Many forgo veterinary prescriptions in favor of pet CBD products, indicating strong potential for market segment.
CHICAGO – In its recent report, Brightfield Group, a consumer insights and market intelligence firm for the CBD and cannabis industries, provides insight into the consumer and market landscape for the pet CBD industry.
Based on a recent survey, 48% of pet CBD buyers stop using prescriptions for their pets once they try CBD, indicating significant potential for this growing market. The industry grew 946% in 2019, according to Brightfield.
Key highlights from the data:
- 64% of consumers buy pet CBD to reduce overall levels of anxiety or stress for their pet. The ailments pet parents are looking to address in their animal mirror the human conditions that consumers often turn to CBD to combat, including joint pain, anxiety and seizure relief.
- The pet CBD market is estimated to grow to $1.7 billion by 2025, driven primarily by wide consumer appeal and the high probability of more mass pet retail chains, supercenters and product manufacturers entering the industry in 2020.
- 74% of current pet CBD consumers have discussed Pet CBD with their veterinarian and 80% received an enthusiastic response during the conversation with their vet. A vet’s ability to discuss and prescribe CBD for animals is currently a legal grey area.
“The combination of anti-pharma sentiment, increased use of natural remedies and overall affection owners have for their pets has led to pet CBD growing very quickly,” said Brightfield Research Director Kay Tamillow. “We found that 93% of total respondents agree that their pet is an important part of their family.”
The findings in the new report suggest that large CBD brands are well-positioned to gain a foothold in the growing market, with many smaller players all vying for market share. Further fragmentation of the market is likely to continue in the medium term.
The category will become increasingly saturated as entrepreneurs and large consumer packaged goods (CPG) players see Pet CBD as an attractive market bringing together several trends: general health and wellness, pets as valued and pampered members of the family, and increasing interest in natural and holistic health products.