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Cbd oil trend for dogs news

New survey offers insight on the explosion of CBD in the pet space

AmericanMarijuana.org recently surveyed over 1,000 consumers who give their pets Cannabidiol (CBD). The survey aimed to gauge the attitudes of pet owners, their veterinarians, and what factors influenced their decisions.

The survey​ included respondents from a variety of age groups and income levels, with most falling into the millennial category and making less than $50k annually.

Safety and efficacy attitudes before vs after administering CBD

Before giving their pets CBD, 20% of respondents said they were concerned about the efficacy. After giving CBD a try, 56% said it was no longer an issue. When it comes to safety, 61% of the participants voiced safety concerns prior to administering CBD to their pets. But after using it, 40% said they were no longer concerned. Another key takeaway from the survey is that 63% of respondents indicated they tried other medications before trialing CBD on their pets. Of that 63%, over 80% agreed that CBD was more effective and safer, respectively.

Following the positive experience, 9 out of 10 participants said they would recommend CBD for pets to others. “The biggest surprise was the relatively large percentage of respondents who started using CBD oil for pets on the recommendation of friends and family (50.45),” ​noted AmericanMarijuana.org editor-in-chief Dwight K. Blake. “This statistic suggests that people who use CBD oil for pets have seen its benefits enough to recommend it to those close to them. Another exciting finding in the study further reinforces the trend where satisfied users recommend CBD oil for pets; over 90% of participants in this survey recommend using the oil to others.”

Veterinarian attitudes

When it comes to vet visits, 35% of participants said their vets advised them to use CBD on their pets and 11% said that their vets overly advertised CBD for pets to them. Only 10% of respondents said their vets doubted the efficacy of CBD for pets, while 24% remained neutral.

CBD Pet Products Market Report 2021 – Global Growth, Trends, and Forecasts to 2026 – ResearchAndMarkets.com

The global CBD pet products market is anticipated to witness a CAGR of 41.3% during the forecast period (2021-2026).

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As an impact of COVID-19 on the CBD pet products market, the market did not experience any negative consequence instead the sales got increased.

As there were no new entrant during the COVID period, the existing players enjoyed the oligopoly from the rising demand of CBD pet products. The sales got spiked more due to the availability of the products on e-commerce platforms which made easier for pet owners to access and got delivered in their doorsteps during the lockdown periods.

The CBD pet supplements are primarily fuelled by the increasing consumer awareness of the natural supplements and the current spotlight on the medical and therapeutic benefits of cannabis. The niche status of the current market is attributed to the governmental and trade regulatory environments related to cannabis, CBD, and hemp.

Nonetheless, the Farm Bill passed in December 2018, the Agricultural Improvement Act of 2018, took a significant step forward by separating hemp and hemp-derived CBD from marijuana-based products, thereby creating ample opportunities for the hemp-derived products to be used in the pet food industry.

Key Market Trends

Changing Consumer Preferences Towards Organic Healthcare Pet Products

The changing consumer trends towards organic supplements related to food, nutrition, and health has crossed over to the pet food industry, thereby resulting in the increasing adoption of CBD supplements in the pet food industry. A study conducted by the American Pet Products Association in 2019, revealed that nearly 39.0% of dog owners and 34% of the cat owners are likely to prefer the CBD based products for their pets owing to the legalization of cannabis.

Contrasting to it, currently nearly 11.0% of the dog owners and 8.0% of the cat owners are using the CBD supplements or treats for their pets. Thus, the evident potential in the pet market place and the extensive trade effort to secure the regulatory guidelines clearly indicate that the CBD pet products market will experience a higher growth during the forecast period.

North America to Drive the CBD Pet Sales

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North America is traditionally the largest market for pets primarily owing to the pet humanization trend. The United States is the largest market for CBD pet sales in the North American market garnering more than half of the market share.

HempMy Pet, Canna Pet, Fomo Bones, Wet Noses, Honest Paws, Green Roads of Florida, Joy Organics, Holista Pet, and Pet Relief are the key emergents offering CBD based pet products in the United States market. Moreover, Nestle Purina, is also considering making CBD dog food, while small pet CBD brands are likely to be taken over by the companies such as Mars Inc., Nestle, General Mills Inc.,J.M. Smucker Co. and Canopy Growth Corp. Over the years, much strengthened market concentration is thus likely to accelerate the sales of CBD pet products in the North American market.

Competitive Landscape

The global CBD pet products market is a niche market, with various small and medium-sized companies coining a very minimal share in the world. However, the ongoing activities of the pet food giants such as Nestle Purina, Mars, Inc., and JM Smucker among others into the CBD industry, is likely to provide a slightly consolidated view of the market. North America and Europe, and Asia Pacific are the major regions showing maximum competitor activities.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Porter’s Five Force Analysis

5 MARKET SEGMENTATION

5.1.2 Therapeutic Grade

5.2 Distribution Channel

5.2.1 Online Retail Channel

5.2.2 Retail Pharmacies

5.2.3 Veterinary Clinics

6 COMPETITIVE LANDSCAPE

6.1 Most Adopted Strategies

6.2 Market Share Analysis

6.3 Company Profiles

6.3.4 Honest Paws

6.3.5 Joy Organics

6.3.6 Holista Pet

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/kzrn09

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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Pet CBD Product Sales Estimated To Rack Up $629 Million This Year, Says New Report

The pet CBD product market is estimated to generate $629 million in sales in 2021 after racking up $426 million last year. That is one of the main findings of a new report that examines this growing market, disabusing a notion held by some that pet CBD is a passing fad. The same study projects $1.1 billion for the market by 2025.

Conducted by CBD and cannabis-focused market researcher Brightfield Group, the study found that today’s pet CBD consumers are likely to be younger women living in the city who use CBD themselves. Millennials represent 53% of pet CBD consumers. Also, 46% of pet CBD consumers are city dwellers while 30% live in the suburbs.

Further, pet CBD consumers are reportedly more sophisticated than they were in 2020. As the CBD industry continues to evolve and expand, consumers are becoming educated faster on brands and products, said the report. The study found that 73% of consumers who buy pet CBD also use CBD themselves.

Here’s a significant tidbit: The number of consumers discussing CBD brands with their veterinarians more than doubled from 2020 to 2021. The study found that 70% of pet CBD buyers discussed pet CBD with their vets; however, only 5% purchased pet CBD through their vets while 13% heard of CBD first from a vet or pet care worker. And, 31% of pet CBD buyers who have spoken with their vets about pet CBD said they also discussed CBD brands.

Of the study’s findings, Jamie Schau, who leads insights at Brightfield, was especially intrigued by the influence veterinarians are wielding over the selection of pet CBD brands among consumers. This is significant because vets risk defying the Food and Drug Administration and their State Board of Veterinary Medical Examiners when they discuss possible benefits of CBD with pet parents. They cannot broach the topic of pet CBD, but they can enthusiastically express what CBD has done for other pets.