There’s no denying that CBD is growing in popularity. So popular in fact, that the market is expected to hit $24 billion by 2023 in the U.S. alone! Much of that growth is due in part by the $130 billion global pet market fueled by pet owners’ willingness to spend a LOT of money on premium products such as grain-free foods and organic treats. And many predictors say that CBD is the next profit-boosting premium ingredient for pet products.
The care people show their pets translates to numbers, numbers you’ll like! Packaged Facts projects that supplement sales will continue to chug steadily along, “posting annual gains averaging 5% in the coming years, lifting U.S. retail sales above $800 million in 2023.”
According to Packaged Facts’ February/March 2019 Survey of Pet Owners, among pet owners, 39% of dog owners and 34% of cat owners agree that they like the idea of CBD supplements for their pets.
Petco and PetSmart have the highest pet supplement purchase rates of brick-and-mortar outlets, ranging from 31% to 38% among pet supplement consumers, and Walmart is not far beyond at 28% of cat and dog owners.
86% of cat owners and 87% of dog owners who buy pet supplements use supplements for themselves, compared to 67% of adults overall.
Be the Brand They Trust
If you’re wondering whether customers will think CBD is actually making a difference when manufactured by a high quality, reputable source of course, think about it this way. Cats and dogs cannot experience the placebo effect with CBD. Why? Because they don’t know what they’re being given or how the substance should make them feel. So, when your customers’ pet calms down before the groomer, like Karen Hayton’s of Vancouver who reports CBD’s effect on her dog “seems to relax him without making him spaced-out,” they’ll know your CBD supplement is well worth their purchase. Yes, you want to help ease pets’ anxiety and pain. By providing a rich CBD product, however, you’ll be helping their owners the most.