The demand for CBD products has reached new heights. This is about the whole CBD market in the U.S., including the pet CBD space. The period from 2015 to 2020 witnessed a compound annual growth rate (CAGR) of 7% in the pet supplements market. What about CBD merchant accounts? Where can you get them with ease?
Pet CBD Market in the U.S: CBD Merchant Accounts
Did you know that CBD products have traditionally been meant for dogs? Today, the number of products marketed not only to dogs is growing and encompassing cats, rabbits, fish, birds, and horses.
Pet owners can find more than one CBD product on the market these days. These include not only treats, but also capsules, mixing powders, shampoos, and other products as well. Currently, consumers are more often purchasing immunity, anxiety and overall wellness products, and this is driven by the health-related crisis that emerged a year ago.
If you’re a merchant looking for reliable and low cost CBD merchant accounts, you’d better turn to an expert payment-processor comparison company. This is the fastest and the most reliable way to get access to the merchant processing services you need for your eCommerce business. Choose a comparison specialist that’s focused on providing the most honest review of processors at the time of writing.
Pet CBD Products Sales on the Rise
The sales of pet CBD products are projected to account for $629 million this year. That number was $426 million in 2020. By 2025, the sales are anticipated to reach $1.1 billion. The sales in CBD products rose by 21% last year, thus making up almost $800 million, as Packaged Facts reported. Such growth was also conditioned by the flood into the CBD supplements market.
Apart from the growth factors mentioned above, people are now more often sharing knowledge and discussions about the positive effects of pet CBD products. All this comes coupled with the innovative solutions offered by CBD companies.
So, the sales in the CBD market are rising. $426 million was spent on pet CBD products last year. This year, the amount is estimated to make up $629 million.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of CBD merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.