The 8oz tin of cream (NZD$42) is now Amazon's best-selling wound ointment and the 1oz tin (NZD$10) the best-selling lipstick primer.
So where did Bag Balm come from? Developed in Vermont, in north-east America, it first went on sale in 1899. The story goes that farmers discovered that the salve not only worked a treat to soften milking cows' udders and prevent them from becoming sore, but also left their own hands soft, even during the winter months when skin was particularly prone to chapping.
In 1937, the ointment had further endorsement from Admiral Byrd, an explorer who took some on an expedition to the North Pole and claimed that the balm helped in the harsh climate. Since then, it's become something of an icon in the U.S.
After 9/11, it was used to soothe the paws of dogs who searched the rubble of the Twin Towers, it's been included in care packages sent to troops in Iraq and Afghanistan, and celebrities from Oprah Winfrey to Shania Twain swear by it.
So does it merit the hype?
Dr Sam Bunting, a cosmetic dermatologist based in London's Harley Street, says: 'Bag Balm is a very simple formulation. Think of it as souped-up Vaseline.
'It contains petrolatum [paraffin jelly, which is exactly what Vaseline is made of] and lanolin [a waxy substance extracted from sheep's wool, often found in lip balms], which act as effective barriers to both water and air, so lock moisture into skin.
"In addition, it contains 8-hydroxyquinoline sulfate, which is an antiseptic that helps discourage both bacterial and fungal infections."
Internet forums are full of claims that Bag Balm works wonders on wrinkles - not to mention easing nappy rash, preventing chafing on long cycle rides, strengthening nails, and even making your hair glossier.
But having tried it, I can't imagine it becoming a part of my daily beauty routine. It looks like the sort of thing you'd use to grease a rusty bit of machinery and smells medicinal - a bit like Vicks VapoRub. While it made for a good lip balm, it also made my lips tingle a bit.
If my hands were really dry, I might slap it on overnight, and I can definitely see myself using it on cracked heels, maybe before bed, with a pair of socks on top. But on my face? It feels like I'm smearing on lard, leaves my skin shiny and I can almost feel the spots forming as I clog my pores.
Dr Bunting admits she probably won't be recommending it to her patients as an everyday moisturiser. "The formulation is useful to encourage healing of small abrasions and irritations," she says. "I'd imagine, however, that for most it wouldn't be elegant enough for regular facial use."
But Bag Balm isn't the only beauty secret originally intended for our four-legged friends. The cult moisturiser Eight Hour Cream (also based on petrolatum and lanolin) was created in 1930 by Elizabeth Arden and used on her horses.
And, in recent years, beauty aficionados have raved about Mane'n'Tail, a shampoo and conditioner created to keep ponies' manes and tails shiny and glossy. The brand got so much attention it's now stocked in Boots for £5.99.
But it doesn't stop there. A quick survey of friends and internet forums reveals more of us than you might imagine are taking tips from Fido and friends.
Top perfumer Lawrence Roullier White, whose South London shop stocks a range of luxury grooming products for animals, isn't surprised.
He points out that, as with those developed for babies, creams intended for animals have to be extremely gentle and hypoallergenic. It stands to reason they are less likely to cause irritation for adults, too. "Many of the formulas don't contain any alcohol or known allergens," he says. "So for people with sensitive skins, they can be a more healthy alternative than almost all traditional human products."
And why not try these weird beauty secrets too ...
Eau de ... pet
You might be surprised to hear that pet perfume even exists. Paw Elle is, says Lawrence Roullier White, "a really lovely woody floral fragrance". Apparently he has customers who initially bought it for their pets, got it on their skin and loved it. "One customer says she has never received so many compliments on a perfume."
Perfect pout
If you're not a dog owner, you might not know that dogs can get cracked, dry noses. The answer? A fragrance-free emollient, which also works on human lips.
Model Helena Christensen is apparently a fan, using it on her son's lips during harsh winters, as well as dry spots on her own face and body.
Best brush
"Most dog-show folk use their dog's grooming equipment on themselves. We spend a fortune on brushes so why not use them?" asks a dog show devotee, who happily does just that. When the sought-after Mason Pearson pure bristle brush costs £119 and the Bass bristle and pin equivalent is £15 - with little difference between them - you can understand why.
Neat nails
While equine care brand Mane'n'Tail first captured the public attention via their haircare products, horse-lovers say Hoofmaker, designed to moisturise dry, cracked and brittle horses' hooves, is an absolute whizz at improving human nails.
Healing hands
Like Bag Balm, but with a slightly different antiseptic ingredient, this is a thick emollient cream that will help treat any cracks in the skin as well as creating a protective barrier.
As effective on hands as on cows' udders, says one fan, who claims it's the "thickest, best" hand cream she's ever used.
Luscious locks
Apparently the water-free, alcohol-free insider's secret for detangling equine manes and tails also works on shaggy dogs - and knotty human hair. The manufacturers claim it "instantly detangles and deep conditions" as you rub it into "wet or dry hair" and "repels dirt, dust and sand, resulting in a shine that lasts longer".
Wonders for wounds
Sold as an antiseptic wound powder for use on "minor cuts, wounds, bites, scratches and saddle sores on horses" this can also be used on dogs and cats and, according to some, helps human cuts, grazes and skin problems to "heal beautifully".
- Daily Mail