IT APPEARS PET CBD SALES ARE MOVING FROM ONLINE TO IN-STORE.
Since the passage of the 2018 Farm Bill that officially distinguished between CBD (legal everywhere) and marijuana (only in select states), everybody and their dog has been taking CBD. Even Martha Stewart is doing it: the domestic goddess launched her own line of pet edibles in 2019.
Not only are edibles popular, they’re also COVID-proof. These are anxious times, even for pets. Grandview Research, a market research firm, estimated that the pet CBD market was worth $187.5 million in 2021 and projected it would grow exponentially to $4.79 billion by 2028.
Nearly two-thirds of pet owners buy CBD supplements to alleviate their animals’ anxiety, according to research by the Brightfield Group, a Chicago-based market research firm that specializes in CBD and cannabis, and 44.5% say that CBD is “very effective” (another 39% say it’s merely “effective”). Edibles and tinctures are by far the most popular forms of delivery, and 47% of animal edible users take it once a day. Consumers are willing to pay for it, too: more than half spend between $31 and $75 per purchase.
CBD also has the support of veterinarians; nearly three quarters of pet owners consulted with their vets before buying supplements for their furry friends. Perhaps not surprisingly for anyone who has ever sat through a fireworks display with a dog, canines are by far the most frequent users of CBD pet products.
At the moment, pet parents prefer to shop for CBD supplements online, but that may be changing: according to Grandview Research, large pet food companies such as Mars, Nestle, and General Mills are poised to enter the pet CBD market, either by developing new products or collaborating with or acquiring existing brands. They will also likely start selling CBD and traditional products together—in grocery stores.
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