Packaged Facts, a leading source of market research on consumer goods and services industries reported that interest among pet parents continue to grow with the release of new CBD pet products.
This it says are exciting and innovative times for CBD (cannabidiol) products especially for companies which offer CBD pet products in the pet supplement sector.
Packaged Facts reported that pet supplements have recovered from poor sales numbers mainly due to the poor economic showing in the previous years. The pet supplement market, however, has since posted strong sales numbers since 2014. Last year, saw pet supplement sales post its strongest showing with a 5 percent growth spurred by a healthier economy. The good sales numbers are also largely attributed to increased awareness among pet parents about the importance of their pet’s health and wellness.
"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," says 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."
Despite some regulatory issues with the use of CBD products in general, Packaged Facts consumer survey shows growing interest in pet CBD products among pet parents.
- 39% of dog owners and 34% of cat owners are interested in CBD supplements
- 29% of dog and cat owners would purchase CBD pet supplements if it were legal
Exciting Time Ahead for Pet CBD Products
Interest among pet parents with CBD pet products reflect the public’s growing interest and acceptance of CBD products in general. Innovative CBD products that focus on health and offer a more natural alternative to medications fuel continued growth in CBD products.
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