OTC Pet Medication Market 2022
With rising ownership of companion animals and pets across the world, both, the pet food and pet medication markets have been thriving. As per the American Pet Products Association, Inc. (APPA), in 2019, U.S. pet expenditure was US$ 95.7 Bn, among which, supplies, live animals, and OTC medicines were worth US$ 19.2 Bn. A lot of pets experience health concerns such as arthritis, flee issues, skin allergies, worm-related problems, etc., which can be cured by OTC drugs. This, in turn, is propelling the growth of the OTC pet medication market across the globe.
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On the back of these factors, the OTC pet medication market is projected to expand around 1.5 times in current size by the year 2030, progressing at a CAGR of more than 4% over the forecast period of 2020–2030.
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Key Takeaways of Global OTC Pet Medication Market Study
- There are less number of players having a significant share in the global OTC pet medication market. These prominent players considerably focus on product innovation with natural ingredients, and new product launches.
- Manufacturers are incorporating various technological advancements and introducing new formulations such as anti-infective and antiparasitic OTC pet medication to meet the growing demand for safe OTC pet medication.
- Most OTC pet medication is demanded for dogs, cats, birds, and fish & reptiles; these held around 87% of the total OTC pet medication market share in 2019.
- North America and Europe are the top regions when it comes to pet ownership, which is why they lead in terms of share in the global OTC pet medication market.
- Restrictions and lockdowns across the world due to the Covid-19 pandemic have resulted in disruptions in the supply chain of the OTC pet medication market, compounded by production and raw material procurement issues.
“Prominent companies in the OTC pet medication market can gain significant market share by introducing natural medicines for pets. A few companies have already started, even though it is a new concept; hence, the opportunity lies, especially in emerging markets,” says a PMR analyst.
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Key Players in OTC Pet Medication Market
PMR’s report underlines groundbreaking insights into the competitive scenario of the OTC pet medication market, along with highlights of the differential strategies used by manufacturers. Some of the key players identified across the value chain of the global OTC pet medication market include Boehringer Ingelheim International GmbH, Merck & Co., Inc., Ceva Sante Animale, Bayer Companion Animal, , Zoetis Inc., Virbac SA, Vetoquinol SA, Frontline, Elanco, and others.
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