Family Pets Mellowing Out In The $1.6 Billion CBD Market
By Fredrick Lee
CBD pet market is expected to reach more than $1.6 billion of sales
African-American pet owners spent $130 million on their pets in 2017
The CBD market is taking off and it’s not just people looking to relax, they are letting their pets in on it as well. Black pet owners are willing to pay up to $50 to feed their pets and that love affair has helped grow the pet industry into a multibillion dollar market in the U.S. Just how lucrative will CBD-based products become for the industry as owners deal with their pets’ health?
Why This Matters: African-Americans love their pets and will make sure to take care of their furry family members so that they can be equally mellowed out. Cannabidiol (CBD) is typically used for pain management and recovery, since it’s the substance in marijuana that gives therapeutic benefits without the “high.” According to Brightfield Group, the CBD U.S. market could be worth almost $24 billion by 2023. Specifically, the pet market could represent 7%, or more than $1.6 billion in potential sales of CBD products.
A 2017 survey by Branded Research found African-Americans spent $130 million on their pets on things like supplies, clothes, and healthcare. For pet owners, healthcare is a serious concern as their pets experience pain, anxiety, and seizures. Many owners are becoming hesitant to use traditional medicines on their pets and see CBD-based products as a safer alternative. The CBD industry is paying attention to this concern by producing more products such as CBD oils for pets.
Situational Awareness: African-Americans possess $1.3 trillion in spending power and they’re probably willing to spend some of that money money to care for their pets. Like people, pets have health issues and owners want the best care and products to help their furry members. It’s important to note, there are questions about the benefits, effects, and the legality of CBD. Better knowledge and understanding about CBD can help the industry as it expands into the pet industry.
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