ROCKVILLE, Md., June 3, 2015 /PRNewswire/ -- The U.S. pet medications market is a hotbed for competition as brick-and-mortar retailers and online retailers have entered the fray intent on gaining ground on the segment that still remains the industry's most important channel—veterinary clinics. Expert projections forecast that pet medications sales will rebound from its slow showing as recently as 2013 to experience healthier returns through 2018. At this pace, the market will grow from its 2013 level of $7.6 billion to $10.2 billion in 2018, reflecting a compound annual growth rate (CAGR) of 5%.
The findings were published in Pet Medications in the U.S.: Over-the-Counter and Prescription Remedies as Consumer Products, 3rd Edition, a report by market research firm Packaged Facts. The report can be purchased by visiting: http://www.packagedfacts.com/redirect.asp?progid=87524&productid=8014984.
Most marketers of pet medications in the United States slot into two groups: 1) global pharmaceutical companies operating through animal health divisions and selling mainly through the veterinary channel, such as Merial and 2) pet product marketers selling through retail channels, including broad-line marketers like Central Garden & Pet and smaller companies focusing on over-the-counter pet health products. With the recent and ongoing crossover into retail of formerly vet-only brands like Bayer's Advantage and K9 Advantix, the pharmaceutical/veterinary vs. pet product/retail distinction is blurring, however. For many companies, antiparasitics are a key part of the pet medications portfolio, with flea/tick products representing their best-known consumer brands, notes Packaged Facts research director David Sprinkle.
Citing in part research by Packaged Facts and other resources, the Federal Trade Commission (FTC) in May 2015 issued Competition in the Pet Medications Industry Prescription Portability and Distribution Practices, a report that at one point politely rebukes an established policy by several of the largest veterinary drug manufacturers to sell medications exclusively through veterinarians. The FTC report also pinpoints three things consumers can benefit 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
Pet Medications in the U.S.: Over-the-Counter and Prescription Remedies as Consumer Products, 3rd Edition analyzes the market for prescription and over-the-counter medications for dogs and cats, with a particular focus on brand-name products used by consumers and on antiparasitics. Areas covered include parasite prevention and control (flea, tick, heartworm, etc.), pain management (focusing on non-steroidal anti-inflammatory drugs), behavioral health, overweight/obesity, cognitive dysfunction, heart health, ear care and allergies. The report provides in-depth coverage of competitive trends, new product trends and marketing activity, and draws on insights from other reports in Packaged Facts' extensive Pet Market Collection. Statistics provided include historical and projected market revenues, along with demographics and psychographics of pet med purchasers, based on data from sources including Simmons and Packaged Facts own pet owner surveys. For more information on or to purchase Pet Medications in the U.S., 3rd Edition or other reports in Packaged Facts' industry leading catalog of research reports on pet products and services, visit: http://www.packagedfacts.com/pet-products-services-c124/.
About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at www.PackagedFacts.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE Packaged Facts