As cannabis and hemp producers navigate the nuances of cannabinoids, one industry segment that is attracting fresh attention is pet CBD. Consumer insights data firm Brightfield Group currently tracks 63 brands operating in the pet CBD market. According to the group’s 2021 Pet CBD Survey, sales of CBD intended for pet use accounts for more than 9% of the total CBD market. That’s roughly $430 million in a market now hitting $4.7 billion annually. But for producers and manufacturers considering pet-destined cannabinoids, market potential is only part of the equation.
Brightfield data for all CBD consumers reveals that 28% of those who have pets report giving their pets CBD. Brightfield Senior Insights Manager (and former Cannabis Business Times managing editor) Brian MacIver shares that pet CBD buyers skew toward urban and suburban women who use CBD themselves. Pet CBD purchasers also tend to be mid- to high-income earners, with 60% of respondents to a Brightfield survey earning more than $50,000 per year. While pet CBD buyers span all generations, millennials make up more than half of pet CBD buyers.
