New data from BDS Analytics and Arcview Market Research predicts that the pet cannabidiol (CBD) market will grow five percent faster than the overall CBD market in the next four years.
RestoraPet sponsored the research after it discovered that its full-spectrum hemp CBD product accounted for more than 25 percent of the company’s overall revenue.
The product had previously comprised less than five percent of RestoraPet’s 2019 revenue, which exceeded $2.2 million by the end of the year.
The company expects that its RestoraPet Hemp product, which the company says was developed through thousands of hours of research, will account for 50 percent of total sales by the end of 2020.
RestoraPet founder and CEO Brian Larsen says that the research forecasts are staggering, but help him understand the rising interest in RestoraPet’s hemp CBD offering and realize the importance of being prepared to keep up with demand as the market continues to rapidly expand.
“RestoraPet has received countless testimonials touting the positive benefits associated with our hemp-based products,” says Larsen. “As we continue pushing boundaries for pet health in the 2020s, RestoraPet expects to significantly increase the amount of CBD research we support, with the goal of helping to further legitimize hemp as a valued health solution for both pets and pet parents alike.”
The research from the Arcview Group was conducted in the United States using three-year point of sale data, population trend estimates of companion animals in the U.S., comparable market analysis, retail availability, and proprietary market research.
In addition to population, comparable market analysis, retail availability, conditions lists, and estimated patient pools, the overall market forecasts are based on patient counts using state-level medical market numbers and user-base histories.