Pet Owners Increasingly Use CBD Supplements, Treats for Animals
Market research firm Packaged Facts estimates that U.S. retail sales of pet treats will reach $6.7 billion this year, up from $6.5 billion in 2018, and one of the fastest-growing trends is treats featuring cannabidiol (CBD). These findings come from the company's new report, "Pet Treats and Chews in the U.S., 3rd Edition."
Packaged Facts found that 11% of dog owners and 8% of cat owners have used cannabis (CBD/hemp) supplements or treats for their pets. Some of the interest in cannabis includes relieving anxiety and stress issues in pets, or alternatively treating issues such as pain management and allergies.
"CBD, or cannabidiol, supplements are in high demand in human markets, credited with treating conditions ranging from anxiety to asthma," said David Sprinkle, research director for Rockville, Md.-based Packaged Facts. "The use of CBD has crossed over into the pet market, with usage spiking after the passage of the most recent Farm Bill in December 2018, which took a significant step towards separating hemp and hemp-derived CBD from marijuana-based products."
CBD treats are just one option in the ongoing interest in functional treats, providing more value than indulgent treats or health supplements alone. Packaged Facts projects a compound annual growth rate of 2.8% for treat and chew sales through 2023.