Did you know KND Labs was recently recognized by the National Animal Supplement Council (NASC) as an MVP Supplier for 2022? It’s true, check out the press release by clicking here. As leaders in the CBD pet product space, we want to share some insights on the market.
The thing about pet owners is that their pets are more to them than just animals—they’re family.
For companies who are operating in the pet products industry, this means that if you can provide a product or service that will make a pet’s life easier, there’s an opportunity for you to create a viable business.
The last few years has seen huge growth in the CBD pet products market, with further growth predicted on the horizon. The market is expected to see a CGR of 12% between 2022 and 2027, and saw $629 million in sales in 2021. CBD products for people have been exploding as well over the past few years (projected to hit $47.2 billion by 2028), as people seek alternative solutions for pain relief, anxiety, depression, nausea, and potential heart health benefits. And as we’ve seen for years, when we find something that works for us, we want it to work for our pets as well.
What does CBD for pets look like?
Defining this rapidly growing field is the variety of products available for companies looking to capture their corner of the market. This is key for companies, because it provides plenty of opportunities to create and market a myriad of products tailored to either general or highly specific audiences. Pet treats, pet toppers, pet tinctures, pet supplements, equine treats — the types of products and types of pets are diverse. This means that while there is significant competition in the space, there is always a niche that creative entrepreneurs can carve out for themselves.
A lot of the issues for which humans use CBD to treat, don’t just affect us. Pain, inflammation, arthritis, anxiety—our pets deal with these issues as well, so it makes sense that products in various form factors are being developed to address these issues in our pets.
Dogs, cats, and horses all have specialty CBD products designed to work specifically with their unique biologies, and even those categories can have huge variances in needs, as not all dogs, cats, or horses need the same products, like the same products, or respond well to the same products. Variety is key, and this leaves lots of room for specialty companies to carve out a niche for themselves in this rapidly growing market.
Let’s take a look at two of the product types that are seeing the most traction in the market:
CBD pet treats are for your pets what CBD gummies are for people. For pets that need products that have more of a single-dose amount of CBD, treats are designed to be kind of like pill pockets: trick your pet into eating something that will help it by disguising the CBD in something delicious. Organic, all-natural, gluten-free, grain-free, dairy-free, vegan—people need all kinds of regular treats for their pets, and it stands to reason that the demand for CBD treats will be similarly broad.
Oils are some of the most popular CBD pet products. Oils are an effective way to accurately measure out exactly how high a dosage your pet will be receiving—very useful if you’re operating according to a vet’s plan, or trying to discover what dosage works best for your pet. This is also the purest form of CBD available for pets, and unfortunately, the most variable. Because the quality of oils are dependent on the specific processes of the manufacturer, the quality of the product being processed, and the other ingredients used during extraction, oils can be a bit unreliable.
This unreliability provides opportunities for CBD companies that are designed to be consistent, high quality, and can control the quality of the product they’re refining. Companies like KND Labs have built their business around these strategies, and with a wide scale demand for a supply of consistent CBD to be used in pet products. CBD quality matters. Look for providers that offer a full suite of compliance and certification processes.
What does the CBD pet product industry look like right now?
Right now the CBD pet product industry has a ton of players. Consumers have plenty of choices when it comes to what products they would like to use, and for companies that are trying to establish themselves, that can be a good thing or a bad thing. Competition can be fierce.
The key moving forward for successful companies who make CBD pet products is going to be consistency and quality. People like to know how their products are made, what the quality of the raw product is like, where the hemp came from, the method of extraction being used, and more. As a result, CBD pet product companies who take the time to be open and forthright about their products, and who can develop supply partnerships with consistent manufacturers who can guarantee stability in their extracts, will ultimately thrive in this changing and growing industry.
Are there any noteworthy companies?
There are a ton of companies that are doing extremely well in the industry. Here’s a snapshot of a few of the brands we recommend you keep your eye on:
The CBD Pet product market is expanding rapidly and evolving into new products and market trends along the way. If you are ready to bring your product to market and need some support, give our team a call.