Hemp-Derived CBD Market For Pets Worth $60 Million In 2020
A threefold growth is still projected
CBD has already changed the game for makers of dietary supplements and beauty products.
Now hemp-derived CBD has the opportunity and momentum to do the same for the enormous pets market.
Two-thirds of American households currently have pets, and according to data from market analytics giant Nielsen Global Connect, hemp-CBD consumers are 10% more likely to have a pet than non-CBD consumers.
Nielsen projects that by 2025, hemp-CBD dog food and treats will increase by threefold among current users of non-CBD products and nearly that much among all dog owners. Dog vitamins and supplements with hemp-derived CBD are on track to more than double among dog owners and current users of traditional consumer packaged goods, non-CBD products.
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