The pet product market is on the rise — veterinary products included. The market for these types of products is expected to grow by 6.9% yearly from 2021 to 2030.
In 2020, the market was valued at $27,282 million, while in 2021, it is $28,806.9 million. By the end of this period, it’s expected to reach $52,636 million. The first five years are supposed to earn $163.0 billion altogether.
The market is separated into vet drugs, vaccines, and medicated food additives.
By the end of 2020, the drugs segment comprised 58.2% of the market, but this is expected to change by 2030. During the period 2021–2030, vaccine sales are expected to grow the most, by 7.6%, and take the biggest share of the market.
Although until this period, the majority of the money was spent on livestock, the rise of vet medicine sales for pets (of 7.1%) will change that.
Veterinary hospitals and clinics took the largest share of the medicine market in 2020, with 46.8%. In the period between 2021 and 2030, it will grow by 7.6%. Since the hospitals will take the largest share, it’s no wonder that the Parenteral Route of administration will grow by 7.4%.
The North American market is expected to continue spending the most in this period too.
Moreover, the high sales of veterinary medicine sales are fueled by two factors:
- 67% of households in America own a pet, and the number is constantly growing.
- Since 90% of owners think of their companions as family members, they are more likely to spend more on good vet care.
- Pet products are all on the rise. The US pet industry reached 99 billion in 2020 and is expected to keep growing.
With all the veterinary products on the market, and more pet owners willing to spend more money on their pets, the predictions are likely to come true.
