The pet supplements sales is to continue to grown to $800 million in 2023, predict Packaged Facts.
Packaged Facts survey data also show that dog and cat owners already using CBD supplements are more likely than dog and cat owners overall to agree that marijuana should be legal, as are dog and cat owners who express an interest in purchasing CBD supplements in the future. Among pet owners, 39% of dog owners and 34% of cat owners agree that they like the idea of CBD supplements for their pets.
Sales of other types of pet supplements are also chugging along, with joint care products and supplements treating other age-related conditions remaining the most popular. Additional findings from Packaged Facts' February/March 2019 and April 2019 pet owners surveys show that:
• 29% of dog owners and 17% of cat owners purchased pet supplements in the previous 12 months.
• PetSmart and Petco have the highest pet supplement
purchase rates of brick-and-mortar outlets, ranging from 31% to 38% among pet supplement purchasers, with Walmart at 28% of dog and cat owners.
• 87% of dog owners and 86% of cat owners who purchase pet supplements use human supplements, compared to 67% of adults overall.
Based on the tremendous prospects and "halo effect" of CBD, the overall pet market focus on health and wellness, and the robust "pets as family" trend—Packaged Facts expects pet supplement sales to continue along a steady growth path, posting annual gains averaging 5% in the coming years, lifting U.S. retail sales above $800 million in 2023.
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