Rockville, MD—A new report from Packaged Facts estimates that U.S. retail sales of pet treats will reach $6.7 billion by the end of 2019, up from $6.5 billion last year, according to a press release. The main drivers of the market: human-food treats and CBD.
David Sprinkle, Research Director for Packaged Facts, said in the release: “Pet treats have come a long way in the past twenty years, with the aisles of pet stores closely resembling the snack aisles of human foods at supermarkets and products positioned as better-for-your pet. Limited-ingredient products, grain-free options, and superfood ingredients are all in high demand, with innovative new product entries hitting the market on a regular basis.”
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With regards to CBD, the release says, pet owner interest centers on relieving anxiety and stress issues, but owners also view CBD as an alternative treatment for issues including pain management and allergies. Packaged Facts’ 2019 Survey of Pet Owners revealed that 11% of dog owners and 8% of cat owners have used CBD/hemp supplements or treats for their pets, in an expansion of the functional treats category.
“CBD, or cannabidiol, supplements are in high demand in human markets, credited with treating conditions ranging from anxiety to asthma,” said Sprinkle. “The use of CBD has crossed over into the pet market, with usage spiking after the passage of the most recent Farm Bill in December 2018, which took a significant step towards separating hemp and hemp-derived CBD from marijuana-based products.”
The report can be purchased here.