ROCKVILLE, MD — From notable market growth to the expanding presence of CBD (cannabidiol) products, these are “exciting and innovative times” for the pet supplements industry, according to market research firm Packaged Facts.
In the new report Pet Supplements in the U.S., 7th Edition, Packaged Facts notes that pet supplements have rebounded from the sluggish annual increases following the Great Recession. Pet supplement sales growth has increased steadily since 2014. The strongest year of the current five-year period, 2018, registered 5% growth in U.S. retail sales driven by factors including the improved economy, the overall pet market’s focus on health and wellness, and the impact of pet owners who view their pets as family members.
At the same time, growth in the segment likely hinges on greater acceptance of the expanding array of CBD pet supplement products. The explosion of CBD onto the market has had a “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.
“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.
“Looking back, however, it’s hard to recall anything making more of a splash in both human and pet supplements than CBD.”
Advertisement
Even with regulatory issues yet to be settled, Packaged Facts consumer survey data show that among pet owners, 39% of dog owners and 34% of cat owners agree that they like the idea of CBD supplements for their pets.
Additionally, 29% of dog and cat owners agree that they would be interested in purchasing CBD supplements for their pets if they were legal.
