June 23, 2021

THE BENEFITS OF HEMP OIL

THE BENEFITS OF HEMP OIL NEWS

CBD and three Pet Complement Tendencies to Watch in 2021

ROCKVILLE, Md., March 2, 2021 / PRNewswire / – Due to increased consumer interest inspired by COVID-19 – particularly in products targeting immunity, anxiety, and general wellbeing – sales of pet supplements rose 21% in 2020 to reach nearly 11% $ 800 millionAfter several years of growth in the range of 3% to 5%, Packaged Facts reports in the market research report Pet Supplements in the USA, 8th edition.

The sales increases in 2020 were also partly due to the flooding of the CBD dietary supplement market. Numerous companies offered hemp-derived pet products to throngs of consumers looking for natural remedies to address issues such as anxiety, pain management, and inflammation for themselves and their pets. In the period 2015-2020, the pet supplements market recorded an average annual growth rate (CAGR) of 7%, which increased significantly over the periods of the last decade, mainly due to the pandemic-induced increase in 2020.

However, the dynamics of the market are not purely pandemic or CBD-related. Here are three other trends: Packaged Facts Predictions Will Drive Pet Supplements Market Growth in 2021 and Beyond:

  • Elderly Pet Diet Supplements: Joint supplements for joints are already high on the list when it comes to consumer buying patterns, but hip and joint supplements are only part of the picture of senior pet health. As pets are living longer at an all-time high due to advances in veterinary care and pet owners’ interest in pet well-being and nutrition, more and more aging dogs and cats require immune response, heart, and cognitive support products -instammation- and anti-products Pain relief aid. Based on Packaged Facts 2020 survey of pet owners, 47% of dog owners have a dog aged 7 years or older, up from 43% in our 2019 survey, while 43% of cat owners have a cat in that age group, up from 39 %, which shows the expansion of this pet demographics. By targeting seniors with tailored products, marketers can leverage existing products in a growing segment of the pet population. Senior-specific products, including multifunctional nutritional supplements, represent another promising avenue for market growth.
  • Omnichannel Marketing Opportunities – Pet owners’ own internet research is high on the list of ways pet owners choose which pet supplements to buy. This is reported by 41% of pet owners in Packaged Facts’ 2020 survey of pet owners. This is no surprise given the e-commerce boom in all animal categories sparked by the pandemic. The rapid pace of online sales of most types of pet products is putting even more pressure on brick-and-mortar retailers, and the pet supplements are one of the pet supplements because of their small size and need to refill regularly, making it especially good for quick, low-cost, or free Shipping. In 2020, the ecommerce channel accounted for 30% of pet supplement sales, more than double the value of 14% in 2018. At the same time, many pet owners still demand and enjoy the in-store shopping and interaction experience with branch employees who, in some cases, appreciate it even more due to a disadvantage dictated by the pandemic. Therefore, marketers and retailers of pet supplements should use omnichannel and omnimarket strategies even more to ensure that their products are fully represented and available anywhere, anytime.
  • Transparency Marketing Natural, Organic, and Holistic Diet Supplements – Unlike the pet food category, where natural products are at or near the point of market saturation, pet food supplements offer plenty of room for natural products to grow. Packaged Facts’ 2020 survey of pet owners shows that 77% of pet supplements buyers look for supplements with natural ingredients and 68% look for organic supplements. With only a small percentage of pet supplements meeting the Packaged Facts definition for a natural product, there is a tremendous opportunity for marketers to position themselves as natural and holistic, with CBD marketers eager to step in. More than ever, marketers need to respond to pet owners scrutinizing ingredient lists and products that offer the same level of transparency that they seek for their own health products. In particular, marketers of CBD dietary supplements strive to provide detailed information about where their ingredients come from – sometimes right down to the field in which the hemp is grown. This level of transparency raises the bar for other manufacturers of dietary supplements and creates an environment in which pet owners increasingly expect access to detailed information. Since the term “natural” is not regulated, natural pet supplement marketers need to emphasize other product features and ingredients at the same time to entice shoppers and justify the increased price, including functional ingredients in their purest form.

About the report

Building on the analysis presented in previous editions of this report, this fully updated eighth edition of Pet Supplements in the United States covers historical and forecast retail sales from 2015 to 2025, key players’ competitive strategies, and new product development trends such as the state -specific formulations, life phase-oriented products, cat supplements, natural / organic supplements and transfers from the human supplements market and trends in retail channels. The report provides an in-depth study of the CBD market for trends related to regulation, consumer perception, new product development, and marketing. The report includes exclusive data from Packaged Facts’ surveys of pet owners and complements purchasing trends, attitudes and demographics of both conventional and CBD pet supplement buyers.

To purchase Pet Supplements in the US 8th Edition, visit: https://www.packagedfacts.com/Pet-Supplements-Edition-14015218/. Media representatives can contact the Packaged Facts communications manager Daniel Granderson at the [email protected] to request a free summary of the report.

About packaged facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a variety of consumer market topics, including consumer demographics and customer insights, consumer financial products and services, consumer goods and retail, and pet products and services. Packaged Facts also offers a wide range of custom research services. Reports can be purchased from our corporate website and are also available through MarketResearch.com.

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