CBD pet food sales projected to triple in U.S.
This market has one of the most powerful potential for products that contain therapeutically active elements of the hemp plant.
On the pages of the specialized electronic edition of Ukrainian cannabis growers, it has already been described how non-drug cannabinoids of plant origin have changed the rules of the game for manufacturers of food / biologically active additives and cosmetic products in the market of economically developed countries of the world. Exactly the same will be done by biologically active elements of the hemp plant in the pet market. That is why the materials of our American colleagues who have prepared a study on this very topic are extremely interesting.
According to Nielsen Global Connect, two-thirds of American households now have pets. The company's specialists predict that by 2025, sales of dog food and treats will increase at least three times compared to 2020. The number of cannabinoid vitamins and supplements for use by cats and dogs will more than double. Sales of cat food and treats containing therapeutically active elements of hemp will increase more than sixfold.
According to Nielsen Global Connect analysts, if the FDA regulates the use of cannabis therapeutic products throughout 2021, and pet food retailers and veterinarians will be able to use these products, which include various cannabis therapeutic elements could account for about a quarter of pet supplements sold by 2025. Based on the above, analysts of the company predict that products for pets, the composition of which will include therapeutically active elements of cannabis leaves and inflorescences, will bring from $ 175 to $ 225 million in annual sales by 2025, which means a threefold increase over the next five years.
This modern cannabis sector will, over time, account for approximately 3% of sales of all categories of consumer products containing therapeutically active elements of cannabis and will reach the level of $ 6-7 billion.
The analyst firm argues that the market for cannabis-based therapeutic products for the pet business is still facing significant growth, the foundation of which was laid in previous years. Specifically, sales of CBD pet products increased from zero in 2016 to $ 25 million in 2019. Sales are expected to rise to $ 40-60 million in 2020, suggesting that this market has one of the most powerful potentials for products containing therapeutically active elements of the hemp plant.
Reasons why the market for products containing therapeutically active elements of hemp will grow rapidly
A national survey by the American Pet Products Association (APPA) shows that spending on products for “our little brothers” continues to break records since last year, and the trend is not slowing. Statistics show that Americans spent a record $ 72.6 billion on their pets in 2018. That's up $ 3 billion from 2017 and $ 6 billion from 2016 - both record years in their own right. 2018 data includes money spent on food; expendable materials; over-the-counter medications; veterinary care; purchase of live animals, as well as other services.
According to APPA, in 2018, consumers spent the most on:
• animal feed;
• veterinary care and supplies;
• over-the-counter medicines.
Pet owners across all demographics view their pets as irreplaceable family members, which is why, according to APPA President and CEO Bob Vetere, this is why there is “such incredible growth” in every aspect of the pet care industry.
Given that young consumers represent the largest demographic of pet owners, this spending trend is likely to continue. This demographic is willing to pay more for high quality products and services to improve the lives of their pets.
Commentary of experts of the Association "Ukrainian technical hemp"
Plant-based cannabidiol (as well as other non-drug cannabinoids) is currently not approved for use by animals under federal laws, as its use is not regulated by the FDA. USA. In particular, the FDA does not recognize cannabidiol "as safe" as an ingredient in food for humans or animals, as well as food additives, and the above-mentioned government agency regularly continues to send warning letters to pet food manufacturers who add to the formulation of manufactured products for animals cannabinoids, unreasonably promoting their therapeutic properties on labels.
A study by Nielsen Global Connect demonstrates that the lack of regulation of this issue is one of the key obstacles for consumers who want or already purchase pet products that contain therapeutically active elements of hemp. However, CBD companies continue to make products formulated for animals using various plant leaf and flower elements or plant cannabinoid extracts, especially for small animals such as cats and dogs. Retailers, from small independent pet stores to mass market giants, sell these products because they are in demand by their customers. While veterinarians are strictly prohibited from prescribing cannabinoid products to their patients, they recognize the potential value of pet products formulated with therapeutically active elements of the hemp plant.
During the round table " Experience in the use of therapeutic elements of industrial hemp as a raw material for the food, cosmetics, dietary or feed additives " listeners' attention 5th issue of "hemp University" will focus precisely on how to effectively use in our country leaves and inflorescences of technical hemp for therapeutic purposes, including for feeding domestic animals.