Connect with us

Headlines

CBD Explosion Drives Rapid Growth in Pet Supplements Market

39% of dog owners and 34% of cat owners say they like the idea of CBD supplements for their pets.

mm

Published

on

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.

Advertisement

FEATURED VIDEO

NASC Media Spotlight

At first it was just an idea: Animal supplements needed the same quality control that human-grade supplements receive. But that was enough to start a movement and an organization —the National Animal Supplement Council — that would be dedicated to establishing a comprehensive path forward for the animal supplements industry. In this Media Spotlight interview, NASC’s president, Bill Bookout, talks to PETS+ interviewer Chloe DiVita about the industry today: Where it’s headed, what’s the latest focus and why it’s vital to gain the involvement of independent pet product retailers.

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

Get the most important news
and business ideas from PETS+.

Instagram

Most Popular