• October 22, 2020
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  • Exclusive: Hemp-derived CBD market for pets worth $60 million in 2020, with threefold growth projected

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    CBD has already changed the game for makers of dietary supplements and beauty products. Now hemp-derived CBD has the opportunity and momentum to do the same for the enormous pets market. Two-thirds of American households currently have pets, and according to data from market analytics giant Nielsen Global Connect, hemp-CBD consumers are 10% more likely to have a pet than non-CBD consumers.

    Nielsen projects that by 2025, hemp-CBD dog food and treats will increase by threefold among current users of non-CBD products and nearly that much among all dog owners. Dog vitamins and supplements with hemp-derived CBD are on track to more than double among dog owners and current users of traditional consumer packaged goods, non-CBD products.

    Cat food and treats infused with hemp-CBD are on track to increase more than sixfold among cat owners and consumers buying consumer packaged goods pet products, while cat owners and buyers of traditional cat products stand to triple their purchases of hemp-CBD vitamins and supplements formulated for cats.

    If the FDA approves this use within the next year, and more mainstream retailers and veterinarians embrace the category, hemp-CBD products could represent one in four animal health supplements by 2025, Nielsen predicts.

    Read full article here: https://hempindustrydaily.com/exclusive-hemp-derived-cbd-market-for-pets-worth-60-million-in-2020-with-threefold-growth-projected/?mc_cid=128ccdf83c&mc_eid=33e049eacb

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