Hemp-Derived CBD Poised to Revolutionize the Pet Market: Nielsen Predicts Significant Growth by 2025

The pet industry is about to experience a major shift as hemp-derived CBD products gain momentum and popularity among pet owners. With two-thirds of American households having pets, the potential for hemp-CBD to revolutionize the market is significant.

According to data from Nielsen Global Connect, hemp-CBD consumers are 10% more likely to have a pet than non-CBD consumers. The projections for the growth of hemp-CBD products in the pet sector are staggering. By 2025, dog food and treats infused with hemp-CBD are expected to triple among current users of non-CBD products and nearly that much among all dog owners. Similarly, cat products are on track to increase significantly as well.

If the FDA approves the use of hemp-derived CBD for pets in the next year, and mainstream retailers and veterinarians embrace the category, Nielsen predicts that hemp-CBD products could represent one in four animal health supplements by 2025. This could lead to annual sales of $175 million to $225 million by 2025, marking a threefold increase in just five years.

The growth in the pet industry is not surprising, as Americans continue to spend record amounts on their furry companions. The American Pet Products Association reported that spending on pet products reached $72.6 billion in 2018, with pet food, veterinary care, and over-the-counter medicine being the top areas of expenditure.

Despite the lack of federal and state regulation on hemp-derived CBD for animal consumption, retailers are still carrying these products due to customer demand. While veterinarians are unable to prescribe CBD products for pets, they recognize the potential benefits of hemp-CBD.

To help navigate the growing market for hemp-CBD pet products, Hemp Industry Daily has partnered with Nielsen Global Connect to provide valuable insights and data on the sector. The report includes information on sales estimates, purchaser demographics, regulatory outlook, market penetration, and more.

With the pet industry continuing to grow and pet owners viewing their animals as family members, the potential for hemp-derived CBD products to make a significant impact is clear. As consumers seek high-quality products to enhance their pets’ lives, the market for hemp-CBD pet products is poised for substantial growth in the coming years.