Veterinary Consolidation Reshapes Pet Market Competition

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May 31, 2018, 09:09 ET

ROCKVILLE, Md., May 31, 2018 /PRNewswire/ -- Due to growing competition for flea/tick medication sales from online retailers, the aging demographics of the veterinarian profession, the heavy debt load of recent veterinary school graduates, and the money being offered by consolidators, the veterinarian industry is being transformed, as reported in Packaged Facts' new Pet Industry Outlook: Veterinary Services and Pet Product Retailing. Veterinary consolidation, and the larger ecommerce trends that in large part are fueling it, tie in to significant changes in the pet industry overall, including channel choices for pet product shopping.

"It's all about customer loyalty," says David Sprinkle, research director for Packaged Facts. "As choices increase, and customers can get their veterinary services and pet products in many places, customer loyalty spanning in-store and online will be key to retaining business and driving growth across the pet market."

Consolidation brings increased purchasing power and cost savings to chain veterinary practices, including those under the expanding veterinary umbrella of Mars Inc., and those associated with pet superstores. The main challenge for independent practices is to establish their personalized service differentiation from the growing field of chain veterinarians. "Pet parenting" attitudes, expectations, and spending patterns, along with the large population of senior pet dogs and cats in the U.S., are creating increased demand for a wider range veterinary services and petcare guidance, so the veterinary industry isn't simply facing a zero-sum game.

About the Report

As reported in Pet Industry Outlook: Veterinary Services and Pet Product Retailing, veterinary services represent the second-largest segment of the pet industry (following pet food), growing over 6% in 2017 to reach $26.9 billion.

The report forecasts market growth for veterinary services in the overall context of pet food and non-food products and non-medical pet services. The analysis provided tracks the diversifying ways pet owners can access veterinary services, the impact pet superstores and online retailers have on veterinary channel trends, new and upcoming products shaping veterinary care services and revenues, the impact of "pet parents" and Millennial pet owners on market trends, the effects of pet population and health trends on the veterinary practices, and the trump card of veterinarian influence on pet owners, pet product purchases, and pet health and wellness.

This detailed report contains numerous tables and charts with new 2018 market and consumer survey data exclusive to Packaged Facts, as well market and marketing images across key competitive topics.

View additional information about Pet Industry Outlook: Veterinary Services and Pet Product Retailing including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: 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