For more than a year, the US has seen unrelenting inflation across all consumer packaged goods categories, and pet owners have not been spared. For the pet medications market, 2020 and 2021 were boom years, but the market’s lackluster 3.7% growth during 2022 is actually indicative of unit sales losses stemming from higher prices, fewer veterinary visits, and a declining dog population.
At the same time, a strong pipeline of patented prescription drugs is helping to keep dollar sales growing. The pet medications market surpasses $12 billion for the first time in 2022, and the publisher expects growth to continue at a modest but steady pace through 2027. Pet health remains the foremost market driver, bolstered by the pandemic and the intensified human/animal bond. Also working in the market’s favour is more convenient access to prescription pet medications available online, with Chewy, WalmartPetRx, Petco, and PetSmart all diving in headfirst.
The Pet Medications in the U.S., 8th Edition examines these and other opportunities for market growth, with a primary focus on parasiticides including flea/tick and heartworm prevention. Coverage also extends to other market-shaping developments, with numerous images illustrating marketing and product trends.
Table of Contents
CHAPTER 1: EXECUTIVE SUMMARY
- MARKET TRENDS
- Scope and Methodology
- Market Size & Composition
- Market Outlook
- Looking Ahead
- Competitive Overview
- Retail Trends
- PRESCRIPTION PRODUCTS
- Prescription Products Market Share
- Marketer Profiles
- Marketing and New Product Trends
- OTC PRODUCTS
- OTC Product Sales
- Marketer Profiles
- Marketing and New Product Trends
- CONSUMER TRENDS
- Pet Medication Purchasing Patterns
- Parasiticide Purchasing Patterns by Channel
- MARKET OPPORTUNITIES
- Opportunity 1 - Increased Focus on Health and Wellness
- Figure 1-1. Products Considered Most Important for Pet Health, 2023 (percent of dog/cat owners)
- Opportunity 2 - Affordability
- Opportunity 3 - Bolstering the Veterinary Sector
- Opportunity 4 - Omnichannel Marketing
- Opportunity 5 - Senior Pets
- Opportunity 6 - Felines
- Opportunity 7 - New Products Fueled by Generics and Patent Expiration
- Opportunity 8 - Innovations in Human Health
- Opportunity 9 - Gen Z and Millennials
CHAPTER 2: MARKET TRENDS
- CHAPTER HIGHLIGHTS
- SCOPE AND METHODOLOGY
- Market Definition
- Product Regulation
- Report Methodology
- Generational Breakouts
- MARKET SIZE & COMPOSITION
- Inflation Impacts Pet Medications Market
- US Retail Sales of Pet Medications Top $12 Billion in 2022
- Table 2-1. US Retail Sales of Pet Medications, 2018-2022 (dollars in millions)
- Share of Sales by Animal Type
- Figure 2-1. Share of US Retail Sales of Pet Medications by Animal Type: Dog vs. Cat, 2022 (percent and dollars in millions)
- Share of Sales by Distribution Channel
- Table 2-2. Share of US Retail Sales of Pet Medications by Distribution Channel, 2022 (percent and dollars in millions)
- Pet Medications Sales by Pet-Owning Household
- Table 2-3. Dollar Sales of Pet Medications by Sector Per Pet-Owning Household, 2018-2022 (dollars in millions and dollars)
- Table 2-4. Dollar Sales of Pet Medications Per Dog-Owning Household and Dog by Sector, 2022 (dollars in millions and dollars)
- Table 2-5. Dollar Sales of Pet Medications Per Cat-Owning Household and Cat by Sector, 2022 (dollars in millions and dollars)
- Share of Sales by Product Type
- Table 2-6. Share of US Retail Sales of Pet Medications by Product Type, 2022 (percent and dollars in millions)
- Parasiticide Sales by Type
- Table 2-7. Share of US Retail Sales of Parasiticides by Product Type: Prescription vs. OTC, 2022 (percent and dollars in millions)
- Table 2-8. Share of US Retail Sales of Parasiticides by Product Type: Dogs vs. Cats, 2022 (percent and dollars in millions)
- Figure 2-2. Share of US Retail Sales of Parasiticides by Product Type, 2022 (percent and dollars in millions)
- MARKET OUTLOOK
- Pet Owners Buffeted by Economic Pressures
- Figure 2-3. Level of Concern About Rising Prices in Consumer Categories, 2022 (percent of pet owners)
- Table 2-9. Effects of the Economic Environment on Pet Owners, January 2022 vs. February 2023 (percent negatively/positively affected)
- Table 2-10. Selected Pet Product Spending Psychographics, January 2022 vs. February 2023 (percent of pet product shoppers)
- Pet Medications Not Spared Substantial Headwinds
- Table 2-11. Most Significant Challenges to Pet Ownership: Dog vs. Cat Owners, 2023 (percent)
- Figure 2-4. Spending Cutbacks on Household Expenses in Last 12 Months: By Consumer Spending Category, August-September 2022 (percent among those cutting back)
- Pet Medication Sales Threated by Higher Prices, Drop in Vet Usage
- Figure 2-5. Household Spending Level Changes on Prescription Pet Medications, 2022 vs. 2021 (pet medication purchasers)
- Table 2-12. Household Spending Level Changes on Prescription Pet Medications by Generation, 2022 (pet medication purchasers)
- Figure 2-6. Agreement with the Statement, “Many pet medication are too expensive”, by generation, 2023 (pet medication purchasers)
- Even Higher-Income Households Impacted By Inflation
- Table 2-13. $70K+ Household Share of Non-Food Pet Supplies Expenditures, 2012-2021 (percent)
- Intensified Focus on Health and Wellness
- Figure 2-7. Percentage Strongly or Somewhat Agreeing with Statement: “My pets are important to my mental/physical health”, 2023 (percent of dog, cat, and other pet owners)
- Figure 2-8. Agreement with Selected Statements Related to Pet Health Concerns: Dog vs. Cat Owners, 2023 (percent)
- Pet Medications Among Top Pet Health Products
- Figure 2-9. Products Considered Most Important for Pet Health, 2023 (percent of dog/cat owners)
- Owners Continue to Spend on Pet Health
- Figure 2-10. Pet Care Expenses Pet Owners Cut Back on Due to Inflation, 2022 (percent of pet owners)
- Pet Obesity and Aging Pets Contribute to Health Concerns
- Figure 2-11. Share of Dog/Cat-Owning Households With Senior Pets Age 7+, 2012-2022 (percent for even years)
- “Pets as Family”
- Figure 2-12. Level of Agreement with Statement: “I consider my pets to be part of the family”, 2023 (percent of pet owners)
- Figure 2-13. Level of Agreement with Statement: “My pets are central to my home life”, 2022 (percent of pet owners)
- Declining Dog Population
- Table 2-14. Dog-Owning Household Population by Generational Cohort, 2016-2022 (number in thousands)
- Younger Pet Owners May Give Up Pets
- Pet Medication Sales Dependent on Challenged Veterinary Sector
- Table 2-15a. Any Veterinary Visits in Last 12 Months: Share of Dog/Cat Owners, 2013-2022 (percent)
- Table 2-15b. Customer Base for Any Veterinary Visits in Last 12 Months: Dog/Cat Owners, 2013-2022 (in millions)
- Figure 2-14. Veterinary Visits in Last 12 Months: Share of Dog/Cat Owners, 2013-2022 (percent of veterinary customers)
- Figure 2-15. Share of Pet Owners Concerned About the Affordability of Pet Healthcare: Emergency vs. Routine, 2022 vs. 2023 (percent of veterinary customers)
- Figure 2-16. Household Spending Level Changes on Veterinary Services, 2022 (pet owners using veterinary services in 2022)
- Table 2-16a. Satisfaction Levels With Veterinarian Providing Advice on Managing Prescription Pet Medication Costs: Overall and by Dog vs. Cat Owners, 2023 (percent)
- Table 2-16b. Satisfaction Levels With Veterinarian Providing Advice on Managing Prescription Pet Medication Costs: By Generational Cohort, 2023 (percent)
- Fairness to Pet Owners Fails to Pass Once Again
- E-Commerce Impacts Pet Medication Sales
- Illustration 2-1. Walmart PetRx
- Illustration 2-2. Petco Veterinary Services
- Illustration 2-3. Vetsource’s Vet-Targeted Web Page
- Supply Chain Issues Persist
- Pet Medication Supply Impacted by Human Medication Demand
- Parasiticide Use Hindered by Product Confusion, Perception of Risk
- Table 2-17. Pet Owner Attitudes Towards Parasiticide Knowledge, by Generation 2023 (percent)
- Illustration 2-4 CAPC Heartworm Prevalence Forecast Map, 2023
- FDA, EPA Issues Warnings
- FDA Delays Draft Guidance for Heartworm Disease Prevention Products
- FDA, AVMA Target Illicit Use of Veterinary Drugs
- Competition from Supplements and Pet Food/Treats
- Figure 2-17. Top 10 Conditions for Which Pet Supplements Are Purchased, 2022 (percent of pet supplement purchasers)
- Table 2-18. Level of Agreement With Selected Statements Related to Pet Food and Pet Health: Pet Owners Overall, Dog Owners, and Cat Owners, 2023 (percent of pet product shoppers)
- Illustration 2-5. Petco Veterinary Diet Additions
- LOOKING AHEAD
- Pet Medication Sales to Reach $14 Billion by 2027
- Table 2-19. Projected US Retail Sales of Pet Medications, 2022-2027 (dollars in billions)
- COMPETITIVE OVERVIEW
- Prescription and OTC Marketers
- M&A and Investment Activity
- Vetnique Labs Acquired by Gryphon Investors
- PetMed Express Acquires PetCareRx, Invests in Telemedicine Platform
- Dechra Eyes Offer From Investment Firm
- Clayton, Dubilier & Rice Acquires Covetrus
- Manna Pro Rebrands as Compana Pet Brands
- Bessemer Invests in Pet Flavors
- Neogen Acquires CAPInnoVet
- Global and US Conglomerates Dominate Pet Medications Market
- Pet Medications Market Increasingly Linked to Other Animal Health Areas
- Innovation Spurred by Cost, Convenience, and Safety
- Mars’ Companion Venture Fund
- Nestlé Purina Pet Care Innovation Prize
- Generics Increasing Competition and Spurring Innovation
- Illustration 2-6. 1800petmeds.com Generic Equivalent
- Illustration 2-7 Chewy.com Generic Option
- Illustration 2-8. Amazon Basics K9 Advantix II Generic Equivalent
- Table 2-20. Select Generic Equivalents of Parasiticide Brands, 2023
- FDA Addresses Compounded Pet Medications
- RETAIL TRENDS
- Veterinarian Top Destination for Pet Meds Purchases
- Table 2-21. Channel Choice for Flea Control Product Purchases in Past 12 Months, 2022/23 (percent of dog and cat owners)
- Prescription Parasiticides Most Frequently Purchased in Vet Channel
- Figure 2-18. Parasiticide Purchase Rates in Veterinary Channel in Last 12 Months, 2023 (dog and cat owners who visited a vet clinic in last 12 months)
- Veterinary Loyalty More Common Among Older Pet Owners
- Figure 2-19. Agreement with the Statement, “I’m loyal to the vet where I buy prescription (Rx) pet medications”, 2023 (share of pet medication purchasers)
- E-commerce Continues to Accelerate
- E-Commerce Share of Market
- Figure 2-20. Retail Shares of Non-Veterinary Pet Medication Sales by Channel, 2022 (in percent and millions of dollars)
- Younger Pet Owners More Likely To Purchase Pet Medications Online
- Figure 2-21. Online Pet Medication Purchase Rates in Last 12 Months, 2023 (percent of pet medication purchasers)
- Chewy Top Destination for E-commerce Pet Medication Purchases
- Figure 2-22. Prescription Pet Medication Purchase Rates by E-Commerce Retailers, 2023 (percent of e-commerce pet medication shoppers)
- E-commerce Retailer Loyalty Lacking Among Prescription Pet Medication Purchasers
- Figure 2-23. Share of Pet Owners Agreeing That They Are Loyal to Website Where They Purchase Prescription Pet Medications, 2023 (percent of pet medication purchasers)
- Figure 2-24. Share of Pet Owners Who Use Rewards/Loyalty Program for Buying Prescription Pet Medications, 2023 (percent of pet medication purchasers)
- The Omnipresent Internet
- Table 2-22. Uses of the Internet Other Than for Basic Purchasing: Pet Owners Overall, by Dog vs. Cat Owners, and by Generational Cohort, 2023 (percent of online pet product shoppers)
- E-Commerce Attracts New Participants
- Illustration 2-9. Vetsource’s Vet-Targeted Web Page
- Petco Quietly Partners with Vetsource for Prescription Fulfillment
- Illustration 2-10. Petco’s Pharmacy Landing Page Banner
- Pet Supplies Plus Expands Offerings to Include Prescription Products
- PetSmart Resumes Online Prescription Program Through Allivet
- Illustration 2-11. PetSmart Pharmacy Landing Page
- Illustration 2-12. PetArmor Direct-To-Consumer Products
- Pet Specialty Brick & Mortar Stores Focus on OTC Medications
CHAPTER 3: PRESCRIPTION PRODUCTS
- CHAPTER HIGHLIGHTS
- PRESCRIPTION PRODUCTS MARKET SHARE
- Prescription Products Account for 80% of Pet Medications Market
- Table 3-1. Retail Sales of Prescription Pet Medications by Product Type, 2022 (dollars in millions and percent share)
- MARKETER PROFILES
- Dozens of Marketers Participate in Prescription Pet Medications Market
- Boehringer Ingelheim Animal Health
- Elanco
- Illustration 3-1 Elanco’s Consumer Website
- Merck Animal Health
- Virbac
- Zoetis
- MARKETING AND NEW PRODUCT TRENDS
- Parasiticides
- Pet Owners Choose Between Flea/Tick, Heartworm, or Combination Products
- Table 3-2. Prescription Parasiticide Brands, 2023
- Flea and Tick Products
- NexGard
- Illustration 3-2. NexGard Back Label With Isoxazoline Warning
- Simparica
- Illustration 3-3. Simparica Webpage
- Comfortis, Credelio, and Program 6
- Illustration 3-4. Comfortis Website
- BRAVECTO
- Illustration 3-5. Bravecto Website
- The Heartworm Market
- Illustration 3-6. Merck Tri-Heart Plus
- Illustration 3-7. ProHeart 12 Webpage
- Combination Products
- Illustration 3-8. NexGard COMBO
- Broad Spectrum Wormers
- Vaccines and Other Drugs
- Working Toward a COVID-19 Vaccine for Pets
CHAPTER 4: OTC PRODUCTS
- CHAPTER HIGHLIGHTS
- OTC PRODUCT SALES
- OTC Products Account for 20% of Overall Pet Medications Market
- Table 4-1. US Retail Sales of Over-the-Counter Pet Medications, 2022 (dollars in millions and percent share)
- 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 4-2. Examples of Leading Over-the-Counter Flea/Tick Brands, 2023
- Flea and Tick Products
- FRONTLINE Plus
- Illustration 4-1. FRONTLINE Shield Banner
- Advantage II, Advantage XD, Advantus, and K9 Advantix II
- Illustration 4-2. Advantage XD Comparison Chart
- Seresto Flea/Tick Collar Turmoil
- EFFIPRO PLUS and EFFITIX PLUS
- Catego and Vectra/Vectra 3D
- Illustration 4-3. Vectra 3D for Dogs
- Activyl and Activyl Protector
- Adams and Zodiac
- Illustration 4-4. Adams Flea and Tick Products
- UltraGuard
- Illustration 4-5. Hartz UltraGuard Comparison Chart
- Advecta, Capstar, NextStar, PetArmor, and Sergeant’s
- Illustration 4-6. Sergeant’s Guardian Pro Topical
- Illustration 4-7. PetIQ NextStar Topical
- Broad Spectrum Wormers and Mite Treatments
- Natural Products
- First Aid Products
- Illustration 4-8. Central Garden & Pet’s Sulfodene Product Line
CHAPTER 5: CONSUMER TRENDS
- CHAPTER HIGHLIGHTS
- PET MEDICATION PURCHASING PATTERNS
- Purchasing Rates by Product Type
- Figure 5-1. Pet Medications Usage by Type in Last 12 Months, 2023 (percent of pet owners)
- Pet Medication Purchasing Frequency
- Figure 5-2. Pet Owner Pet Medication Purchasing Frequency, 2022 (percent of pet owners)
- Two-Thirds of Dog or Cat Households Use Parasiticide Products
- Table 5-1. Percentage and Number of Dog or Cat Owners Who Use Flea/Tick or Other Parasiticides, Winter 2022/23 (percent and thousands of dog- or cat-owning households)
- Table 5-2. Percentage and Number of Dog or Cat Owners Who Use Flea/Tick Prevention or Other Parasiticides, Fall 2018-Fall 2022 (percent and thousands of dog- or cat-owning households)
- Table 5-3a. Number of Dog or Cat Owners Who Use Over-the-Counter Parasiticides, Fall 2021 - Winter 2022/23 (percent and thousands of dog- or cat-owning households)
- Table 5-3b. Number of Dog or Cat Owners Who Use Prescription Parasiticides, Fall 2021 - Winter 2022/23 (percent and thousands of dog- or cat-owning households)
- Nearly Half of Dog Owners Use Oral Parasiticides
- Table 5-4. Usage Rates of Parasiticides by Type, Winter 2022/23 (percent of dog- or cat-owning households)
- Parasiticide Usage by Number, Age of Pets
- Figure 5-3. Usage Rates for Flea/Tick or Other Parasiticide by Number of Pets, Winter 2022/23 (percent of dog- or cat-owning households)
- Figure 5-4. Usage Rates for Flea/Tick or Other Parasiticide by Age of Pet, Winter 2022/23 (percent of dog- or cat-owning households)
- FRONTLINE Most Frequently Used Flea/Tick Brand
- Table 5-5. Share of Flea, Tick, and Parasite Product Usage by Brand, Winter 2022/23 (percent of parasiticide users)
- PARASITICIDE PURCHASING PATTERNS BY CHANNEL
- Vet Clinics Most Frequently Used Channel for Parasiticide Purchases
- Table 5-6. Parasiticide Purchase Patterns by Channel, Winter 2022/23 (percent of parasiticide users)
- APPA Data Show Similar Purchase Patterns
- Cross-Shopping Patterns by Channel
- Table 5-7. Parasiticide Cross-Purchasing Patterns by Channel, Winter 2022/23 (percent of parasiticide users)
- Pet Owners More Likely to Purchase Medication at Veterinary Clinic
- Table 5-8 Pet Medication Purchasing Through Veterinary Channel, In-Office vs. Online, Winter 2022/23 (percent of veterinary channel pet medication purchasers)
- Table 5-9 In-Office Veterinary Channel Pet Medication Purchasing by Generation, Winter 2022/23 (percent of veterinary channel pet medication purchasers)
- Share of Spending on Prescription Pet Medications by Channel
- Table 5-10. Share of Spending on Prescription Pet Medications by Channel, 2023 (percent of prescription pet medication purchasers)
- Changes in Parasiticide Purchasing
- Table 5-11. Changes in Pet Medication Purchasing in Past 12 months, 2023 (percent of dog and cat owners)
- Table 5-12. Changes in Prescription Heartworm Medication Purchasing by Generation, 2023 (percent of dog and cat owners)
- Table 5-13. Changes in Prescription Flea/Tick Medication Purchasing by Generation, 2023 (percent of dog and cat owners)
- Table 5-14. Changes in Over-the-Counter Flea/Tick Medication Purchasing by Generation, 2023 (percent of dog and cat owners)
- Table 5-15. Veterinary Involvement in Changes in Medication Purchasing, 2023 (percent of dog and cat owners)
Samples
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Companies Mentioned
- Chewy, WalmartPetRx, Petco, and PetSmart
- Vetnique Labs
- Gryphon Investors
- PetMed Express
- PetCareRx
- Telemedicine Platform
- Dechra
- Clayton
- Dubilier & Rice
- Covetrus
- Compana Pet Brands (Formerly Manna Pro Rebrands)
- Bessemer
- Neogen
- CAPInnoVet
- Mars
- Nestlé Purina
- Merck Animal Health
- Virbac
- Zoetis
- NexGard
- Simparica
- Comfortis
- Credelio
- Program 6
- BRAVECTO
- Central Garden & Pet
- Ceva Animal Health
- Hartz Mountain Corp.
- PetIQ
- Vetoquinol
