New Report Outlines Impact of Hemp-Based CBD Products in US Pet Care Market – PetProductNews.com

By Pet Product News Staff

Published: 2020.02.07 08:30 AM

Hemp-based cannabidiol (CBD) products have the potential to have a profound impact within the U.S. pet care market, according to a new report by Nielsen and Headset, a data and analytics service provider for the legal cannabis industry. For instance, hemp-based CBD pet products will represent 3 percent to 5 percent of all hemp CBD sales within the U.S. by 2025, according to the report, 2020 Pet Industry Green Paper. Projections also show that the pet sector may yield one of the highest conversion rates within the consumer packaged goods (CPG) industry (37 percent).

“Understanding the dynamics at play in the cannabis space and their impact on the pet industry is critical,” said Maria Lange, vice president of strategic initiatives at Nielsen, a New York-based global measurement and data analytics company. “Despite open questions around regulations, hemp-CBD is exploding in the pet space. With Nielsen’s and Headset’s Pet Industry Green Paper, companies will gain a better understanding of the nuanced cannabis sector, its buyers, marketed packaging claims and the rapidly evolving product landscape to capitalize on emerging trends and opportunities.”

Key insights from the report:

  • 74 percent of CBD buyers have pets
  • Pet products have logged more than $9.4 million in sales at regulated adult use cannabis retailers in California, Colorado, Nevada and Washington combined (Q1 2018 through Q3 2019)
  • The average price per pound for CBD dog treats is two times the average dog treat
  • To date, 24 percent of pet owners use hemp-CBD either for themselves, their pet(s) or for both
  • Nearly 26 percent of U.S. adults with dogs are using hemp-CBD products; half already use hemp-CBD for their dog, while the other half only use it for themselves

“The perceived positive effects of cannabis and CBD have created new markets, reinvigorated traditional CPG categories and also fueled legalization efforts,” said Cy Scott, founder and CEO of Headset, which is based in Seattle. “It’s no surprise that cannabis and CBD are becoming a popular way to treat pets naturally, driving another exciting market category for cannabis while energizing the pet industry. Headset is proud to work with Nielsen on this report to help brands and retailers understand this market and better serve consumers—and their four-legged friends.”

Source: http://www.petproductnews.com/News/New-Report-Outlines-Impact-of-Hemp-Based-CBD-Products-in-US-Pet-Care-Market/


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