Point Roberts, Washington and Delta, British Columbia--(Newsfile Corp. - August 28, 2019) - Investorideas.com, a leading investor news resource covering cannabis and pet stocks releases a snapshot reporting on the continued growth in both product development and availability in the CBD pet product market as more companies enter the space and consumer awareness and demand increase.
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In a recent news article, "In the U.S., sales of CBD products for all species are approaching US$500 million, reported David Lummis, lead pet market analyst for Packaged Facts, in a column in Pet Product News. Citing data reported by the Washington Post, he said those sales are projected to soar to as much as US$22 billion by 2024."
The article continued, "Packaged Facts' own data shows that sales of CBD products for pets specifically are only a fraction of the total, about U.S.$25 million, but growing quickly. Among U.S. pet owners surveyed by Packaged Facts, 39% of dog owners and 34% of cat owners agree they like the idea of CBD supplements for their pets. Additionally, 29% of dog and cat owners agree they would be interested in purchasing CBD supplements for their pets if they were legal."
"Through the years, the pet supplements market has benefited from the popularization and cross-over of various ingredients from the human side, such as glucosamine and omega fatty acids," says David Sprinkle, research director for Packaged Facts. "Looking back, however, it's hard to recall anything making more of a splash in both human and pet supplements than CBD."
American Premium Water Corporation (OTC Pink: HIPH) today announced that its Lynks CBD Pet Water, a joint venture with Link Reservations Inc. (OTC Pink: LRSV) is now available for sale on SingleSeed.com. The Company is launching Lynks CBD a day earlier than the previously announced date of August 29th. The CBD used in this product is hemp-derived.
American Premium Water Corporation CEO, Ryan Fishoff stated "I'm happy to announce that Lynks CBD Pet Water is now available for sale on SingleSeed.com! This product was fast tracked for development in the spring, and we were able to deliver it early! Beverages designed for pets has been an overlooked category in the pet space. There are very few pre-packaged waters designed for pets available in the marketplace, and certainly none that are infused with our proprietary Hydro Nano CBD technology. I am confident that Lynks CBD will quickly establish itself as the market leader in the pet sector. We're really excited that the Company now has a product to enter the pet market, one of the largest consumer markets in the world."
Rene Lauritsen, CEO of LinkRes Pets commented, "Today is a great day for our Company. We are excited to expand our offerings for pets and enter the pet beverage market. This product is quite revolutionary; there aren't many pet beverages on the market, and we are quite confident we will be able to grab significant market share with this product. We have received a number of inquiries from retailers looking to carry this product; I look forward to working with Ryan and his team on fully developing the distribution strategy for Lynks CBD Pet Water."
The American Pet Products Association estimates that the US pet product industry will be worth over $75 billion in 2019. The Brightfield Group projects that the CBD Pet Product Market will represent over $1.5 billion in sales, of an estimated $23 billion CBD market by 2023. Pet owners are typically more affluent, as a research report by Research and Marketing estimates that over 55% of US households own a pet, and of that group, they are more likely to be in a higher income household than non-pet owners.
According to Nielsen analysts, the US pet food and treats market in 2018 reached nearly $33 billion across various retail channels, including local pet stores, vet clinics, e-commerce sites and more. Compared to 2017 sales, this represents a five percent, or $1.5 billion, increase. The Brightfield Group recently reported that the US CBD pet product market was worth $32 million in 2018 and is estimated to grow to at least $1.16 billion by 2022.
"There are many studies providing evidence that CBD has a variety of wellness benefits for pets including improved cardiovascular function, neurological health and behavior, healthy joints and hips, and healthy skin and coats," said Medical Marijuana, Inc. CEO, Dr. Stuart Titus. "Our pet-focused products are made with the Company's Triple Lab Tested™ full-spectrum hemp oil and THC-free isolate to offer pets the same high quality that we've been providing to humans for many years."
The company also recently attended SuperZoo, the most-attended pet industry show in North America, in Las Vegas, August 20-22.
This rise in demand is bringing everyone to the market including GCH, Inc., the development company co-founded by Willie Nelson and his wife, Annie Nelson, which is adding another brand to its portfolio of popular cannabis and hemp product lines, Willie's Rescue, an array of hemp products for internal and external use in dogs, cats and horses.
"Our mission is to utilize the benefits of the hemp plant to positively impact the lives of companion animals," said Elizabeth Hogan, Vice President of Brands for GCH, Inc.
This brand also debuted at SuperZoo at the Mandalay Bay Resort in Las Vegas.
"As longtime animal advocates and pet owners, our family believes that the hemp plant has benefited our own animals," the Nelsons said in a statement. "We want you and your best friends to experience the potential benefits of hemp. That's why we created Willie's Rescue and are donating a portion of each sale to help find loving homes for animals in need."
While CBD products may remain in somewhat of a grey area legally, consumer demand is driving this industry forward with the pet segment taking up a larger and larger segment. People love their pets and it seems most pet owners want the option of quality CBD pet products, and through some companies recent developments, they're now having more and more options to choose from.
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