ROCKVILLE, MD., June 8, 2021 / PRNewswire / – With sales growth of 13% in 2020, the pet medicine market has not only weathered the challenges of the COVID-19 pandemic, but posted its highest annual growth rate in the world. over the past decade, as the recently released Packaged Facts magazine reports. Medicines for pets in the United States
Sales in the market were $ 10.8 billion in 2020, representing a compound annual growth rate of 9.2% for the recent five-year period, driven higher by sales gains achieved in 2020.
The outlook for the pet drugs market is very positive, according to David Sprinkle, Research Director for Packaged Facts: “The market is driven by the recent increase in the population of companion dogs and cats, the growing focus of pet parents on the welfare of pets and increasing physical and online options for pet health care products and services. . “
As has been widely reported in the media, the pandemic trend of Americans spending more time at home has fostered a boom in companion animals, and the expanded pet population in the United States will benefit for years to come. the companion animal industry in general and the animal medicine market in particular. Packaged Facts estimates that the overall percentage of U.S. households with pets has increased from 54% in 2019 to 56.4% in 2020, with 44% of households now owning dogs and 25% of cats.
Additionally, older pets represent a premier health care opportunity within the animal population. In 2020, 55% of dog-owning households had companion dogs aged 7 or older, up from 45% in 2014. Animals are living longer due to advances in veterinary care, and owners’ interest in the good -being and nutrition of animals is at all times high. An increasing number of aging dogs and cats therefore require health care for weight management, conditions associated with obesity including diabetes and joint pain, immune response, heart health and cognitive support, in addition to anti-inflammatory and pain management products.
At the same time, the priority on health protection triggered by the COVID-19 pandemic, as well as the associated shift to home lifestyles, have increased parents of pets’ health awareness and the welfare of their pets. Data from the Packaged Facts survey shows 41% of owners are paying more attention to their pet’s health and well-being due to COVID-19, and 14% have changed healthcare products products they buy, including to address COVID-related pet health issues, including anxiety. / stress and immunity.
Despite the challenges and setbacks in early 2020, the veterinary sector, accounting for 72% of global sales of prescription and over-the-counter pet drugs, according to Packaged Facts, managed to end the year with growth in excess of the average. The veterinary sector has been supported in part by the increase in the companion animal population, but equally important by entrepreneurship and innovation by leveraging “concierge” services to drop off and pick up pets. pets and remote consultation options such as telemedicine.
Despite this, the pandemic has pushed global sales of pet products online, and pet medications were no exception, with 16% of internet retail sales, according to the Packaged Facts report. The e-commerce of pet medicine has been fueled by new market components including the Chewy’s Rx drug dispensing service and Tractor Supply’s launch of an online pet pharmacy, along with the success of continuation of WalmartPetRx and Petco’s online pharmacy.
About the packed facts
Packaged Facts, a division of MarketResearch.com, publishes market information on a wide range of topics related to the consumer market, including consumer demographics and information about buyers, consumer financial products and services. , consumer and retail goods, and pet products and services. Packaged Facts also offers a full range of personalized research services. Reports can be purchased from our company website and are also available on MarketResearch.com.
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Report purchases: Jeff Miller [email protected]
SOURCE Packaged Facts