As the global pandemic negatively affects the global economy, pet CBD or cannabidiol market is no exception. Before COVID-19 hit the economy, the sales of CBD were continuously growing at a steady pace. With the support of on-going research and development strengthening the claim of how beneficial CBD to the health of humans and pets, the demand for CBD products seemed to be drastically increasing. On top of that, a lot of countries across the globe started to accept and legalized the use of CBD products contributing to the continuous success of the CBD manufacturers and retailers. However, when the global health crisis came into the picture, the CBD has been greatly affected. According to Honest Paws, one of the leading providers of CBD products for dogs, some of their retail partners closed their stores. While the retail stores experienced negative impact from the global pandemic, Honest Paws was experiencing an uptick in online sales. This allowed the company to protect its bottom line. Consumer’s behavior has changed since the pandemic, most of the consumers are buying essential products like dog food and dog supplements over dog treats and dog toys. Some retailers also believe that the market entrance of different and several brands offering canine dilated cardiomyopathy and grain free dog diets in the past few years also lead the pet CBD market down.
Despite the saddening situation for the CBD market, some experts believe that CBD products are something that is resilient and will quickly find its way back. According to David Louvet, CEO of Innovet Pet, one of the leading CBD manufacturers in the market, the health essential benefits of CBD is something that will keep the industry moving forward during these trying times. In addition, a lot of retailers are becoming flexible and starting to adapt the shifting sales online and delivery and pickup options for their customers.
Furthermore, some stores do claim that prior to COVID-19, the sales for CBD and hemp products were growing 49 percent more each month. The demand for pet supplements has been surpassed by the CBD pet products’ demand. This is through the reputable research and studies about the health benefits of CBD pet products compared to pet supplements. Studies claim that CBD pet products are way healthier and safer than traditional pet supplement. As a result, many pet owners are replacing the latter with CBD products.
Not only that, as you read this article, new products are being created and developed with strong quality and effective properties. Manufacturers of CBD products are always looking for ways on how they can create better versions of their existing products. Lastly, the CBD market is also taking actions to clear any misconceptions about CBD products. They are striving to inform the public and the market that CBD products for pets are safe to use. This is to encourage pet owners to try their products so they can experience its benefits for their dogs. For more information, you can visit my website.