This month we've talked a lot about the compound CBD.
Though, it's been pretty hard not to. The compound – cannabidiol – has been accepted far and wide by an array of industries. And this isn't just because of mere hype. One of the main reasons CBD has popularized is because within each of us, we have an ECS or endo-cannabinoid system.
In essence, our ECS is an internal system of receptors which are responsible for regulating many things within us. From our mood to our memory, our appetite and our ability to feel pain, a lot of these experiences are shaped by our ECS.
Though as the name suggests, our endo-cannabinoid system is highly receptive to cannabidiol. When we consume CBD, it yields certain positive effects because of this interaction between the compound and our bodies own receptors.
Seems like magic, huh?
Well, don't feel too special.
It isn't just humans that have an ECS. In fact, almost every animal has one.
And because of this fact, companies which specialize in CBD-based products are now coming out with pet ranges in order to cater to this new furry market.
While we did say that almost every animal has an ECS, humans don't hang out with most animals.
In fact, humans tend to have one of three animals as a pet; a cat, dog or fish.
And when it comes to spending, (sorry fish) but cats and dogs are the front runners.
As you can see, each year pet owners will spend roughly $1.2k – $1.3k on their furry friends.
In the US alone, pet supplements and nutraceutical treats are growing at 3-5% per annum, with the total market at $1.6 billion in 2017. And the growth seems unstoppable with many products vaialable in market for our furry friends, such as MyPetNeedsThat to give just one example.
And as CBD snowballs in popularity among humans, our beloved pets are getting a taste too.
Ruff Times – How CBD Can Help Pets
Dogs are a man's best friend. And cats are…well, people care about cats too.
Although our pet's lives are usually pretty cushy, they can have their down times too. According to a report in the U.S. Pet Market Outlook 2019-2020, roughly 85 percent of dog owners and over a third of cat owners report that their pet experiences anxiety.
If you've ever heard an anxious dog at night time, chances are it kept you up at night. The truth is, cats and dogs face many of the same ailments that humans do, which is why we're now seeing an overlap in the use of CBD for pets and humans for similar symptoms.
Anxiety, arthritis, epilepsy, digestive issues, chronic pain, lack of appetite and even the side effects of cancer treatment are all said to be helped by CBD use.
While there are alternatives such as opioids or NSAIDs (Non-Steroidal Anti-Inflammatory Drugs,) they can come with undesirable side effects like addiction and an eventual tolerance to the drug, forcing owners to up the dosage as time goes on.
Conversely, a study performed on mice by the World Health Organisation showed that no tolerance to CBD developed after two weeks of daily CBD use.
The Bark Side of The Moon – The CBD Market
Sales of CBD pet products went from $8 million to $32 million in 2017 alone. Brightfield Group also pegged the CBD pet market as having the potential to reach $1.16 billion in the U.S. by 2022.
The hype and testimonials surrounding CBD-based scooby snacks is growing louder, and companies are hearing it. As a result we're seeing companies enter the pet-based CBD space at a phenomenal rate, making pet supplements one of the primary uses for CBD.
Advocates like Martha Stewart have partnered with Canopy Growth to bring out CBD-based pet treats.
"I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living. I'm especially looking forward to our first collaboration together, which will offer sensible products for people's beloved pets."
– Businesswoman and TV personality, Martha Stewart
Creso Pharma (ASX:CPH) signed off on a deal last November with the European pharmaceutical giant Virbac to begin distributing hemp-CBD based pet treats throughout Europe. BlueBird Botanicals also have their own 'Companion' range, which are hemp-based CBD products in the form of oils and capsules.
Charlotte's Web (CNSX: CWEB)—one of the leading players in the CBD space in terms of market share and brand awareness—has also come out with a range of cannabinoid treats for canines.
As the wellness industry grows and the general focus upon health continues, it's only natural that people start to also consider their pets.
And as CBD gains prominence within the wellness space, many pet owners are wondering if their dog or cat can experience similar benefits to what they've felt from using CBD products.
"CBD-infused pet products are on pace to quickly go from niche to norm, spurred in part by the humanization trend and pet parents' desire to see their fur babies live calm, comfortable lives. Already, numerous companies are involved in creating CBD products for pets. With the current trajectory, various industry experts confidently anticipate the number of active participants in the segment to double next year."
– David Sprinkle, Research Director and Publisher at Packaged Facts.
A Paw-sitive Future For CBD
Because of the speed with which CBD has flooded the market, much of the research behind the compounds use on animals has yet to be done. Though as we've mentioned, the lack of research isn't halting the number of companies emerging that swear by the benefits of CBD.
CBD is quickly becoming a keyword in the pet supplement industry, so much so that the CEO of Packaged Facts – a leading market research publisher for the food and beverage industry – believes that the CBD pet market will double in the next year.
Unless negative results come out from a test on pets using CBD, we can't see much stopping the compound from a household name when it comes to helping pets.
Until then, the real research comes from firsthand experience. If you're in a state that sells CBD pet snacks, speak to your local vet to find out if they're right for your furry friends.
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