From notable market growth to the expanding presence of CBD (cannabidiol) products, these are exciting and innovative times for the pet supplements industry, according to market research firm Packaged Facts in the brand new report Pet Supplements in the U.S., 7th Edition.
Packaged Facts research reveals that pet supplements have rebounded from the sluggish annual increases following the Great Recession. Pet supplement sales growth has increased steadily since 2014. The strongest year of the current five-year period, 2018, registered 5% growth in U.S. retail sales driven by factors including the improved economy, the overall pet market’s strong ongoing focus on health and wellness, and the still growing impact of pet owners who view their pets as family members.
At the same time, present and future growth in the segment likely hinges on greater acceptance of the expanding array of CBD pet supplement products. The explosion of CBD onto the market has had a kind of “halo effect,” spawning a burgeoning new product segment and putting a spotlight on the market as a whole that is expected to last for years.
“Through the years, the pet supplements market has benefited from the popularization and cross-over of various ingredients from the human side, such as glucosamine and omega fatty acids,” says David Sprinkle, research director for Packaged Facts. “Looking back, however, it’s hard to recall anything making more of a splash, in both human and pet supplements, than CBD.”
Even with regulatory issues yet to be settled, Packaged Facts consumer survey data show that among pet owners, 39% of dog owners and 34% of cat owners agree that they like the idea of CBD supplements for their pets. Additionally, 29% of dog and cat owners agree that they would be interested in purchasing CBD supplements for their pets if they were legal.
For more information specifically on CBD and the pet industry, purchase Pet Supplements in the U.S., 7th Edition and register to receive our free e-book, Cannabis, CBD, and Hemp: Pet Market Opportunities. In addition, keep an eye out on Packaged Facts’ homepage for our next free e-book featuring an exclusive interview with Honest Paws, a leading and innovating provider of CBD treats, oils, and chews for pets.