NEWARK, Del, Aug. 02, 2022 (GLOBE NEWSWIRE) -- As per a recent market analysis by Future Market Insights (FMI), the pet OTC medication market is poised to reach a valuation of US$ 8.5 Bn in 2022. Sales are projected to increase at a 4.5% CAGR, with the market size reaching US$ 13.2 Bn by 2032.
The global pet OTC medication market is forecast to grow at a steady rate during the assessment period. Rising pet adoption across the globe is expected to push sales in the market through 2032. Increasing awareness regarding pet healthcare has also made a significant contribution to the growth in pet OTC medication market.
Emerging markets in low and middle-income countries are expected to offer opportunities for expansion. In addition to this, surging demand for herbal topical medication for fleas and other allergies in pets will boost sales in the market.
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“Rising availability of pet insurance in countries such as the U.S. and France, along with increasing demand for natural ingredient-based pet care products is expected to fuel the growth in the market over the assessment period,” says an FMI analyst.
Key Takeaways:
- Demand for natural ingredients-based medications is expected to gain traction at a considerable pace.
- Chewables and tablets will account for nearly 30% of the total market share over the forecast period.
- Total sales of OTC medicines for dogs will hold approximately 40% of the global pet OTC medication market share.
- The U.S. will continue dominating the North America pet OTC medication market over the assessment period, with sales growing at a 2% CAGR.
- Demand in the India market is forecast to surge at a 5.5% CAGR through 2032.
- France will account for a lion’s share in the Europe pet OTC medication market over the forecast period.
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Competition Landscape
The key players in the pet OTC medication market are 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, and Neogen Co.
Pet OTC Medication Market by Category
Pet Type:
- Dogs
- Cats
- Birds
- Fish and Reptiles
- Small Pets
- Others
Application:
- Fleas & Ticks
- Allergies
- Pain Relief & Arthritis
- De-wormers
- Others
Form:
- Chewables & Tablets
- Capsules & Ointment
- Sprays
- Others
Sales Channel:
- Pet Specialty Stores
- Veterinary Clinics
- Drug & Pharmacy Stores
- Online Retail
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Pet OTC Medication Market Analysis 2017-2021 and Forecast, 2022-2032
5. Global Pet OTC Medication Market Analysis 2017-2021 and Forecast 2022-2032, By Pet Type
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Pet OTC Medication market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Pet OTC Medication market based on Pet Type (Dogs, Cats, Birds, Fish and Reptiles, Small Pets, and Others), by Application (Fleas & Tick, Allergies, Pain Relief & Arthritis, De-wormers, and Others), by Form (Chewables & Tablets, Capsules & Ointment, Sprays, and Others), by Sales Channel (Pet Specialty Stores, Veterinary Clinics, Drug & Pharmacy Stores, Online Retail, and Others) and Region.
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