As Faithful Fido and Princess Kitty see their animals years catch up to them, more pet owners are turning to natural supplements and CBD products to treat their old best friend’s pain and anxiety. According to a new report from ResearchAndMarkets.com, the shift toward customers seeking organic wellness products and natural supplements — with cannabis along for the ride — CBD pet products are expect to achieve a CAGR of 12% over the next five years.
A study conducted by the American Pet Products Association in 2019 revealed that nearly 11% of dog owners and 8% of cat owners are using CBD supplements or treats for their pets. U.S. pet owners spent about $95.5 billion in 2020 on pet supplies, treatments and veterinary care. In the U.S., pet care products accounted for nearly 3% of the overall revenue of the legal cannabis industry in 2018.
Premium products to pamper pals
The rise in the compassionate adoption of pets and increasing demand for premium care pet products are seen by Research and Markets as the prime factors driving industry growth. Sales of hemp-health products are also being fueled by consumer interest in natural pet supplements and the therapeutic benefits of cannabis. For older pets, the chief alternative for animal companions in their golden years has been veterinarian-prescribed opioid medications. The mounting case for CBD as an all-natural anti-inflammatory agent has North American animal lovers dominating world-wide sales in the pet CBD market.
According to the report, sales of CBD for pets spiked online during the COVID-19 pandemic. As health and safety were forced into focus world-wide over profits, there were no new entrants into the CBD-for-pets market. The existing players enjoyed the oligopoly on e-commerce platforms. HempMy Pet, Canna-Pet, Fomo Bones, Wet Noses, Honest Paws, Green Roads of Florida, Joy Organics, Holista Pet, and Pet Relief were the key players selling CBD-based pet products online in the US market.
Leading pet hemp-health brand Pet Releaf saw their online presence flourish. The Denver, CO-based company’s products now account for about 45% of pet CBD sales. Founded by Steve and Alina Smith and Chelsea Gennings in the early 2000’s, Pet Releaf will be among the first to take pet CBD to Europe. Pet Releaf has partnered with London-based Alphagreen to bring its products to Europe via Alphagreen’s CBD health and wellness e-commerce platform.Advertisement
Make way for the big dogs
While many boutique brands are currently taking home the ribbons in the niche market, the report sees them soon rolling over to the big dogs. As CBD pet products are becoming more readily available and accepted, well-positioned suppliers and distributors will be able to exploit the tremendous opportunities. Nestle Purina, for example, is considering making CBD dog food. Smaller brands are likely to be taken over by pet food giants like Nestle, Mars, General Mills Inc. and JM Smucker. Research and Markets sees this consolidated market further accelerating the sales of CBD pet products over the next five years.
Cannaconvo with Peter Su of Green Check Verified
Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.