Market Research Report
Pet Medications in the U.S., 7th Edition
|Published by||Packaged Facts||Product code||1009637|
|Published||Content info||169 Pages
Delivery time: 1-2 business days
|Pet Medications in the U.S., 7th Edition|
|Published: June 1, 2021||Content info: 169 Pages||
Posting double-digit sales growth 2020-the largest single-year increase in the past decade-the pet medications market not only navigated the COVID-19 pandemic but continued to thrive, given increased focus on pet health and wellness and the surge in pet adoption and acquisition brought on by the pandemic.
Ending 2020 with $10.8 billion in sales, up nearly 13% from 2019, the pet meds market initially faced an uphill battle given the closures of vet clinics and retail stores, threats to production and supply lines, and economic hardship that could have potentially translated into reduced consumer spending on pet care. None of these factors were enough to offset the fact that pet owners-committed to their own health and wellness-were equally determined when it came to keeping their pets safe and sound, leading to above-average growth in key pet medication segments including prescription and over-the-counter parasiticides.
The veterinary sector-long the primary sales channel for pet medications-managed to exceed expectations and ended the year with higher-than-average growth by leveraging "concierge" pet drop-off/pick-up services and remote treatment options such as telemedicine. At the same time, the pandemic drove overall pet product sales further online, and pet medications were no exception, with 16% of retail sales occurring over the internet, fueled by the "right place at the right time" presence of new market components including Chewy's Rx compounding service and TractorSupplyRx, as well as the continued success of WalmartPetRx and Petco's online pharmacy.
Packaged Facts' “Pet Medications in the U.S., 7th Edition” examines these and other opportunities for growth in the pet medications market, with a primary focus on parasiticides including flea/tick and heartworm prevention, which are broken out at multiple levels including by product type, animal type, and prescribed vs. OTC. Discussion extends to market-shaping developments in areas including prescription pain management, vaccines, and cancer drugs and over-the-counter first aid products, with numerous images illustrating marketing and product trends.
New and updated market quantification provided in this edition of “Pet Medications in the U.S. ” includes:
Market prospects for pet medications remain very positive, spurred by ongoing advances in veterinary medicine, a deepening pet parent focus on pet wellness, and expanding brick-and-mortar and online options for veterinary services and pet medications.
Building on the analysis presented in the previous editions of this report, this completely updated edition of “Pet Medications in the U.S. ” covers historical and projected retail sales from 2016 through 2025, competitive strategies of key players, trends in marketing and new product development, and retail channel trends, with a particular focus on the online marketplace.
Primary research included participation and market presentations in pet and veterinary industry events including American Pet Products Association (APPA) Global Pet Expos, United Veterinary Services Association (UVSA) National Conference, KC (Kansas City) Animal Health Corridor Market Insight Seminar, North American Veterinary Community (NAVC) VMX Conferences and E-Commerce Summits; and VetHealth Global.
Featuring exclusive data from Packaged Facts' February and February/March 2021 Surveys of Pet Owners, the report details pet medications purchasing trends as well as attitudes and priorities of pet medications purchasers. The report also incorporates MRI National Consumer Study data from Fall 2020 to provide demographic profiles of pet medications purchasers.