Disrupting Petcare from cannabis industry powerhouse, Prohibition Partners, provides an overview of some of the key developments taking place in the emerging CBD pet supplement market. It explores the regulatory developments occurring in key markets, and looks into how much the market could be worth in the coming years.
In addition, the report examines the latest CBD pet supplement product development and innovation, highlighting the activity of some of the world’s biggest hemp petcare companies.
The report focuses on the development of cannabis petcare products available for pet wellness use, rather than via a medical prescription, and includes CBD products that have been made from hemp. The scope of the report refers only to those packaged petcare goods that can be purchased legally.
Due to the perceived and documented positive health and wellness effects attributed to cannabis and CBD in recent years, new markets are starting to emerge and flourish.
Demand is rising for innovative consumer packaged goods (CPG) which include cannabis-based ingredients, such as hemp or CBD. There is strong growth in the innovation of CBD and hemp-based products specifically designed for pets.
The Impact Series: Disrupting Petcare highlights include:
● Prohibition Partners projects global sales of CBD petcare products to reach US$424.4 million by 2024, representing a compound annual growth rate (CAGR) of 18.6%.
● The North American market currently has the highest rate of pet CBD purchasers and returners with 22% of pet owners having already bought CBD products in the last 12 months.
● Over half (64%) of pet CBD purchasers are in the 25-35 and 35-44 age brackets.
Market trends include:
● Pet Humanisation and Millennials
● Celebrity Endorsements
● Word of Shares
● E-commerce and COVID-19
● Overcrowded and Oversaturated Consolidation of the Market
● Trust in Supply
Consumer profiles include:
● Pet Owners’ Lifestyle
● Usage of Other Cannabinoid Products Amongst Pet Owners
● CBD Petcare Non-Returners
● Behaviour of CBD Infused Petcare Product Purchasers
● Which Animals Are Pet Owners Buying For?
● Geography of Petcare Purchasers
How to Download or Purchase
Atalis™ Beta Premium users can download the report free of charge as part of their subscription. Atalis Lite users can purchase a digital version of the report for £450 (+VAT).
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