CBD has been on a roll for the past couple of years. The cannabis extract has been enjoying a boom both in demand and supply, mostly backed by anecdotal evidence of its potent and versatile medicinal properties. Now CBD use is extending beyond humans. An emerging trend is CBD in the pet market, and it’s a vast industry.
Americans are famous for their love for pets, and a study by the American Pet Industry Association (APPA) found that they spent over $70 billion on their pets in 2018, a 4% increase from the $69 billion spent in 2017. Most of that money was spent on food, with pet owners spending $30 billion in 2018, most of them splurging on high quality, higher-priced food.
“Pet treats have come a long way in the past 20 years,” says David Sprinkle, Research Director for market research firm Packaged Facts. “Limited ingredient products, grain-free options, and super-foods are all in high demand, with innovative new product entries hitting the market on a regular basis,” he adds.
Cannabidiol (CBD), it seems, has joined the bandwagon. In a bid to feed their pets natural and nutrient-dense treats, pet owners are turning to more radical options. Many of them are turning to CBD to help treat a host of health conditions that affect pets, ranging from anxiety, digestive issues, chronic pain, mobility issues, and inflammations.
A 2019 survey by Packaged Facts found that 39% of dog owners and 34% of cat owners like the idea of CBD, and that 29% of both dog and cat owners are interested in buying CBD pet supplements. Additionally, 11% of dog owners and 8% of cat owners said they had already given CBD treats to their pets.
According to Sprinkle, CBD products are in high demand in human markets, credited with treating conditions ranging from anxiety to asthma. “The use of CBD has crossed over into the pet market, with usage spiking after the passage of the most recent Farm Bill in December 2018, which took a significant step towards separating hemp and hemp-derived CBD from marijuana-based products.”
Currently, the US Food and Drug Administration has not approved any cannabis-derived products for animal use. Federal policy forbids the marketing and sale of CBD products as food supplements for both humans and pets, and the FDA has sent warning letters to pet food producers claiming their products have medical benefits.
Nevertheless, analysts are convinced that the entire CBD industry, including companies like Neutra Corp. (OTC: NTRR) and ChineseInvestors.com Inc. (OTCQB: CIIX), see the crossing over of CBD products into the pet niche as inevitable regardless of what the regulators think at the moment.
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