open questions around regulations, hemp-CBD is exploding in the pet space.”
Latest polling data from Gallup poll states that 1 in 7 Americans use CBD products. All of which means we should add CBD products as just another things humans can’t help sharing with their pets.
