The CBD Pet market continues to grow

We all know the human CBD market is unstoppable, but did you know that CBD is becoming a common product in the pet care industry as well?

According to a recent report in the U.S. Pet Market Outlook 2019-2020, around 85 percent of dog owners and 38 percent of cat owners claim that their furry friends struggle with anxiety. Many of these pet owners have turned to CBD as a safe and natural remedy to calm their animals, just as they would for themselves. The theory is referred to as the “pets as people” movement, and it means owners are taking better care of their pets on both a physical and emotional level, which includes stress reduction.

“CBD-infused pet products are on pace to quickly go from niche to norm, spurred in part by the humanization trend and pet parents’ desire to see their fur babies live calm, comfortable lives,” said David Sprinkle, research director for Packaged Facts. “Already, numerous companies are involved in creating CBD products for pets. With the current trajectory, various industry experts confidently anticipate the number of active participants in the segment to double next year.”

Research from BDS Analytics shows that in 2017, sales of pet-related cannabis products from dispensaries totaled nearly $7 million in California, Colorado, Oregon, and Washington. This was a 49 percent increase from the previous year. And if numbers aren’t really your thing, consider the fact that Martha Stewart recently partnered with industry giant Canopy Growth to begin selling… you guessed it, pet products!

“I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets,” said Stewart. “Our passion to create safe and effective products for animals is driven by the love we share for our own pets,” commented Marc Wayne, Managing Director, Canopy Health Innovations.

However, companies operating in this niche must bear in mind that the FDA has some red tape around selling CBD as a food product, dietary supplement, cosmetic, or pet product. They are working on creating regulatory framework that will be fair for everyone though, so it’s only a matter of time before all these products are completely good-to-go and the CBD pet market will only continue to grow.

Source: https://420intel.com/articles/2019/04/18/cbd-pet-market-continues-grow

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