Nielsen and Headset Release CBD & Pet Report
Nielsen and Headset, a data and analytics service provider for the legal cannabis industry, released a new industry report that illuminates the impact of hemp-based cannabidiol (CBD) within the U.S. pet care market.
According to the 2020 Pet Industry Green Paper by Nielsen and Headset, hemp-based CBD pet products will represent 3-5 percent of all hemp CBD sales within the U.S. by 2025. In fact, joint projections show that the pet sector may yield one of the highest conversion rates within the consumer packaged goods (CPG) industry (37 percent).
Some key insights of the study include:
74% of CBD buyers have pets.
Pet products have logged over $9.4 million in sales at regulated adult use cannabis retailers in California, Colorado, Nevada and Washington combined (Q1 2018 through Q3 2019).
The average price per pound for CBD dog treats is 2x the average dog treat.
To date, 24% of pet owners use hemp-CBD either for themselves, their pet(s) or for both.
Nearly 26% of U.S. adults with dogs are using hemp-CBD products. Half already use hemp-CBD for their dog, while the other half only use it for themselves.
“Understanding the dynamics at play in the cannabis space and their impact on the pet industry is critical,” said Maria Lange, vice president of strategic initiatives at Nielsen. “Despite open questions around regulations, hemp-CBD is exploding in the pet space. With Nielsen’s and Headset’s Pet Industry Green Paper, companies will gain a better understanding of the nuanced cannabis sector, its buyers, marketed packaging claims and the rapidly evolving product landscape to capitalize on emerging trends and opportunities.”