Owners Increasingly Turn to CBD to Comfort Their Pets
It is not a secret that dogs experience discomfort for a variety of reasons that include separation from their owner, thunderstorms and health conditions. Some simply experience general tension, like humans. During the COVID-19 pandemic, this condition has become more obvious to people working at home or spending more time with their pets. At the same time, more people fostered and adopted dogs as the shelters filled up or just because they wanted a comfort animal.
So, it is not surprising that more pet owners are turning to CBD for pets to help ease their beloved companion dog’s condition. The results are a significant increase in the spending on pets as consumers looking for natural supplements that could ease this state.
NielsenIQ tracks hemp CBD and projects CBD pet products will account for 3-5 percent of the total hemp CBD U.S. sales by the year 2025. The projection was the result of research presented in the “2020 Pet Industry Green Paper” which was published by NielsenIQ and the cannabis data company Headset. CBD dog tinctures account for more than 70 percent of the CBD products for pets sold in the U.S.
Since Nielsen research also found that 74 percent of CBD buyers are pet owners, it is not surprising the sales projections for CBD products for pets were increased from $225 million to $500 million by the year 2025. Consumers are more interested in treating their pets with natural products, making CBD for pets an excellent option. CBD products for pets are not just for dogs either. Cat owners are increasingly buying CBD products.
Marc Pollack, the founder of the company that produces CBD products for pets, told the Hemp Industry Daily:
“The reason you’re seeing an explosion in CBD for animals is a lot just because of the awareness. More and more veterinarians and just people, in general, are learning about the benefits of CBD, not just for people, but for their pets.”
Since dogs are considered family members, pet owners are willing to spend the money to improve the quality of their pet’s life. NielsenIQ found the average product unit price declined from $22.34 to $21.35, making the CBD products for pets more affordable.
Sources
- https://nielseniq.com/global/en/insights/analysis/2020/pet-care-is-the-next-big-cbd-opportunity-in-the-u-s/
- https://nielseniq.com/global/en/news-center/2020/new-data-from-nielsen-and-headset-reveals-74-of-cbd-buyers-have-pets/
- https://hempindustrydaily.com/pandemic-pet-boom-drives-cbd-animal-sector-to-new-highs/
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