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Hemp Industry Daily and The Nielsen Company released a new report, “Insights on the Growing Market for Hemp-CBD Pet Products” on the booming pet CBD market.
As CBD’s popularity continues to grow among consumers, hemp-derived CBD also has an opportunity and the momentum to do the same for the pet market, which is worth billions of dollars according to the American Pet Products Association.
Hemp Industry Daily and The Nielsen Company released a new report, “Insights on the Growing Market for Hemp-CBD Pet Products” on the booming pet CBD market. According to the report, the pet CBD market increased from almost zero in 2016 to roughly $25 million in 2019, and it might grow to $60 million in 2020.
If FDA approves the use of CBD, hemp-derived CBD products could represent one in four animal health supplements by 2025, and Nielsen estimates that by 2025 CBD products for pets can generate between $175 million-225 million in annual sales across all channels. This would account for roughly 3% of the of the expected $6 billion-$7 billion hemp-derived CBD consumer products category. This forecast is based on the assumption that hemp-derived CBD pet products will remain 1.5-2 times higher in price compared to comparable CPG pet products. Currently, hemp-derived CBD pet products are priced 370% higher than traditional pet products.
For more insights on the current value and landscape of hemp-derived CBD for the pet retail market, you can download a copy of the report here.