Market Research Report
Pet Medications in the U.S., 6th Edition
|Published by||Packaged Facts||Product code||217051|
|Published||Content info||171 Pages
Delivery time: 1-2 business days
|Pet Medications in the U.S., 6th Edition|
|Published: July 31, 2019||Content info: 171 Pages||
With their 2019 entry into the prescription pet medications space, Chewy.com and Walmart's new WalmartPetRx.com promise to stimulate the market as the two online behemoths compete for share-and all the more so now that Petco is also setting its sights on a larger piece of the prescription pet medications pie by teaming up with Express Scripts. In addition to its online platform, Walmart is also planning to stock its 4,500+ in-store pharmacies with the 30 most requested pet medications, meaning pet owners shopping in store will be able to pick up their pet's prescription medications while doing their weekly grocery run. At the same time, in their struggle to remain viable in the face of the e-commerce onslaught, brick-and-mortar retailers are ramping up petcare services including veterinary, with Petco adding Thrive in-store clinics and PetCoach freestanding clinics, and with Walmart partnering with PetIQ to open vet clinics at up to 1,000 stores by the end of 2023. Vet services are also expanding online, with app- and cloud-based technologies increasingly connecting pet owners with veterinarians online and in person, and representing new opportunities for marketers of pet medications to partner with vet service providers. For pet medications, the upshot of the heightened retail and veterinary competition is wider exposure and availability, and likely also a sharpening focus on more affordable generics as the market increasingly mimics healthcare trends on the human side.
These competitive trends build on an already strong market growth trajectory for pet medications, which have been following in the footsteps of myriad human markets for many years, including with an unrelenting focus on health and wellness. A concomitant contributor is the “pets as family” trend, with today's pet owners more willing than ever to spend whatever it takes to keeps their pets healthy and happy, including for pet medications offering preventive benefits, such as flea/tick and heartworm medications, and those targeting specific health conditions, from pain to diabetes to cancer. Consumers in the Millennial demographic especially are committed to doing everything in their power to make sure their pets enjoy long, healthy lives, and they consider pet medications and veterinary care to be essential to good pet parenting. Packaged Facts proprietary survey data show that, among dog and cat owners who had been to the veterinarian for their pets in the past 12 months, 78% of dog owners and 62% of cat owners purchased pet medications, with 63% of dog owners and 60% of cat owners spending more than $100.
Packaged Facts' ‘Pet Medications in the U.S., 6th 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. Coverage also extends to market-shaping developments in areas including anxiety, pain management, cancer, cognitive dysfunction, and obesity/diabetes, with numerous images illustrating marketing and product trends. Overall, the pet medications future looks bright. With sales reaching $9 billion in 2018, up 8.5% from the previous year, the market is expected to handily surpass overall pet market growth for the foreseeable future, spurred by a continued intensive focus on pet wellness, ongoing advances in veterinary medicine, and online and brick-and-mortar expansion of pet medication and veterinary service availability and options.
Building on the analysis presented in the previous editions of this report, this completely updated sixth edition of Pet Medications in the U.S. covers historical and projected retail sales from 2014 through 2022, competitive strategies of key players, trends in new product development, and retail channel trends, with a particular focus on the online marketplace. Featuring exclusive data from Packaged Facts' February/March and April 2019 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 Simmons consumer survey data to present comprehensive demographic profiles of pet medications purchasers.