Longer-living pets could turn out to be unlikely business heroes during the current economic downturn, as consumers continue to spend big bucks on pharmaceutical and over-the-counter medications for their animal companions, predicts a new report.

“The U.S. Market for Pet Medications: Prescription and Over-the-Counter Remedies as Consumer Products,”published by Packaged Facts, a division of MarketResearch.com (New York), says the market is expected to continue to boom.

“Pets are living longer because their owners are taking better care of them, both medically and nutritionally,” said Tatjana Meerman, publisher of Packaged Facts. “Even more important perhaps, longer lives mean ever stronger emotional bonds between pets and their owners, and thus an increased willingness among pet owners to do whatever it takes to keep their pets healthy and happy for as long as possible.”

In 2007, the pet medication market was just shy of $5 billion, inclusive of sales through veterinarians, retailers and Web sites, which reflects an 11 percent increase over 2006, according to the report. The pet medications market will reach $8.6 billion by 2012, according to Packaged Facts projections.

“An aging pet population is driving the pet health care boom in the United States, a trend Packaged Facts predicts will become the most important overall pet market driver within the next five years,” the report states.

Double-digit sales gains should continue into the foreseeable future as pharmaceutical companies move full-force into the segment, adapting human technologies and developing pet-specific ones, according to Packaged Facts.

“Even in a market that has historically fared well during times of recession, the staggering financial pressures facing U.S. consumers as of fall 2008 could create opportunities for value-positioned OTC and private-label pet products, both in pet specialty stores and in trip-saving formats such as supercenters and price-shaving outlets such as club stores,” the report says. “Suggesting that consumers may indeed be receptive to such a switch, even purchasers of Frontline—a premium-priced and nationally advertised professional brand—are more likely than adults overall to agree a lot that OTC store brands work just like advertised brands (at 33 percent versus 31 percent), and to disagree a lot that the most expensive medications are usually the best (41 percent versus 36 percent).”

To purchase the full report, visit www.packagedfacts.com/Pet-Medications-Prescription-1655768/. [January 2009 PET AGE]