The global market for pet over-the-counter (OTC) medication is poised for substantial expansion, with an estimated valuation of USD 9,170 million in 2023. With a robust compound annual growth rate (CAGR) of 4.5%, this market is expected to reach an impressive USD 14,210.2 million by 2033.
Key Market Trends and Highlights
The growth of the pet OTC medication market is driven by several pivotal factors:
- Rising Pet Adoption: The increasing trend of pet ownership is a significant catalyst for market growth, as more households welcome pets into their lives.
- Heightened Healthcare Awareness: Pet owners are becoming increasingly aware of the importance of pet healthcare, leading to greater demand for accessible and effective OTC healthcare solutions for their pets.
- Emerging Economies: There is considerable potential for market expansion in low and middle-income countries, where pet ownership is rising, thereby increasing the demand for OTC medications.
- Preference for Natural Remedies: A growing preference for herbal and natural treatments for common pet ailments, such as fleas and allergies, reflects a broader consumer trend towards organic and sustainable products.
Key Drivers of Growth
Several key drivers are shaping the market:
- Humanization of Pets: Pet owners increasingly view their pets as family members, leading to a surge in demand for high-quality OTC healthcare solutions.
- Natural Product Trends: The popularity of natural pet OTC medications is growing as pet owners seek safer and gentler alternatives for their pets.
- Accessibility: Improved availability of OTC medications in established markets, particularly in North America and Europe, is further propelling market growth.
Product Categories
- Dogs: OTC medications for dogs currently account for 35% of the market, emphasizing the growing pet-parent culture.
- Fleas & Ticks: Products targeting fleas and ticks hold a 43.1% market share, driven by increased awareness among pet owners about parasite control.
- Chewables & Tablets: These forms are set to dominate the market with a 30% share, offering convenience and ease of administration for pet owners.
Competitive Landscape
Prices for raw materials are expected to fluctuate, and new strategies adopted by competitors pose significant challenges for established businesses. In response, these companies are investing in research and development and innovation to strengthen their foothold in the pet OTC medication market.
Key players are also leveraging mergers, acquisitions, and joint ventures to maintain their competitive edge and reduce operational costs. To meet the demands for innovative designs, they are providing structural design and construction services. Below are some notable market entrants.
- In June 2023, Bayer announced its Crop Science Division. It is estimated to capitalize on opportunities presented by the shift to regenerative agriculture to grow in adjacent markets to its core business of seeds, traits, crop protection, and digital.
- In February 2023, Bayer warned operating earnings would decline as the agriculture and healthcare company is hit by high costs and the reversal of last year’s price boost for its weedkillers.
- In April 2023, Merck, known as MSD outside the United States and Canada, and Prometheus Biosciences, Inc. announced that the companies have entered into a definitive agreement. Merck, through a subsidiary, has agreed to acquire Prometheus for USD 200.00 per share in cash for a total equity value of around US$ 10.8 billion.
Key Companies Profiled
Ceva Santé Animale Co.
Elanco Animal Health Inc.
Boehringer Ingelheim International GmbH
Zoetis Inc.; Merck & Co., Inc.
Virbac SA Co.
Bayer AG
IDEXX Laboratories Co.
Covetrus Inc.
Dechra Pharmaceuticals PLC
Vetoquinol SA
Phibro Animal Health Co.
Kyoritsuseiyaku Co.
Krka, d. d., Novo Mesto
Sequent Scientific Ltd.
Heska Co.
Eco Animal Health Group
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Pet OTC Medication Market by Category
Pet Type:
- Dogs
- Cats
- Birds
- Fish and Reptiles
- Small Pets
- Others
By Application:
- Fleas & Ticks
- Allergies
- Pain Relief & Arthritis
- De-wormers
- Others
By Form:
- Chewables & Tablets
- Capsules & Ointment
- Sprays
- Others
By Sales Channel:
- Pet Specialty Stores
- Veterinary Clinics
- Drug & Pharmacy Stores
- Online Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
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