Is CBD for pets a passing fad? That seems unlikely, according to a new report.
An article in Forbes magazine highlights the details of a new study Brightfield Group recently published on the pet CBD market. Brightfield Group is a market research company out of Illinois that is focused on CBD and cannabis research.
Brightfield’s recently published study yielded three especially noteworthy statistics:
The number of consumers discussing CBD brands with their veterinarians more than doubled from 2020 to 2021
The pet CBD product market is expected to generate $629 million in sales this year
Millennials make up more than half of pet CBD consumers
Concerned pet parents are initiating conversations about CBD
Of these three statistics, Jamie Schau, Brightfields’s international research manager, told Forbes that she was most intrigued by the influence veterinarians have over the brand of CBD products that their consumers ultimately select.
According to Forbes, “This is significant because vets risk defying the Food and Drug Administration and their State Board of Veterinary Medical Examiners when they discuss possible benefits of CBD with pet parents.”
Only two states, Michigan and California, have reportedly legalized veterinarian consultations with pet owners on cannabis products, like CBD. In all other states, veterinarians reportedly cannot initiate a conversation with a pet owner about CBD, but they can discuss how CBD has affected other pets.
“In a space where veterinarians in their majority have their hands tied with limitations not only on recommending, but bringing up CBD, consumers have taken the wheel and started bringing it up themselves, en masse,” Schau told Forbes.
“Word of mouth has always been a key driver of organic CBD marketing and growth, but a doubling of consumer-initiated conversations with vets surrounding pet CBD is significant even against that backdrop,” she added. “This demonstrates that interest in this product category is immense, and when veterinarians are freed up to speak more actively about pet CBD, we expect it to spur a great deal of additional growth, especially among more hesitant pet parents.”
The pet CBD market is already growing steadily
Another important takeaway from the study is the continued growth of the pet CBD market.
The study reportedly found that CBD products for pets earned $426 million last year. It predicts that these products will earn $629 million in 2021. By 2025, they are reportedly projected to earn $1.1 billion.
Very few scientific tests have been conducted on the effects of CBD on pets. However, the American Kennel Club acknowledges that there is anecdotal evidence that suggests CBD can help treat pain and control seizures in dogs. Some dog owners also give their pet CBD to help reduce inflammation, reduce nausea, stimulate appetite, reduce anxiety and other potential benefits.
Some cat owners also give their furry friends CBD. Unfortunately, even less is known about the effects of CBD on cats. However, it is likely that as more CBD research becomes available, more pet owners may buy pet-specific CBD products.
Who are the consumers of pet CBD?
“[T]he study found that today’s pet CBD consumers are likely to be younger women living in the city who use CBD themselves,” Forbes reported.
The typical pet CBD consumer is likely to be a millennial, which is someone born roughly between 1980 and the mid-1990s. Brightfield’s study reportedly found that millennials make up 53% of pet CBD consumers.
It also reportedly found that 73% of pet CBD consumers already use CBD themselves. Perhaps the ability to test CBD themselves makes pet owners feel more comfortable when giving CBD products to their pets.
The study also found that 46% of pet CBD consumers live in urban areas and 30% of them live in the suburbs. It is unclear exactly why a majority of these consumers live in and around cities, but these numbers could simply be a reflection of population density or access to pet CBD products.
It isn’t always possible to tell what the future holds. However, Brightfield’s study seems to show the trajectory of this market, making it easier to see that pet CBD is more than just a temporary trend. All signs seem to indicate that pet CBD products are here to stay, but only the future will tell.
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