OTC Pet Drugs Market Sales Expected to Hit US$95.7 Billion

Over-the-Counter Pet Medicines Market 2022

Over-the-Counter Pet Medicines Market 2022

With the increase in the number of pet and pet owners across the world, the pet food and pet medicine markets have flourished. According to the American Pet Products Association, Inc. (APPA), in 2019, US spending on pets was US$95.7 billion, including supplies, live animals and drugs for sale. free were worth US$19.2 billion.

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Many pets suffer from health issues such as arthritis, leakage issues, skin allergies, worm issues, etc., which can be cured by over-the-counter medications. This, in turn, propels the growth of the over-the-counter pet medication market across the globe.

Based on these factors, the over-the-counter pet medication market is expected to grow approximately 1.5 times its current size by 2030, growing at a CAGR of over 4% over the forecast period 2020. -2030.

Key Takeaways from the Global Over-the-Counter Pet Medicines Market Research

There are fewer players with a major share in the global over-the-counter pet medication market. These prominent players are significantly focusing on product innovation with natural ingredients and the launch of new products.
Manufacturers are incorporating various technological advancements and introducing new formulations such as over-the-counter anti-infective and anti-parasitic medications for pets to meet the growing demand for safe over-the-counter pet medications.

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Most over-the-counter pet medications are required for dogs, cats, birds, fish, and reptiles; these held around 87% of the total OTC pet medication market share in 2019.

North America and Europe are major regions when it comes to pet ownership, which is why they lead in terms of global over-the-counter pet medication market share.

Restrictions and lockdowns across the globe due to the Covid-19 pandemic have led to supply chain disruptions in the over-the-counter pet medicine market, compounded by production and supply issues in raw materials.

“Leading companies in the over-the-counter pet medicine market can gain significant market share by introducing natural pet medicines. a new concept. Therefore, the opportunity arises, especially in emerging markets,” says a PMR Analyst.

Key players in the over-the-counter pet medication market

The report by PMR highlights ground-breaking insights into the competitive scenario of the Over-the-Counter Pet Medications Market along with highlights of the differential strategies employed by the manufacturers. Some of the key players identified in the value chain of the global over-the-counter pet medicines 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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Learn more about the inclusions of the Over-the-Counter Pet Medications Market report

Persistence Market Research has published a new market report on Over-the-Counter Pet Medication Market, covering the global industry analysis from 2015-2019 and forecast from 2020-2030.

This OTC Pet Medications Market report provides compelling insights on the basis of application (fleas and ticks, pain and arthritis relief, dewormers and others [antibiotics, allergy relief, etc.]), pet (dogs, cats, birds, fish and reptiles, small pets and other [outdoor pets]), form (chewable tablets and tablets, capsules and ointments, sprays and other [vaccines, powder, etc.]), and the sales channel (pet specialty stores, veterinary clinics, pharmacies and pharmacies, online retail and others), in all regions.

The report also includes forecasting factors and vital macroeconomic factors that are expected to boost the growth of the global market. It also discusses the restraints expected to hinder the growth of the OTC Pet Medications market along with the latest trends and potential opportunities in the market.

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