Sales of hemp-based cannabidiol (CBD) products for pets are on the rise, and this trend is not expected to slow down anytime soon.
This is according to Nielsen and Headset’s 2020 Pet Industry Green Paper, which predicts CBD pet products will represent as much as five percent of all hemp CBD sales within the U.S. by 2025.
These pet products, Nielsen reports, have already generated more than $9.4 million in combined sales at regulated adult-use cannabis retailers in California, Colorado, Nevada, and Washington.
Other key findings in the report include:
- 74 percent of those who purchase CBD have pets;
- CBD dog treats cost an average of twice as much per pound as compared to their non-CBD counterparts; and
- 24 percent of pet owners say they already use hemp-CBD products for themselves, their pet(s), or both.
The paper, says Maria Lange, Nielsen’s vice president of strategic initiatives, offers perspective on the rapidly evolving CBD product landscape and its buyers, allowing companies to capitalize on emerging trends and potential opportunities.
“Understanding the dynamics at play in the cannabis space and their impact on the pet industry is critical,” she says. “Despite open questions around regulations, hemp-CBD is exploding in the pet space.”
For more, click here.
