U.S. retail sales of pet medications are projected to reach $7 billion by the end of 2015, according to market research publisher Packaged Facts in a recent report.
The forecast figure, which is almost a 7 percent increase over 2014, includes sales through veterinarians, brick-and-mortar retailers and online.
With sales having also increased 6 percent in 2014 over 2013, the past two years mark a return to form for pet medications.
The industry’s performance in 2013 was the worst in recent memory. The flat growth was attributed to several factors, including a colder than normal winter and spring, which greatly affected flea and tick medication sales significant erosion of the market-leading Frontline brand, and a scale-back in revenue from several products that launched in 2012 and received less marketing support the following year.
Looking further ahead, Packaged Facts anticipates that pet medications will be one of the highest growth areas of pet retailing during the next decade. More ethical and prescription products will migrate to over-the-counter and channels that have long made a big business out of selling human medications will increasingly tap in on the companion animal side.
“Pet medications sales will continue growing at a brisk pace and experience solid returns through 2019,” said David Sprinkle, research director at Packaged Facts.