Introduction
Cannabidiol is everywhere: CBD-infused products: food items, lotions to rub on aching joints; oils to swallow; vaginal suppositories for soothing, bath salts and so on.
CBD products have been made legal in most of the U.S states and they are easily available for use.
In 2018 Brightfield estimated that the total CBD market sat at around $591 million and is set to grow 40 times to $22 billion by 2022.
Bath salts are water-soluble, pulverized minerals that are added to water to be used for bathing. They are said to improve cleaning, enhance the enjoyment of bathing, and serve as a vehicle for cosmetic agents. Bath salts have been developed which mimic the properties of natural mineral baths or hot springs.
Epsom salt baths are useful for many reasons. Epsom salt is healing and soothing. It relaxes tired, sore muscles as well as improves nerve functions. If a dog has dry, itchy skin, an Epsom salt bath can soothe and relieve tender skin.
Table of Contents
Market Overview
The value of the CBD products for the pet-care market was $13 million in 2017 and is set to grow to $125 million by 2022.
Cannabidiol is one of the main cannabinoids extracted from hemp or from marijuana, which is primarily found in the Cannabis Sativa plant.
According to Maria Lange, VP at Nielsen, “Despite open questions around regulations, hemp-CBD is exploding in the pet space.
Key Trends
U.S. pet store sales will grow from $19.5 billion in 2018 to $22.39 billion by 2023
Global pet care market is expected to reach USD 202.6 billion by 2025
U.S. held the largest share in pet care market in 2016 due to rising animal healthcare expenditure and growing awareness of animal health in the country
Key Market Players
Some of the leading players in the CBD Bath salts for Pets market are Essential by APA, HolistaPet, Canna Pet, FOMO Bones, Pet Releaf, Joy Organics, Hemp my Pet etc. The market players are investing in promotional activities, expansion of sales outlets, listing their product on online third-party websites and are entering into strategic partnerships with prominent retailers to cater to growing demand from consumers.
Growth Drivers and Challenges
There has been a rise in the requirement for bath salts owing to the perceived benefits of cannabis for animals.
The high awareness of CBD among pet owners, and preference for natural pet care products have led to an upsurge in market growth.
The benefits of CBD based products in fixing physical and mental issues in pets are driving the market.
The increasing incidences of anxiety disorder in pets, especially in dogs is another growth propelling factor for the market, since CBD products tend to have anti-depressant properties.
Despite the opportunities, there are some challenges that remain. The presence of stringent regulations and the high cost of CBD products are some of the major factors restraining the growth of the market for cannabidiol. Moreover, the absence of legalization programs in several Asian and African countries is another key factor impeding the growth of the CBD market.