Research Reveals Pet Owners Embracing CBD Products
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Even with regulatory issues yet to be settled, 39 percent of dog owners and 34 percent of cat owners agree that they like the idea of cannabidiol (CBD) supplements for their pets, according to market research firm Packaged Facts.
The report, Pet Supplements in the U.S., 7th Edition, also revealed that 29 percent of dog and cat owners agree that they would be interested in purchasing CBD supplements for their pets if they were legal.
Pet supplement sales growth has been increasing steadily since 2014, according to the Rockville, Md.-based market research firm. The strongest year of the current five-year period, 2018, registered 5 percent growth in U.S. retail sales driven by factors including the improved economy, the overall pet market’s strong ongoing focus on health and wellness, and the still growing impact of pet owners who view their pets as family members.
At the same time, present and future growth in the segment likely hinges on greater acceptance of the expanding array of CBD pet supplement products, according to Packaged Facts officials. “The explosion of CBD onto the market has had a kind of ‘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,” officials said.
“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.”
Additionally, the 7th edition of Pet Supplements in the U.S. covers historical and projected retail sales from 2014 through 2023, competitive strategies of key players and trends in new product development such as alternative formulations, condition-specific products, feline supplements, natural/organic supplements and carry-overs from the human supplements market. It also covers retail channel trends.
The report includes data from Packaged Facts’ February through April 2019 Surveys of Pet Owners, which details pet supplement purchasing trends as well as the attitudes and priorities of pet supplement buyers. The report also incorporates New York-based Simmons Research’s consumer survey data to profile pet supplement purchaser demographics.