Pet CBD Sales
Pet CBD Sales
Believe it or not, CBD isn’t only meant for people. There is a rapidly growing market for hemp-derived CBD pet products, and it’s one of the industry’s fastest-growing segments. In 2018, the market made $9.4 million in California, Colorado, Nevada, and Washington, and the market is expected to reach $125 million in the U.S. by 2022, according to a report by New Frontier Data.
In other words, this segment of products offers a huge opportunity. Keep reading to find out why the pet CBD market is a smart investment.
The Numbers Don’t Lie
Nielsen is a company that has studied the growth of the CBD pet market, and they’ve revealed the bright future that these products have. In one report, they found that 74 percent of CBD users own pets. That’s enormous potential to tap into, especially when 24 percent of pet owners already give their pets CBD products. In the same Nielsen report, 37 percent of pet owners who gave their pet vitamins or supplements said they would give their pet CBD within the next 12 months.
Growth During a Difficult Year
The COVID-19 pandemic has disrupted many industries during 2020, and the CBD market isn’t any different. Several businesses experienced a drop in profits during the first half of the year because of consumers’ financial concerns and store closures. However, there’s a light to look forward to this year, as pet CBD products have seen an increase in sales!
Pet ownership has already gone up since the pandemic began as people began to work from home and most things were closed down. Pet adoption increased by 110 percent, according to Pethealth Inc. In New York alone, animal shelters saw a 1,000 percent jump in adoption applications. This translates into increased online sales of pet products as more people turn to the internet for their shopping.
Outside of this growth, the pet industry has a proven track record of resilience. In both the 2001 and 2008 recessionary dips, pet spending increased 7 and 5 percent. According to the market research firm Edge by Ascential, the pet market has maintained steady growth for the past 30 years, and it has no signs of changing any time soon.
Revitalizing the Pet Industry
CBD businesses aren’t the only ones benefiting from this growing trend. The pet industry has gotten a boost from the demand for these products as well. The pet care industry, in general, has already seen growth in the number of pet owners looking for unique alternatives for their pet’s health.
According to Nielsen, the entire pet care market in the U.S. grew $800 million, and pet owners are willing to pay more for products that stand out from the competition. That explains why the interest in CBD dog treats, CBD tinctures, and isolate powders for animals has skyrocketed.
The Future of CBD is in Pets
With so much potential in this market, it’s clear that the CBD industry’s future lies in pet products. If you are interested in offering CBD products to your customers, why not provide it to their pets too? Call us today to learn about our wholesale CBD pet products.