Report Shows Growing Demand For CBD Pet Products In $6.7 Billion Market – Candid Chronicle

According to a new report by MarketResearch.com’s Packaged Facts division, the sales growth of pet treats is outpacing that of the pet food and supply markets and is predicted to reach $6.7 billion by the end of 2019.

Human food trends have had a notable impact on pet treat market growth and innovation, with cannabidiol (CBD) being a popular topic of discussion in 2019.

“Pet treats have come a long way in the past twenty years, with the aisles of pet stores resembling the snack aisles of human foods at supermarkets and products positioned as better-for-your-pet,” says Packaged Facts research director David Sprinkle. “Limited-ingredient products, grain-free options, and superfood ingredients are all in high demand, with innovative new product entries hitting the market on a regular basis.”

Sprinkle says that CBD supplements have crossed over into the pet market from human markets where they are in high demand and are used for treating anxiety, asthma, and other conditions.

According to Sprinkle, CBD usage has increased dramatically in the pet market following the passage of the 2018 Farm Bill in December, which he says was a significant step toward separating hemp and hemp-derived CBD from marijuana-based products.

Among pet owners, there is a growing interest in using CBD not only for the treatment of psychological issues in pets such as anxiety and stress but also for managing physical pain and allergies.

The Packaged Facts’ 2019 Survey of Pet Owners revealed that 11 percent of dog owners and 8 percent of cat owners have used CBD or hemp supplements for their pets.

Packaged Facts reports that, for many pet owners, functional treats such as those infused with CBD or hemp provide a better value than regular pet treats or health supplements do individually.

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Source: https://candidchronicle.com/report-shows-growing-demand-for-cbd-pet-products-in-6-7-billion-market/

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