The new products are made with the same hemp extracts used in the company’s best-selling CBD products, and are available in 250 mg and 500 mg formats with pet-friendly flavors, including beef, chicken, peanut butter, and salmon, as well as an unflavored option. PlusCBD Pet will be commercially available in its more than 6,200 natural and online retail channels, with plans to expand into the pet specialty channel and food, drug, and mass retail channel.
According to CV Sciences, the U.S. Pet CBD market grew more than tenfold from 2018-2019, producing $321 million in sales, with a projection that it will reach $563 million by the end of 2020. Growth is being driven by pet owners looking for natural alternatives for pets’ medical ailments, including anxiety, pain, or other serious conditions that have not responded well to other treatments, the company said based on data from market research company the Brightfield Group. Further, it is expected to make up a $1.7 billion market by the end of 2025.
“PlusCBD Pet provides us with an exciting opportunity to leverage our brand equity and retail distribution channels to participate in the growing pet CBD market,” Joseph Dowling, CEO of CV Sciences, said. “We believe that pet CBD category will continue to grow as more research demonstrates the health benefits of CBD for dogs and cats. Our employees have supplemented their pets with our human PlusCBD products for years, now we are pleased to have an opportunity to help all pet parents love their pets with our soothing PlusCBD Pet products formulated specifically for animals.”