U.S. Pet Medications Market Report 2021: Complete Update Following Pet Population and Adoption/Acquisition Trends in the Wake of COVID-19
Dublin, July 28, 2021 (GLOBE NEWSWIRE) -- The "Pet Medications in the U.S., 7th Edition" report has been added to ResearchAndMarkets.com's offering.
Posting double-digit sales growth 2020 - the largest single-year increase in the past decade - the pet medications market not only navigated the COVID-19 pandemic but continued to thrive, given increased focus on pet health and wellness and the surge in pet adoption and acquisition brought on by the pandemic.
Ending 2020 with $10.8 billion in sales, up nearly 13% from 2019, the pet meds market initially faced an uphill battle given the closures of vet clinics and retail stores, threats to production and supply lines, and economic hardship that could have potentially translated into reduced consumer spending on pet care.
None of these factors were enough to offset the fact that pet owners - committed to their own health and wellness - were equally determined when it came to keeping their pets safe and sound, leading to above-average growth in key pet medication segments including prescription and over-the-counter parasiticides.
The veterinary sector - long the primary sales channel for pet medications - managed to exceed expectations and ended the year with higher-than-average growth by leveraging "concierge" pet drop-off/pick-up services and remote treatment options such as telemedicine.
At the same time, the pandemic drove overall pet product sales further online, and pet medications were no exception, with 16% of retail sales occurring over the internet, fueled by the "right place at the right time" presence of new market components including Chewy's Rx compounding service and TractorSupplyRx, as well as the continued success of WalmartPetRx and Petco's online pharmacy.
Pet Medications in the U.S., 7th Edition examines these and other opportunities for growth in the pet medications market, 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.
The discussion extends to market-shaping developments in areas including prescription pain management, vaccines, and cancer drugs and over-the-counter first aid products, with numerous images illustrating marketing and product trends.
New and updated market quantification provided in this edition of Pet Medications in the U.S. includes:
A complete update of pet population and adoption/acquisition trends in the wake of COVID-19, including patterns for Gen Z adults and Millennials.
Pet acquisition and ownership trends by age of dogs and cats and by size of dogs, including quantification on senior dog and cat populations.
Pet medication usage rates by product type, including by types and product formats of parasiticides, and by number and age of dogs and cats owned.
Usage rates - overall, among dog owners, and among cat owners - for leading flea, tick, and heartworm brands including Advantage II, Frontline, Hartz, Heartgard, K9Advantix, NexGard, Revolution, Sentinal, Seresto, and Trifexis.
Market prospects for pet medications remain very positive, spurred by ongoing advances in veterinary medicine, a deepening pet parent focus on pet wellness, and expanding brick-and-mortar and online options for veterinary services and pet medications.
Key Topics Covered:
Executive Summary
Market Trends
Scope and Methodology
Market Size & Composition
Market Outlook
Looking Ahead
Competitive Overview
Retail Trends
Prescription Products
Prescription Products Share of Market
Marketer Profiles
Marketing and New Product Trends
OTC Products
OTC Pet Medications Share of Market
Marketing and New Product Trends
Consumer Trends
Pet Population and Pet Ownership Trends
Pet Acquisition in Response to COVID-19
Pet Medication Purchasing Patterns by Product Type
Pet Medication Purchasing Patterns by Channel
Market Opportunities
Opportunity 1 - Increased Focus on Health and Wellness
Opportunity 2 - Pet Population Boom
Opportunity 3 - Senior Pets
Opportunity 4 - Omnichannel Marketing
Opportunity 5 - Autoship and Subscriptions
Opportunity 6 - Felines
Opportunity 7 - Veterinary Sector Growth
Opportunity 8 - New Products Fueled by Generics and Patent Expiration
Opportunity 9 - Affordability
Opportunity 10 - Combo Products
Market Trends
Chapter Highlights
Scope and Methodology
Market Definition
Product Regulation
Report Methodology
Market Size & Composition
U.S. Retail Sales of Pet Medications Approach $11 Billion in 2020
Share of Sales by Animal Type
Share of Sales by Distribution Channel
Pet Medications Sales by Pet-Owning Household
Share of Sales by Product Type
Parasiticide Sales by Type
Market Outlook
COVID Has Positive Impact on Pet Medications Market
Increased Focus on Health and Wellness
COVID Economy Impact on Pet Owner Spending Mindset
Pandemic Fuels Pet Population Boom
Innovation Spurred by Cost, Convenience, and Safety
Veterinary Sector Rebounds After COVID Shutdowns
Pet Medications Sales Shifting to Online Platforms
Parasiticide Use Hindered by Product Confusion, Perception of Risk
Aging, Overweight Pets More Likely to Require Medication
Competition from Supplements and Pet Food/Treats
FDA Adds Product to Isoxazoline Warning
COVID-Related Ivermectin Abuse
Looking Ahead
Pet Medication Sales to Reach Nearly $15 Billion by 2025
Competitive Overview
Prescription and OTC Marketers
M&A and Investment Activity
Global and U.S. Conglomerates Dominate Pet Medications Market
Generics Increasing Competition and Spurring Innovation
Retail Trends
Veterinarian Top Destination for Pet Meds Purchases
E-Commerce Attracts New Participants
Pet Specialty Brick & Mortar Stores Focus on OTC Medications
Prescription Products
Chapter Highlights
Prescription Products Market Share
Prescription Products Account for Three-Fourths of Pet Medications Market
Marketer Profiles
Dozens of Marketers Participate in Prescription Pet Medications Market
Boehringer Ingelheim Animal Health
Elanco
Merck Animal Health
Virbac
Zoetis
Marketing and New Product Trends
Parasiticides
Flea and Tick Products
The Heartworm Market
Combination Products
Broad Spectrum Wormers
Vaccines and Other Drugs
OTC Products
Chapter Highlights
OTC Pet Medications Account for 23% of Market
Marketer Profiles
OTC Marketers Focus on Parasiticides, First Aid Products
Central Garden & Pet
Ceva Animal Health
Hartz Mountain Corp.
PetIQ
Vetoquinol
Marketing and New Product Trends
Parasiticides
Table Examples of Leading Over-the-Counter Flea/Tick Brands, 2021
Flea and Tick Products
Broad Spectrum Wormers and Mite Treatments
First Aid Products
Natural Products
Consumer Trends
Chapter Highlights
Pet Population and Pet Ownership Trends
Pet Ownership Rates
From Smaller Dogs to Medium
Age of Dog and Cat Population
Pet Acquisition in Response to COVID-19
Surge in Pet Acquisition and Adoption
First-Time Pet Owners
Multiple Pets, Multiple Types of Pets
COVID Motivators for Pet Acquisition
Pet Population Churn
Pet Acquisition by Generational Cohort
Pet Gifting for Winter Holidays 2020
Pet Medication Purchasing Patterns by Product Type
Purchasing Rates by Product Type
Two-Thirds of Dog or Cat Households Use Parasiticide Products
Tablet/Oral Medications Now Most Popular Type
Oral Flea/Tick Medication More Popular Among Dog Owners
Parasiticide Usage by Number, Age of Pets
FRONTLINE Most Frequently Used Flea/Tick Brand
Demographics by Parasiticide Type
Demographics for Parasiticide Brands
Pet Medication Purchasing Patterns by Channel
Vet Clinics Most Frequently Used Channel for Pet Meds Purchases
APPA Data Show Similar Purchase Patterns
Shopping Patterns by Channel
Convenience Prime Motivator for Online Purchases
Comfort Level, Convenience Driving Factors in Vet Clinic Purchases
Parasiticide Purchase Patterns by Channel
Share of Spending on Pet Medications by Channel
Companies Mentioned
Boehringer Ingelheim Animal Health
Central Garden & Pet
Ceva Animal Health
Elanco
Hartz Mountain Corp.
Merck Animal Health
PetIQ
Vetoquinol
Virbac
Zoetis
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