The booming CBD market has spawned a very interesting subset within its category—pet products. Recently, Nielsen, the well-known measurement company and Headset, a provider of data and analytics for the legal cannabis industry, unveiled a new report that shows there’s a huge market opportunity for CBD pet products. Among its most telling projection—hemp-based CBD products will make up 3 to 5% of all hemp CBD sales within the U.S. by 2025.
Other findings include:
*74% of CBD buyers have pets.
*Pet products have racked up over $9.4 million in sales at regulated adult-use cannabis retailers in California, Colorado, Nevada and Washington combined. This covers the period from the first quarter of 2018 through the third quarter of 2019.
*The average price per pound for CBD dog treats is twice the average dog treat.
*To date, 24% of pet owners use hemp-CBD either for themselves, their pet(s), or for both.
Published: February 18, 2020