The CBD pet market is expected to be one of the fastest growing sectors in the CBD industry, according to recent projections.
A new report from Brightfield Group forecasts that the pet CBD market will grow at a compound annual growth rate of nearly 90 percent from 2018 to 2022, reaching $140 million in sales.
The unmet need for natural solutions to improve a dog’s or cat’s health has grown in tandem with increasing consumer awareness of the therapeutic benefits of cannabis. Dogs and cats are living longer today than ever before, and many of them suffer from ailments such as arthritis, anxiety, cancer, and skin conditions. Additionally, more and more pet owners are adopting a holistic approach to pet care by feeding their dogs and cats organic food and seeking out alternative therapies like acupuncture and acupuncture massage, and CBD has emerged as a natural way to help their pet live a healthier life without the use of pharmaceutical drugs.
“The CBD pet market is projected to be one of the fastest growing sectors in the CBD industry,” said Brightfield Group analyst Bethany Gomez. “Many pet owners are seeking out natural therapies for their pets as a means to improve their quality of life. And with CBD derived from hemp being legalized in more and more states, it’s no surprise that sales are increasing.”
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The CBD pet product space is currently dominated by hemp-derived products that are sold as supplements. However, with cannabidiol laws in some states still being developed in an effort to align with existing federal guidelines, the need for pet products derived from cannabis has increased, including products that include THC and full-plant hemp extracts.
CBD Pet Products Are Now Legal in All 50 States
To meet the demand for pet products that include THC, cultivators and manufacturers are starting to develop CBD pet products derived from cannabis. The first cannabis company to announce plans to develop a CBD pet product was Charlotte’s Web Holdings Inc., which plans to launch a hemp-derived CBD product called Canna-pet in 2019.
Healthy Hemp Pet launched the first CBD pet product to include THC, a THC-infused hemp-derived supplement called Hemp for Pets. The company makes the product in Colorado, which allows cannabis companies to manufacture products containing THC.
Hemp for Pets is currently sold in stores in Colorado, Nevada and Washington, and the company has plans to expand to other states that allow cannabis sales. The company is seeking out opportunities to include a full-plant hemp extract in the product as well.
CBD Biosciences also plans to develop a THC-infused pet product line, and is currently researching optimal concentrations of CBD and THC for use in pets.
“As the CBD pet industry continues to grow, more and more brands are focusing on creating products that are derived from hemp and/or full-plant cannabis as opposed to hemp-derived products,” Gomez said. “Concentrates and other infused products can be more potent and effective than CBD alone.”
In addition to Colorado and Nevada, CBD can be legally sold in all 50 states as hemp-derived CBD products that contain less than 0.3 percent THC by dry weight. Hemp-derived pet products containing THC are still subject to federal regulation and may not be legally sold across state lines unless they have been approved by the FDA for use in pets.
The U.S. Food and Drug Administration (FDA) approved a cannabis-derived CBD product for use in pets in June. The CBD isolate was developed by Colorado-based CW Hemp, and is sold in Colorado through a partnership with Animed, a veterinary and pet supplement manufacturer. The product is available in either a 1-milliliter vial or a 10-milliliter bottle.
CW Hemp plans to launch the product in the U.S. market in September, and the company has stated that it has plans to develop pet products derived from cannabis as soon as federal legalization is official in the U.S.
CBD Legalization in Canada Is Creating New Opportunities for Pet Products 🐹🐶😸🐱👤
CBD is also expected to become legal in Canada as early as October 17, which is creating new opportunities for pet products. The Canadian cannabis industry is projected to be worth as much as $5 billion by 2024, and products that include both CBD and THC are expected to be legal for pets as well, according to an announcement made by Canopy Growth Corp.
The company has developed a hemp-derived CBD product, called Canopy Hemp, for use in pets. The product is currently available in Canada, and the company plans on developing a THC-infused product line for pets as well.
The pet CBD market has already become a large and growing market with many companies developing and selling new products every day. Brightfield Group projects that it will continue to grow at a rapid rate over the next five years and expects the market for pet CBD products to be worth $1 billion by 2023.