New Research Forecasts Pet CBD Market Growth
New research sponsored by RestoraPet and conducted by BDS Analytics and Arcview Market Research projects the pet CBD market is expected to grow five percent faster than the overall CBD market over the next four years.
While the overall market for CBD products will increase from $1.8 billion in 2018 to $20 billion by 2024—a 48 percent compound annual growth rate (CAGR)—the pet CBD market is expected to grow from $64 million in 2018 to $810 million in 2024—a 53 percent CAGR.
RestoraPet sponsored the research after discovering that, in six months, the company’s full spectrum hemp product containing CBD now accounted for more than 25 percent of its overall revenue — a dramatic jump up from what was previously less than 5 percent of the company’s revenue, which exceeded $2.2 million in 2019. By the end of 2020, the company anticipates that its CBD product, RestoraPet Hemp, will account for at least 50 percent of total sales.
“These research forecasts are just staggering and help me better understand this rising interest in RestoraPet’s CBD offering, RestoraPet Hemp,” said Brian Larsen, RestoraPet Founder and CEO. “They also tell me that we really need to be prepared to keep up with demand as the pet CBD market continues to expand at a rapid rate.”
RestoraPet’s blend of all-natural pet supplements and 12 antioxidants is designed to heal cellular degeneration associated with aging. Along with Omega 3 (EPA/DHA3) and Omega 6 (linoleic acid), each bottle also contains 50 milligrams of Vitalitrol, a proprietary carbon-based antioxidant that begins working from the first administered dose to rehabilitate and protect every cell type in a pet’s body, visibly improving quality of life.
RestoraPet Hemp offers health benefits from organic, plant-based ingredients. The full-spectrum hemp supplement contains a synergistic dose of Vitalitrol, turmeric, CoQ10, and black pepper extract for maximum absorption, rapid results and total body wellness.
Research for the data was conducted within the United States by The Arcview Group using three year point of sale data, population trend estimates of companion animals in the United States, comparable market analysis, retail availability and proprietary market research. Overall market forecasts are based on patient counts using state level medical market numbers and user-base histories, as well as population, comparable market analysis, retail availability, conditions list and estimated patient pools with qualifying conditions.