In the USA, there is a sharp rise in the interest of representatives of the pet industry in products containing drug-free cannabinoids.
This year, sales of CBD pet products in the US market will be approximately $ 300 million, and will increase to $ 500 million by 2025. In the past 12 months alone, about 11% of new pet products have appeared on the US pet market. back on the market, no one would even have thought.
According to a number of US think tanks and consulting companies, the market for CBD products for pets in the US is rapidly "gaining momentum." A similar trend is associated with the end of the acute phase in the country of the COVID-19 pandemic, as well as an increase in the availability of cannabinoid products on the market for products intended for pets.
For example, analysts at the Chicago-based company NielsenIQ (which tracks sales of CBD products that include plant cannabinoids) have significantly raised their forecasts for CBD pet products. In particular, in 2020, NielsenIQ experts predicted that sales of products formulated with non-drug cannabinoids intended for pets will rise to $ 175-225 million. products for pets in the US market will be approximately $ 300 million, and by 2025 will increase to $ 500 million.It should be noted that the market growth is taking place despite the fact that the average price per unit of CBD products for pets is gradually decreasing ( from August 2020 - $ 22.34 to August 2021 - $ 21.35 - by 4.5%).
According to manufacturers of CBD products for pets, the rapid growth of this market is due to the end of the acute phase of the coronavirus pandemic. People not only spend much more time with their pets, but they are also becoming more attentive to their health. For example, the number of pets in American homes increased by 8% from March to September last year, according to PetPoint, a company that tracks “pet adoption”.
Among other things, the significant increase in CBD products for pet consumption is driven by a significant increase in plant cannabinoid awareness among pet owners. The CBD pet food sector is lagging behind human consumption of CBD products, which means that people usually try cannabidiol on their own before giving it to their pets.
Demand dictates supply - CBD manufacturers pay great attention to this particular sector of modern cannabis production. In addition to the fact that a significant number of companies that manufacture CBD products are launching their line of products rich in plant cannabidiol on the market, they are looking for specific flavors that attract pets - for example, bacon or chicken (a trend that a few years ago, no one even did not tell). For example, in the last 12 months alone, about 11% of new products for pets have appeared on the US zoo market, which no one would have even thought of a year ago on the market.
Commentary of the specialists of the Association "Ukrainian technical hemp"
It should be noted that the pet business sector using CBD products is actively developing despite the fact that the US Food and Drug Administration (including regulating animal feeding) has not yet approved the possibility of using cannabidiol or other drug-free cannabinoids for animals. This means that US veterinarians are discouraged from recommending these types of products for use by the pet owners they serve.
Experiments on the use of plant materials rich in non-drug cannabinoids are also being carried out in our country. Within the framework of the round tables “ Cannabinoid Therapy ”, as well as “ Nutrition and Hemp ” held as part of the training of students of the “ Hemp University ”, the national experience of using the leaves and inflorescences of therapeutic hemp in the pet industry was considered. The developments obtained in the framework of experiments carried out by members of the profile association of Ukrainian cannabis growers with piglets and cows were recognized as extremely promising. A similar experiment with sheep is currently ongoing, but the materials obtained are systematized and visualized for the purpose of further commercialization.