$9 Billion U.S. Pet Medications Market Among Strongest Growth Segments in Petcare Industry, says Packaged Facts

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Sep 05, 2017, 12:09 ET

ROCKVILLE, Md., Sept. 5, 2017 /PRNewswire/ -- U.S. retail sales of pet medications will increase more than 10% over 2016, with sales projected to approach $9 billion by the end of 2017, reveals market research firm Packaged Facts in the new report Pet Medications in the U.S., 5th Edition. The estimate includes sales through veterinarians, brick-and-mortar stores, and online retailers.

Packaged Facts research shows that the notable gains in 2017 follow a strong 2016, when pet medication sales rose 8% from 2015 sales levels. The strong two-year increase reflects several blockbuster product introductions in the veterinary channel in the last couple of years, particularly Zoetis' APOQUEL and Simparica, Merial's NexGard, and Merck's Bravecto, as well as weather conditions that have been favorable to parasites and thus to parasiticides. The veterinary channel also continues to show strong growth, with same-store sales showing yearly increases. Overall pet medication sales growth continues to be affected negatively by cheaper options for consumers (e.g., competition among Frontline Plus and its various knockoffs), particularly as they are sold in brick-and-mortar and online channels, where margins are lower. However, the strong pipeline of patented prescription drugs is keeping this price erosion at bay.

Looking ahead, Packaged Facts believes that pet medications will be one of the highest growth areas of the petcare industry during the next decade, as animal health companies develop new blockbusters that are still on patent—and thus somewhat resistant to price competition. With new products, the veterinary channel will continue to be critical to the industry, as animal health companies understand that the veterinarian will continue to hold considerable sway over pet owner decisions, especially for products that require a prescription. At the same time, as more ethical and prescription products migrate to OTC, there's no denying that e-commerce and brick-and-mortar stores alike will make pet medications a dynamic market in which to do business.

About The Report

In this fifth edition, Pet Medications in the U.S. analyzes the market for prescription and over-the-counter medications for dogs and cats, with a particular focus on brand-name products used by consumers. These include prescription, over-the-counter (OTC or "retail"), and ethical products (nonprescription medications whose distribution is restricted by the manufacturer to veterinarians). The primary focus of this report is on antiparasitics (flea, tick, heartworm, etc.), but it also covers market-shaping developments in other areas including cancer, cognitive dysfunction, mood disorder, pain management, and obesity/diabetes.

The report provides in-depth coverage of competitive trends, new product trends and marketing activity, and draws on insights from other reports in Packaged Facts' extensive Pet Market Collection. Data provided include historical and projected market revenues, along with demographics and psychographics of pet med purchasers, based on data from sources including Simmons and Packaged Facts' proprietary national pet owner surveys.

View additional information about Pet Medications in the U.S., 5th Edition, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/Pet-Medications-Edition-11058305/.

More Packaged Facts reports on pet products and services are available for purchase at: https://www.packagedfacts.com/pet-products-services-c124/.

About Packaged Facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services.

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SOURCE Packaged Facts