As more convenience stores are evaluating the CBD market, they’re questions which products they need to offer to best attract customers to the segment. Pet CBD may be an ideal product for the convenience channel to consider adding to their CBD inventory.
Pet CBD is a growing product segment expected to hit $500 million in sales in 2022, and continue climbing to $910 million by 2026, according to Brightfield Group, a consumer and market research company covering the cannabis, CBD and wellness industries.
So far, convenience store sales of pet CBD only make up a small percentage of those sales. Brightfield Group pointed out that convenience stores are expected to bring in about $1.8 million in CBD sales in 2022, and $3.4 million by 2026. But the opportunity for c-stores around CBD is growing.
Millennials Drive the Trend
One reason is that the overall pet product market is skyrocketing due to increasing consumer demand. As customers focus more on their own health and wellness, they’re also looking to boost the health and wellness of their four-legged companions. Pet owners are turning to the CBD category as they look to help calm anxious pets, or help a cat or dog manage pain.
Packaged Fact’s “U.S. Pet Market Outlook 2022-23,” reported that the U.S. pet industry soared 14% in 2021 to $123 billion, and a “heightened focus on pet health and wellness…” was among the major trends driving the sales boost.
The trends are being driven by Millennials and Gen Z. A 2020 YPulse survey found 76% of 20- to 34-year-olds have a pet, and 42% said they think of their pets as their kids. What’s more 49% said pampering their pet makes them happy. And 19% told YPulse that they’re buying supplements/vitamins for their furry friends.
They’re also taking their furry family members with them on road trips in increasing numbers.
A 2021 survey by Motel6 found more than half (54%) of cat and dog owners planned to travel with their pet in the next year, and 39% of those taking a trip are planning a road trip.
A lot of those road tripping pet owners are going to be stopping into convenience stores as they travel to their destinations. Many pet owners turn to CBD to help furry companions deal with anxiety on the road, making c-stores an ideal stop for CBD products.
C-stores offering CBD for pets can also benefit from local sales, but first customers need to know the products are available.
If a c-store is entering the CBD category, it’s important to feature a range of products, so customers can see your store as a destination for their CBD needs.
