Pet medication market returns to form

It's shaping up to be a strong year for the pet medication industry, with U.S. retail sales projected to reach $7 bn by the end of 2015, according to market research publisher Packaged Facts in a recent report. The forecast figure, which is almost a 7 per cent increase over 2014, includes sales by veterinarians, bricks-and-mortar retailers and online. The findings were published in the Packaged Facts report, Pet Medications in the U.S., 4th edition. The recovery in the pet medication market is continuing for the second year in succession after the industry experienced its worst year in recent memory in 2013. The flat growth was attributed to several factors, including a colder than normal winter and spring, which greatly affected flea and tick medication sales.
Looking further ahead, Packaged Facts anticipates that pet medication will be one of the highest growth areas of pet retailing during the next decade, as more ethical and prescription products migrate to over-the-counter (OTC), and channels that have long made a big business out of selling human medication increasingly tap in on the companion animal side.  Still, the veterinary channel continues to be critical to the industry, as animal health companies understand that veterinarians will continue to hold considerable sway over pet owner decisions, especially for products that require a prescription.