According to Brightfield Group, consumers spent $426 million on pet CBD in 2020, and the market research firm expects it to reach $629 million in sales by the end of 2021.
Dozens of prominent CBD brands have developed pet products in the last year, giving consumers more access and options for purchasing. Looking at all CBD consumers, according to Brightfield Group, 28% who have pets report administering CBD to their pets.
Despite CBD’s growing popularity for humans and animals alike, there exists ample opportunity for retailers to market to pet owners, as this is still a relatively new market, and it’s been hindered by federal legislation.
In fact, due to the Federal Food, Drug, and Cosmetic Act, veterinarians risk defying the FDA and their State Board of Veterinary Medical Examiners when they discuss possible benefits of CBD with pet owners.
Still, according to Brightfield Group, 70% of pet CBD buyers discussed pet CBD with their veterinarian in 2021, and 85% received an enthusiastic response during the conversation with their vet. Veterinarians cannot bring up the topic of pet CBD, but they can enthusiastically express what CBD has done for other pets. Vets can discuss other pet owners’ experience and success with pet CBD.
The only exception is Michigan, which actually passed a law allowing veterinarians to consult on cannabis and CBD.
The number of consumers discussing CBD brands with their veterinarian more than doubled from 2020 to 2021. And 31% of pet CBD buyers who’ve spoken with their vet about pet CBD report they discussed CBD brands. Veterinarians influence over pet CBD usage is becoming more significant, and pet CBD brands should take note.
