Data shows CBD for pets is generating incredible revenue
CBD has taken over the health and wellness market, and CBD for pets is booming right alongside it. According to new data presented by Headset, a cannabis data analytics company and their project partnership with Nielsen, CBD for pets will represent 3-5% of all CBD sales within the United States by 2025. The Brightfield Group estimates CBD for pets to be a $1.7 billion industry by 2025, and the industry grew a staggering 946% in 2019. The data adds, “Pet products have logged over $9.4 million in sales at regulated adult-use cannabis retailers in California, Colorado, Nevada, and Washington combined (Q1 2018 through Q3 2019).”
“The perceived positive effects of cannabis and CBD have created new markets, reinvigorated traditional CPG categories, and also fueled legalization efforts. It’s no surprise that cannabis and CBD are becoming a popular way to treat pets naturally, driving another exciting market category for cannabis while energizing the pet industry,” said Cy Scott, Founder, and CEO of Headset.
CBD for pets gains traction after anecdotal findings, prompting studies
Many pet parents have experienced unbelievable results using CBD for their pets, with claims that the isolated cannabinoid calms their nervous dog’s anxiety or relieves achy joints in their senior cat. Even horse owners have jumped on the train after trying CBD for their animal and seeing the positive changes present itself.
Cornell University did a study exploring CBD for dogs who have arthritis. According to the study: “Dogs received each of two treatments: CBD oil (2 mg/kg) or placebo oil every 12 h. Each treatment lasted for 4 weeks with a 2-week washout period. Baseline veterinary assessment and owner questionnaires were completed before initiating each treatment and at weeks 2 and 4.” The study’s results say, “Clinically, canine brief pain inventory and Hudson activity scores showed a significant decrease in pain and increase in activity (p < 0.01) with CBD oil. Veterinary assessment showed decreased pain during CBD treatment (p < 0.02). No side effects were reported by owners.” In other words, these arthritic dogs experienced no side effects, decreased pain, and an increase in activity. Arthritis and chronic pain is one of the most common reasons people opt to try CBD for their pet.
Aside from chronic pain, seizures are another reason people use CBD for their pets. The efficacy of CBD use in human seizures is well documented through studies and Colorado State University recently published a study saying “89 percent of dogs who received CBD in the clinical trial had a reduction in the frequency of seizures.”
Just like in humans, CBD works by interacting with our pet’s endocannabinoid system. The endocannabinoid system has two known receptors, CB1 and CB2. CB1 receptors are located in the brain and are associated with cognitive functions like memory, mood, appetite, etc. CB2 receptors are located more so in the immune system, which explains why manipulation of the CB2 receptors helps combat inflammation. CBD interacts with CB2 receptors and other functions of the endocannabinoid system to ease pain, inflammation, and arthritic symptoms.
The Brightfield Group said according to a recent survey, 48% of people who use CBD for their pets stop buying prescriptions for their animal once they try CBD. This indicates significant potential for the industry’s growth, as well as the therapeutic value of CBD for pets.
The industry may produce one of the highest conversion rates in the consumer packaged goods industry
The same data from Nielsen and Headset projects the CBD for pets industry to yield one of the highest conversion rates in the CPG industry, exemplifying a rate of 37%. If your brand already sells CBD, offering CBD for pets, in addition, is an excellent and strategic way to increase sales and establish a loyal customer base without diverting too much from your original product. The data shows that 74% of CBD buyers own pets.
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