WASHINGTON, Feb. 11, 2020 /PRNewswire-PRWeb/ -- New research sponsored by RestoraPet® and conducted by BDS Analytics and Arcview Market Research projects the pet CBD market is expected to grow five percent faster than the overall CBD market over the next four years. While the overall market for CBD products will increase from $1.8 billion in 2018 to $20 billion by 2024—a 48% compound annual growth rate (CAGR)—the pet CBD market is expected to grow from $64 million in 2018 to $810 million in 2024—a 53% CAGR.
RestoraPet sponsored the research after discovering that, in six short months, the company's full spectrum hemp product containing CBD now accounted for more than 25 percent of its overall revenue—a dramatic jump up from what was previously less than 5 percent of the company's revenue, which exceeded $2.2 million in 2019. By the end of 2020, the company anticipates that its CBD product, RestoraPet Hemp, will account for at least 50% of total sales.
"These research forecasts are just staggering and help me better understand this rising interest in RestoraPet's CBD offering, RestoraPet Hemp," said RestoraPet Founder and CEO Brian Larsen. "They also tell me that we really need to be prepared to keep up with demand as the pet CBD market continues to expand at a rapid rate."
RestoraPet's breakthrough blend of all-natural pet supplements and 12 antioxidants is designed to heal cellular degeneration associated with aging. Along with Omega 3 (EPA/DHA3) and Omega 6 (linoleic acid), each bottle also contains 50 milligrams of Vitalitrol®, a proprietary carbon-based antioxidant that begins working from the first administered dose to rehabilitate and protect every cell type in a pet's body, visibly improving quality of life.
RestoraPet Hemp is the result of thousands of hours of additional research, offering proven health benefits from organic, plant-based ingredients. It helps unleash a pet's vitality, fighting discomfort and anxiety with a supplement that features full-spectrum hemp. RestoraPet Hemp is the world's only full-spectrum hemp supplement blended with a synergistic dose of Vitalitrol®, turmeric, CoQ10, and black pepper extract for maximum absorption, rapid results and total body wellness.
"RestoraPet has received countless testimonials touting the positive benefits associated with our hemp-based products," said Larsen. "As we continue pushing boundaries for pet health in the 2020s, RestoraPet expects to significantly increase the amount of CBD research we support, with the goal of helping to further legitimize hemp as a valued health solution for both pets and pet parents alike."
Research for this data was conducted within the United States by The Arcview Group using three year point of sale data, population trend estimates of companion animals in the United States, comparable market analysis, retail availability, and proprietary market research. Overall market forecasts are based on patient counts using state level medical market numbers and user-base histories, as well as population, comparable market analysis, retail availability, conditions list and estimated patient pools with qualifying conditions.
For more information, visit http://www.restorapet.com.
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About RestoraPet
Made with the perfect blend of love and science, RestoraPet® is one of the most effective lines of pet supplements ever created thanks to a remarkable, carbon-based "super antioxidant" created by RestoraPet scientists called Vitalitrol®, which begins working from the very first administered dose to rehabilitate and protect every type of cell in a pet's body. Tested and proven to restore wellness in older pets experiencing age-related decline and, proactively, to boost the health and well-being of younger pets, RestoraPet comes in beef and bacon flavors for dogs, tuna flavor for cats, and apple-carrot flavor for horses. RestoraPet also offers RestoraPet Hemp, featuring full-spectrum hemp with CBD and other cannabinoids and terpenes, which helps improve pet vitality while fighting discomfort and anxiety. First introduced in 2014, RestoraPet® products are now used by tens of thousands of pets in nearly 100 countries worldwide.
CEO Brian Larsen founded RestoraPet after dedicating his life to helping animals and their humans achieve and maintain wellness. Larsen's Siberian Husky, Bandit, suffered from arthritis and cancer before passing away, and nothing on the market at the time could alleviate his best friend's pain. Larsen, who was just a teenager at the time, focused on pet wellness from that point forward. He worked in a pharmacy and earned three science degrees, including a Bachelor of Science from the University of Maryland. Then he worked at a pharmaceutical company, where he spent nights and weekends testing all kinds of formulas before developing a laboratory in his home where he successfully created RestoraPet. He is now completing his MBA at the University of Virginia's Darden School of Business, as he continues to grow RestoraPet into the best pet supplement on the market. Learn more at http://www.restorapet.com.
About The Arcview Group
The Arcview Group is the leading investment and market research firm focused on connecting high-net-worth individuals, institutional investors and money managers with the investment opportunities, key players and indispensable insights to realize their goals in the cannabis sector. Founded in 2010 and listed recently by Forbes as one of the top five financial firms in the cannabis industry, investors in the Arcview Investor Network have invested more than $270 million in over 200 companies. Arcview Market Research has published more than 20 market reports, which forecast and analyze the rapidly evolving industry.
About BDS Analytics
Headquartered in Boulder, Colo., BDS Analytics provides businesses with comprehensive, actionable, and accurate cannabinoid market intelligence and consumer research. The company provides a holistic understanding of the cannabinoid market by producing insights from tracking and categorizing millions of individual consumer transactions, extensive and detailed consumer research and generating market-wide cannabinoid industry financial projections, all delivered through its market-leading GreenEdgeTM platform.
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SOURCE RestoraPet
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