U.S. Pet Med Market to Top $10 Billion by 2018
Packaged Facts, a market research firm based in Rockville, Md., released the report Pet Medications in the U.S.: Over-the-Counter and Prescription Remedies as Consumer Products, 3rd Edition, which projects pet medications sales will grow to more than $10 billion by 2018 from where they were in 2013 at $7.6 billion.
The projected grow represents a compound annual growth rate of 5 percent.
Growth will be fueled, in part, by the continuing switchover of formerly vet-only brands like Bayer’s Advantage and K9 Advantix to over-the-counter pet medications available through the pet retail channel.
For many companies, anti-parasitics are a key part of the pet medications portfolio, with flea and tick products representing their best-known consumer brands, notes Packaged Facts research director David Sprinkle.
Citing research by Packaged Facts and other resources, the Federal Trade Commission in May 2015 issued Competition in the Pet Medications Industry Prescription Portability and Distribution Practices, a report that gently spurns the long-standing policy by many of the largest veterinary drug manufacturers to sell medications exclusively through veterinarians. The FTC report lays out three consumer benefits from amid the increased competition in the market for pet medications: broader access to portable prescriptions, a greater choice of generic drugs and wider access by non-veterinary retailers to supplies.