Why the Market for Pet CBD Supplements and Treats is Booming
CBD has gone from fringe to mainstream in record time — and treating pets with CBD is the latest trend. So what does this mean for pet care marketing? Step into any CVS or local convenience store and you’re likely to be surrounded by CBD-infused products. In a very short period of time, CBD supplementation has gone from a fringe concern to a full-fledged health and wellness phenomenon. Rapid growth in CBD use isn’t strictly driven by human consumption, however; many pet owners are also dosing their animals — something with profound implications for brands engaged in pet care marketing. Let’s take a closer look at CBD’s benefits, the reasons for its newfound prominence and the impact it’s having on the pet care industry. CBD 101 For the uninitiated, CBD is a non-psychoactive compound derived from the hemp plant. While CBD is a chemical component of cannabis (one of hundreds), it does not have an intoxicating effect. It does appear, however, to have health benefits. Research has shown that CBD can have a positive effect on anxiety, depression, insomnia and certain forms of pain. CBD is commonly administered in oils and gummies and can be taken orally or through the skin. Why is CBD exploding in popularity? In a word: Legality. The 2018 Farm Bill legalized the sale of CBD products across the U.S., allowing them to be widely sold in retail and online settings. Prior to this, CBD products existed in a legal and regulatory gray market. This gray market status acted as a brake on CBD growth. While there are local jurisdictions that still have regulations governing CBD, production and sale of the compound is fully legal under federal jurisdiction. This has given CBD brands and large retailers the confidence to market these products vigorously — and they’ve found a highly receptive market. Many people are seeking natural, non-pharmaceutical treatments for anxiety, insomnia and other issues, both for themselves and for their pets. Why has CBD captured the fancy of pet owners? CBD-infused pet supplements and treats represent one of the fastest-growing segments of the pet care market. CBD pet products are projected to have a compound annual growth rate of 57% over the next five years. The reason for this is simple: Anxiety, pain and inflammation are all widespread, chronic conditions for household pets. Roughly 20% to 40% of dogs presented to veterinary behavioral specialists are diagnosed with anxiety. Meanwhile, virtually all pets struggle with inflammation and pain during their final stage of life. Many pet owners are seeking an alternative to vet-prescribed pharmaceuticals. Additionally, vet care isn’t always accessible to pet owners. CBD pet products are filling this niche — and experiencing extraordinary growth in the process. What does this mean for pet care marketing? Grain-free dog food and CBD pet supplements and treats are the two trends responsible driving much of the new growth within the pet care sector. As such, both have the attention of pet care brands and pet care marketing agencies. Marketers would do well to consider the common thread between grain-free dog food and CBD treats: Both product categories offer something new and ostensibly better for pets. Today’s pet owners consider themselves to be more like “pet parents,” and they are willing to do whatever they can to give their furry children the best experiences and products possible. This attitude should be top of mind not only when marketers are creating ad messages, but also when engaged in package design, identity and other branding elements. Finding the right pet care marketing agency You can’t teach an old dog new tricks — so why bother waiting for your existing marketing agency to modernize its approach to pet marketing? At BIGEYE, we’re pet marketing experts. Whether you need brand naming services, SEO expertise or any one of our full suite of marketing services, we’ll help you create the kind of work that makes audiences sit up and beg for more information.
Pet Food Marketing: Why Millennials Shouldn’t Be The Sole Focus
Millennials are a natural audience for pet food marketing — but they shouldn’t be your sole focus. Let’s find out why casting a wider net is the smarter play. We get it — millennials are the cat’s pajamas. They represent a huge generation with a lot of buying power. Thousands of bloggers have written millions of think pieces examining why millennials are such a critical audience. And — even better — they’re huge pet lovers. So why are we going to tell you to cast your gaze elsewhere when creating your next pet food marketing campaign? Let’s find out. Why millennials should not be your sole marketing focus Millennials are the largest generation in the U.S. They own pets at a higher rate than Baby Boomers. Millennials treat their pets as proxy children, showering them with attention and expensive products. A pet food marketing practitioner’s dream, right? Sure — but that dream can quickly turn nightmarish if you develop tunnel vision. Millennials may check all the boxes in terms of a pet marketing audience, but let’s consider a few other facts: 65% of pet owners in the U.S. are not millennials. The average millennial has a net worth of just $8,000. The median net worth for Baby Boomers is $360,000. Gen X has a median annual income that’s 250% higher than millennials. Baby Boomers spend $548 billion on products annually, $200 million more than Gen X, the next closest cohort. Baby Boomers are responsible for 70% of all disposable income in the US. Millennials aren’t looking quite so dreamy now, are they? They love animals — there’s no doubt about that. Yet they pale in comparison to older buyers in terms of raw spending power. Though they haven’t been the subject of countless marketing think pieces, older Americans still control consumer spending in almost every category, including pets. That’s the financial case for diversifying your marketing approach. Yet there’s also a cultural case — and it runs in the opposite direction. Don’t overlook Gen Z…and tailor your messages to the appropriate market The same financial arguments that apply to Millennials apply doubly to Gen Z, whose vanguard are just now reaching their early 20s. Yet brands would be foolish to overlook them: They are another massive cohort with equally massive devotion to their pets. Gen Z pet ownership numbers are expected to eventually exceed those of millennials, who are already the top generation in terms of ownership percentage. Fortunately, there is lots of overlap between the two groups in terms of how they view pets. Both humanize their animals and both are willing to pay more to furnish them with the best products and experiences. However, there are some differences as well. Gen Z members are more skeptical in terms of branding messages and less likely to believe claims that products are special because they are organic or all natural. They tend to dislike overly curated branding and favor a more direct and unmediated approach, and this particularly applies to brand identity. Brands engaged in pet food marketing should also consider the desires and priorities of older buyers. Baby Boomers preceded the pet humanization trend; as such, they are more likely to have conventional notions about pet food and pet care. Older buyers are also receptive to marketing messages that emphasize how pet products will help make their own lives easier. The demands of keeping a pet are often much harder on older consumers, so it’s important that brands consider that angle of the pet ownership experience when marketing products. Finding the right pet marketing agency A smart, forward-thinking marketing agency understands the value of audience analysis. If you’re pitching to one segment to the exclusion of another, you’re hurting your bottom line. At BIGEYE, we can help you create a comprehensive pet food marketing campaign that speaks to all audiences.