Global Information Inc. would like to present a new market research report,"Pet Health: Products & Services" by The Freedonia Group.
According to a new research report from The Freedonia Group, "total spending on pet health products and services is expected to advance 6.5 percent annually to $33.1 billion in 2014." Furthermore, 62% of total households will own at least one pet by the end of the forecast period bringing the total number of pets in the U.S. to be more than 200 million in 2014. In terms of retail, consumers are projected to spend approximately $11.7 billion on pet health products. Overall pet product retail sales have fared better than expected, hence proving this market "to be fairly recession-resistant". Retail sales are forecast to gain 5.2% yearly from 2009 levels. Meanwhile, pet health product demand, at the manufacturers level, is projected to increase 5.8% yearly to reach $5.5 billion in 2014.
Key points in the report:
- Surgical and non-surgical veterinary care will continue to see technology transfer from human medicine (e.g. organ transplant procedures, dialysis, and cosmetic surgery).
- Pet insurance will continue to exhibit fastest growth in demand, increasing 17% yearly through 2014.
- Percentage of insured pets and overall insurance revenues expected to double by 2014.
- Market share growth of on-line pharmacies and pet superstores will continue to surpass veterinary practices due to cost savings.
- Fastest demand gains, at the manufacturers level, will continue to be in dietary supplements, which will be fueled by increased focus on preventive health care.
©2010 by The Freedonia Group, Inc.
|US PET HEALTH: PRODUCTS & SERVICES
|% Annual Growth
|Pet Health Spending||17620||24205||33100||6.6||6.5
| || || || || ||
|Manufacturers Pet Health Products||3144||4170||5530||5.8||5.8