US pet medication market touches $12 billion

Dog medications account for more than half of total sales in the category.

According to a new report from Packaged Facts, US pet medication sales reached $12 billion (€10.9B) in 2022.

Dog medications represent most pet medication sales (69%), while nearly 6 out of 10 pet medicines in the US were parasiticides, including flea/tick treatments, heartworm preventatives and deworming medications.

Most pet parents believe that flea/tick and heartworm medications are the most important products in the pet health section.

Data reveals that Zoetis, Boehringer Ingelheim and Elanco are the top market leaders in pet medication production and distribution in the North American country.

According to Packaged Facts, the category is expected to continue growing “at a modest but steady pace” until 2027.

More online sales

Growth in the pet medication market slowed after the pandemic boom in 2020 and 2021. According to the figures, the category grew by 3.7% in 2002, mainly due to higher pricing.

The slump in market growth was attributed to the increase in generic options that offer lower margins across brick-and-mortar and online channels.

Vet sales dominate the market, accounting for 7 out of 10 pet medication sales. The remaining 30% of sales occur through brick-and-mortar stores and online retailers. But figures suggest that there seems to be a rise in online sales and lower veterinary usage as vet sales witnessed lower growth compared to online retail channels.

Packaged Facts’ figures conclude that 35% of pet parents in the US increased spending on prescription pet medications in 2022, while 8% decreased that amount. More than half (57%) spent the same amount on pet medications.