Are Pet Owners Ready for CBD Products?
With CBD products popping up everywhere from gummy bear to mascara, it’s not surprise that cannabinoids have made their way onto pet store shelves. And, according to a new report, there’s definitely a market for them.
“The explosion of CBD onto the market has had a kind of ‘halo effect,’ spawning a burgeoning new product segment and putting a spotlight on the market as a whole that is expected to last for years,” said Packaged Facts officials.
In the market research firm’s Pet Supplements in the U.S., 7th Edition, 39 percent of dog owners and 34 percent of cat owners said they like the idea of CBD products for the pets. The report also found that 29 percent of pet owners would be interested in buying CBD supplements for their pets if they were legal.
Since 2014, pet supplements have been on the rise according to the report. 2018 was the strongest year on record so far with a 5 percent increase in U.S. retail sales.
“Through the years, the pet supplements market has benefited from the popularization and cross-over of various ingredients from the human side, such as glucosamine and omega fatty acids,” said David Sprinkle, research director for Packaged Facts in a statement. “Looking back, however, it’s hard to recall anything making more of a splash in both human and pet supplements than CBD.”