CBD Pet Provides Fetch Sturdy Gross sales

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More and more furry friends are chilling out, sleeping better, and recovering well after intense exercise – at least that’s the goal, with the plethora of CBD products for pets that recently flooded the market.

In 2020 when consumers cuddled their pets at home, they spent $ 426 million on CBD for pets. According to Brightfield Group, a Chicago-based research firm specializing in emerging markets for CBD, cannabis, and wellness, that number is projected to reach $ 629 million by the end of this year despite a return to more normal out-of-home activities.

These pet products come in many different forms, from treats to tinctures to topicals, and they come mostly from, but not exclusively, niche companies.

CBD companies are increasingly getting into the pet wellness game. Charlotte’s Web sells dog chews, extracts, and chewing gums, and Martha Stewart CBD for Pet is a new line of products from Canopy Growth Corp. This line of products offers soft-baked chews for wellness, tranquility and mobility – developed to “support the mental and physical well-being of pets”. -Be, reduce the effects of everyday stress and maintain the health and mobility of the joints. ”

Millennials are promoting CBD for pets

Most (73%) consumers who buy CBD products for their pets also use it themselves, reports the Brightfield Group. And of all CBD users, 28% who have pets say they give it to them. But one group of consumers is far more likely to buy CBD for their animals than others: millennials. Brightfield research shows that 53% of pet CBD buyers are from this demographic, while 22% are Gen X, 14% Baby Boomers, and 11% Gen Z.

And we’re far more likely to give it to our dogs than cats: this year, 77% of CBD pet buyers gave it to their dog, while only 21% offered it to their feline companions.

However, as with human CBD products, CBD pet treats are still not regulated by the FDA and are therefore typically not recommended by veterinarians. Even so, Brightfield reports that 85% of vets were excited about CBD for their animals when pet owners raised the issue with their vet – which 70% did. And the number of consumers who spoke to their veterinarian about CBD doubled from 2020 to 2021, opening up opportunities for brands and retailers.

Diagram: brightfield group

Research firm Mintel is also optimistic about the pet CBD product market, but stresses that unregulated brands need to provide education, quality products, and consistency. All brands that have CBD products for pets should do research and stay updated with the latest findings.

Quality and trust

Maintaining quality is important, says Mintel in its CBD and Pets report published this year. Pet parents are willing to pay for quality and something to trust, especially when pet dosing needs to be more accurate due to their small size.

“Trust is built by the general quality of the product. Claims like organic or grain-free may also suggest that the ingredients are of high quality and can increase confidence in CBD for pet products, ”says report author, Senior Analyst Michele Scott.

And there is also a special opportunity, the company says in the report: When we humans get back to work, pets can experience anxiety after nearly two years of close contact, and CBD can help alleviate those problems.

Overall, according to Mintel, 52% of U.S. pet owners report using CBD products to ease their pet’s anxiety and would use it again.

“Within the next few years we will have a lot more information about the true effects of CBD and where it will find its place in veterinary medicine,” says Dr. Jonathan Roberts, BVSC, a remote veterinarian at ExcitedCats.com.

“CBD is known to have analgesic and anti-inflammatory effects and is useful in treating animals suffering from pain caused by osteoarthritis and various cancers,” he says. “CBD also has mild anti-anxiety properties and can help animals struggling with various forms of stress or destructive anxiety. CBD is a great, natural add-on therapy for animals suffering from pain or mental health problems. “

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