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Pet Medications in the US, 8th Edition
Packaged Facts - 5/19/2023 - 179 Pages - ID: LA17954865
URL: https://www.freedoniagroup.com/packaged-facts/pet-medications-in-the-us

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For more than a year, the US has seen unrelenting inflation across all consumer packaged goods categories, and pet owners have not been spared. During 2022, the Consumer Price Index (CPI) was up 9.2% for pets/pet products, according to the US Bureau of Labor Statistics (BLS). For the pet medications market, 2020 and 2021 were boom years, but the market’s lackluster 3.7% growth during 2022 is actually indicative of unit sales losses stemming from higher prices, fewer veterinary visits, and a declining dog population. Also crimping dollar sales growth is the entry of less expensive generic options into the market upon patent expiration, particularly as these generic versions infiltrate brick-and-mortar and online channels, where margins are lower.

At the same time, a strong pipeline of patented prescription drugs is helping to keep dollar sales growing. The pet medications market surpasses $12 billion for the first time in 2022, and Packaged Facts expects growth to continue at a modest but steady pace through 2027. Pet health remains the foremost market driver, bolstered by the pandemic and the intensified human/animal bond. Also working in the market’s favor is more convenient access to prescription pet medications available online, with Chewy.com, WalmartPetRx.com, Petco.com, and PetSmart.com all diving in headfirst. Pet medications marketers continue to invest heavily in research, incorporating promising developments in human health to bring new treatment options to ailing pets.

Packaged Facts’ Pet Medications in the U.S., 8th Edition examines these and other opportunities for market growth, 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 other market-shaping developments, with numerous images illustrating marketing and product trends.

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Report Overview

In the wake of COVID-19, pet ownership rates in the U.S. have plateaued. The percentage of U.S. households owning pets slipped slightly from 54% in 2018 to 52% in 2022, for a current total of 68 million pet-owning households.

There is no debate over a pandemic-fueled spike in pet care spending in recent years, and a pet adoption bump did occur in response to the sudden stay-at-home/work-from-home dynamics of the COVID-19 era. Nonetheless, as detailed in this report from pet market research leader, Packaged Facts, the peak years of pet population gains occurred in the middle of the past decade, rather than post-COVID in the early 2020s.

https://www.freedoniagroup.com/packaged-facts/pet-population-and-ownership-trends-in-the-u-s-,-6th-edition