Hemp-derived Pet Supplies in the Growing CBD Market
- Most hemp-derived, pet-and-animal sales occur via the internet, as traditional mass-market pet retailers are yet to carry the products.
- In 2017, total hemp-derived, pet-and-animal product sales reached $13 million, with the market expanding quickly as producers aim to distribute through traditional pet-care channels.
- Pet-and-animal product sales are estimated to reach $125 million by 2022, representing a 5-year CAGR of 57%, among the fastest-growing sectors in the CBD market.
- While traditional dog or cat products currently predominate, those targeted for equine and other domesticated animals are on the horizon.
- As pet-and-animal sales have focused on treat supplements and food additives, CBD with anti-anxiety and anti-inflammation properties remain the top-selling segment.