U.S. pet medication sales projected to hit $10 billion by 2018
The pet medications market should continue to grow consistently during the current decade, according to Packaged Facts.
The market research company recently released a report titled “Pet Medications in the U.S.: Over-the-Counter and Prescription Remedies as Consumer Products, 3rd Edition," which revealed that retail sales of pet medications in the U.S. reached $8 billion in 2013. The newest numbers included sales through veterinarians, brick-and-mortar retailers, and online retailers.
The sales in 2013 were a 2 percent increase over 2012 figures, and represent a compound annual growth rate of 7 percent from 2009-2013, Package Facts reported in its news release.
What is fueling the growth?
According to Packaged Facts, the solid growth in 2013 can be attributed to the strength of several new product introductions, the reintroduction of Novartis products to the market after the 2012 closure of its plant in Lincoln, Neb., and the continued strength of non-flea and tick drugs in the veterinary channel.
Dog owners continue to drive sales figures higher, as dogs accounted for 77 percent of pet medication sales in 2013. Cats accounted for the other 23 percent, Packaged Facts reported.
The pet medications market shows no signs of slowing down in the near future. Packaged Facts projected that the market will top $10 billion in 2018, which indicates a compound annual growth rate of 5 percent.
David Sprinkle, Packaged Facts research director, said he believes the introduction of new products to the market in coming years will encourage continued growth.