Sales Skyrocket in CBD Pet Market
- CBD pet products are surging in popularity as their sales skyrocket at an incredible pace.
- Big name CBD companies, such as Charlotte’s Web, are selling their products through pet retailers such as Petco. They are used to help treat anxiety, stress, joint pain, and other symptoms and conditions.
- Although there is a fast-growing interest for these products, they have yet to be authorized for sale by the FDA.
Functional Remedies, a CBD manufacturer based in Colorado, has seen their CBD products hit the shelves of an increasing number of specialty pet stores over the past couple of years. In 2018, they featured their products in 100 pet stores across the U.S., a number that has grown to 500 in the present day.
Tim Gordon, the chief science officer for Functional Remedies, spoke on the matter:
“More and more people are understanding how CBD and hemp-based products can enhance wellness, not only humans but in pets.”
Functional Remedies is only one the many companies that are flourishing in this growing market.
According to Maria Lange, who serves as a pet and cannabis research specialist for the market analytics company Nielsen Global Connect, the total sales for CBD pet products in 2016 was $58,581. By the end of last year, this number had grown to $7.4 million. 2019 also saw 57% of speciality pet stores selling CBD products, 12% higher than in 2018.
“Though the anticipation and excitement is there for many chain retailers, full acceptance has not yet occurred as retailers continue to be in a bit of limbo as the result of a lack of FDA guidance on CBD products,” Lange said.
There is yet to be any posted results from the U.S. Food and Drug Administration’s (FDA) review of CBD products in 2019. This review was all-inclusive, meaning it was to cover both humans and pets.
Although there is a lack of authorization from the FDA to give CBD products to pets, it has not slowed the growth.
Charlotte’s Web and Pet Releaf both began selling their products in Petco beginning in March. Their products are found at 700 Petco locations across 23 different states and include topicals, drops, chews, and oils.
“As pet parents continue to seek out new ways to care for the overall health and wellness of their pets, the demand for trusted products with naturally occurring CBD for pets has also continued to grow,” Petco commented.
Pet owners can find many common things they want to improve with their pets. Some of the most common include:
- Chronic and episodic anxiety
- Joint and back pain
- General health and happiness
Vice President of sales at Mary’s Tails, Luke Mullins, explained that the company is cautious about the way that they describe their products to consumers. They want to avoid any and all warning letters from the FDA that claim they make “false claims” that are not proven scientifically.
“We believe that our tagline – keeping your pets happy, healthy, and calm – is a great summation of our products’ benefits,” Mullins stated.
The FDA is especially interested in any CBD companies making definitive claims about their products right now. With pressure from both the public to create regulations and the coronavirus pandemic, the FDA is doing what they can to keep consumers safe.
It is expected that the pet market for CBD products will continue to grow at a significant rate. And although veterinarians can not technically prescribe CBD for people’s pets, they have been working hard to do their research to give their best recommendations.
Once the FDA makes a decision on the matter it will make the path much more clear for this market. And once vets gain the legal ability to prescribe CBD to pets, the sales will only continue to explode. Buying a CBD product off the shelf of a convenience store is one thing. But it is another thing entirely when it is recommended by a professional you trust, such as your vet.