CB D N E WS
CBD Pet Products to See Double-digit Growth
Uncle Bud’s Partners with Boxing Promoter Golden Boy Uncle Bud’s Hemp & CBD has formed a health-and-wellness partnership with U.S.-based boxing promoter Golden Boy. Debuting at a July 16 fight between Ryan Garcia and former two-time world champion Javier Fortuna, Uncle Bud’s entered the boxing community with an array of pain relief products that will help users heal and recover more quickly, the company said. The Golden Boy partnership is one of a string of collaborations that Uncle Bud’s Hemp & CBD has finalized, including alliances with NBA Hall of Famer and entrepreneur Earvin “Magic” Johnson, Grammy Award-winning recording artist Toni Braxton and NHL Blackhawks star defenseman Seth Jones. “Golden Boy has an excellent position in the boxing space, and it is an honor to partner alongside the company to highlight the importance of hemp and CBD for athletes everywhere,” said founder Bruno Schiavi. “As part of our exclusive partnership, we are excited to introduce our pain relief and recovery products to our new community of boxers and fans alike.” The connection with Uncle Bud’s Hemp & CBD and 10-time world champion and Hall of Fame boxer Oscar De La Hoya’s company, Golden Boy, will continue the brand’s mission to expand its footprint around the athletic space and advance the relationship between 100% hemp-derived CBD products and athlete wellness and recovery.
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A new report concludes that the global CBD pet products market is anticipated to see a compound annual growth rate of 12% from 2022 to 2027. During the COVID-19 pandemic, the market studied did not experience any negative consequences, the report said. In addition, there were no new entrants during the pandemic, so the existing players enjoyed the oligopoly from the growing demand for CBD pet products. “The sales were spiked due to the availability of the products on e-commerce platforms, which made it easier for pet owners to access and have products delivered to their doorsteps during the pandemic-induced lockdowns,” the report said. Yet, the unfavorable and stringent government regulations in several developing countries due to social constraints have affected the demand for CBD pet products since cannabis is considered unhealthy for pets. This can be attributed to the lack of awareness among pet owners as well. While traditional dog or cat products currently dominate the market, those targeted for equine and other domesticated animals are on the horizon. As pet and animal products are focused on treats, supplements and food additives, therapeutic CBD with antianxiety and anti-inflammation properties is expected to remain the top-selling product. “North America dominates the market,” the report said. “CBD pet supplements are primarily fueled by increasing consumer awareness about natural supplements and the current spotlight on the medical and therapeutic benefits of cannabis. Additionally, the rise in the adoption of pets and increasing demand for premium care products are a few factors that are expected to drive the market growth. Moreover, in 2018, in the United States, pet care accounted for nearly 3% of the overall revenue of the legal cannabis industry.” According to the American Pet Products Association, U.S. pet owners are estimated to have spent about $95.5 billion in 2020 on pet supplies, treatments and veterinary care. As CBD pet products are becoming more readily available and accepted, well-positioned suppliers and distributors will be able to exploit the tremendous opportunities for growth in CBD pet sales. CBD Pet Products Market - Growth, Trends, COVID19 Impact, and Forecasts (2022-2027) is available at researchandmarkets.com, a market research store.
August 2022 DRUGSTORENEWS.COM
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7/27/22 1:01 PM
