What you need to know: Pet supplements have risen in popularity because of the increase in pet ownership and humanization of pets. The $636m supplement market is expected to grow at a 5% rate, and CBD is leading the way. CBD sales are expected to increase at a 57% CAGR.
How you can capitalize:
- Make a product backed by trials and testing. One industry expert believes 90% of current companies selling pet CBD are looking for quick profits.
- Gamble on making pet food with CBD. For now, CBD is restricted to pet supplements. Experts believe it will eventually be allowed in food and dog treats, creating a wider market.
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