21st century catnip: The rise of CBD for pets

What you need to know: Pet supplements have risen in popularity because of the increase in pet ownership and humanization of pets. The $636m supplement market is expected to grow at a 5% rate, and CBD is leading the way. CBD sales are expected to increase at a 57% CAGR. 

How you can capitalize: 

  • Make a product backed by trials and testing. One industry expert believes 90% of current companies selling pet CBD are looking for quick profits. 
  • Gamble on making pet food with CBD. For now, CBD is restricted to pet supplements. Experts believe it will eventually be allowed in food and dog treats, creating a wider market.