- SinglePoint and other leading cannabis companies are entering the promising and highly competitive CBD pet product market
- Company, via SingleSeed subsidiary, recently launched PHYTO-BITES soft CBD chews for pets – dogs, in particular – to help them deal with stress, inflammation and separation anxiety
- The CBD pet product market is expected to be one of the most rapidly growing industry sectors, expanding at a CAGR of 57 percent by 2022
The CBD market is growing constantly, across different verticals and niches that are presenting new opportunities for expansion to companies in the sector. One of the fastest growing niches is the CBD pet market, according to leading investor news resource for hemp and cannabis stocks InvestorIdeas.com. In the first installment of a two-part analysis of the CBD pet market, Investorideas.com notes that this fat expansion comes with numerous opportunities for established cannabis and CBD enterprises that are already active on the market.
SinglePoint Inc. (OTCQB: SING) is one these organizations, alongside other leading cannabis and hemp companies such as Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), Charlotte’s Web Holdings Inc. (CSE: CWEB) (OTCQX: CWBHF) and CannTrust Holdings Inc. (TSX: TRST). All of these companies have already launched or are currently developing animal health products based on CBD, mostly targeting stress and anxiety-related conditions in pets.
In January 2019, SinglePoint launched PHYTO-BITES via subsidiary SingleSeed.com. PHYTO-BITES are CBD soft chews formulated to promote health and support the reduction of separation anxiety, stress, pain and inflammation in pets – dogs, in particular. Dogs make up the largest part of the U.S. pet market, according to GrandView research, and SinglePoint plans to take advantage of the market size and penetration potential by making PHYTO-BITES one of its leading products.
“We are very excited to add this to our list of products. The pet market is a tremendous opportunity and we plan to attend and use all our contacts to promote this product at every opportunity we are presented with,” SinglePoint CEO Greg Lambrecht said in a news release.
PHYTO-BITES are manufactured and supplied by CBD Unlimited, formerly known as Endexx. CBD Unlimited and SingleSeed are working together to distribute the product online, as well as in stores across the U.S.
Several factors are contributing to the emergence of this new niche on the CBD market, Investorideas.com writes.
For a start, the regulatory framework is changing. In addition, pet owners are becoming more aware of CBD products and the health benefits they bring to the table. As a result, market analysts predict that the CBD pet product niche will become much more competitive in the near future.
Americans are known to spend a significant amount on the acquisition of pet products. As of 2018, the market volume was over $72 billion, according to the American Pet Products Association (http://ibn.fm/0IoMy).
CBD oil has already made its way into this vast industry. Various companies are manufacturing foods and supplements for pets that feature the ingredient. According to statistics, CBD oil products for pets currently represent $7 million out of the $6 billion of weed dispensary sales in California, Colorado, Washington and Oregon (http://ibn.fm/RTve1).
Reports suggest that CBD can produce a range of benefits for pets – from anxiety reduction to improving appetite, controlling allergies and addressing skin problems. CBD products are also believed to help with pain reduction in older pets suffering from arthritis.
In 2017, the sales of hemp-derived pet and animal products in the U.S. reached $13 million out of a CBD market valued at $177 million, according to New Frontier Data (http://ibn.fm/kjyMf). Market volume is expected to reach $125 million by 2022 (of a $522 million CBD market), growing at a CAGR of 57 percent. This growth rate makes the CBD pet product market one of the fastest growing niches of the hemp-derived product space.
Currently, the vast majority of CBD products address the needs of dog and cat owners. In the near future, however, more opportunities are expected to become available for equine and other domestic animals.
SinglePoint is a technology and investment company with a focus on acquiring businesses that could benefit from capital or technology integration. Its current portfolio consists of mobile payment, ancillary, cannabis services and blockchain solutions. Acquisitions in horizontal markets are allowing SinglePoint to build a rich and diversified portfolio.
For more information, visit the company’s website at www.SinglePoint.com
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