Pet Meds Projected as High Growth Area for Pet Retail
According to a recent Rockville, Md.-based Packaged Facts report, U.S. retail sales of pet medications is expected to reach $7 billion by the end of this year, almost a 7 percent increase from 2014.
Packaged Facts’ Pet Medications in the U.S., 4th Edition projects that pet medications will be one of the highest growth areas of pet retailing during the next decade, as more ethical and prescription products migrate to over-the-counter and channels that have long made a big business out of selling human medications increasingly tap in on the companion animal side.
“Pet medications sales will continue growing at a brisk pace and experience solid returns through 2019,” said David Sprinkle, research director, Packaged Facts. “As always, the biggest wildcard will be the weather for flea and tick sales. But several animal health companies have a strong product pipeline, with new products expected in the next couple of years that could have a favorable impact on sales.”
To read the full report, click here.