Cannabidiol (CBD), one of the active ingredients in hemp, has been making tsunami-level waves in the supplements market over the past few years. Last year, the pandemic caused demand for these products to intensify as consumers focused more on treating their health and immunity using natural remedies. Pet owners extended this desire to the care of their pets as well.
Heightened consumer interest in pet products targeting immunity, anxiety, and overall wellness sent pet supplement sales skyrocketing 21% in 2020 to reach nearly $800 million, following several years of growth in the 3%-5% range. Packaged Facts estimates sales of CBD pet products at just under $100 million in 2020, about triple the 2019 sales level, which was itself triple that of 2018.