Cannabidiol and hemp are fast-growing trends in the pet space:
- Consumers spent US$426 million on pet CBD in 2020
- The segment is expected to reach US$629 million in sales by the end of 2021
The most common uses for these ingredients are functional, with calming, stress/anxiety and hip/joint relief at the top of the list according to a Brightfield Group report.
Source: Pet Food Industry, July 2021. Link. Pet owners want acceptability, safety, reliability, to know who they’re buying from and the ability to discuss them with veterinarians. The ingredients are usually found in soft chews or bites, though oil is another popular vehicle.
- 73 percent of pet CBD consumers typically use CBD themselves (up from 58% in 2020).
- Millennials are the overwhelming majority age demographic purchasing CBD for their pets, with 53 percent of the market share
- 55 percent of purchasers are female.
- 46 percent of purchasers live in the city; 30 percent live in the suburbs.