As per a recent market analysis by Future Market Insights (FMI), the pet OTC medication market is anticipated to be worth US$ 8.5 Bn in 2022. Market size is anticipated to grow at a 4.5% CAGR, reaching US$ 13.2 billion by 2032.
Throughout the assessment period, it is anticipated that the global market for OTC pet medications would expand steadily. Through 2032, rising pet adoption throughout the globe is anticipated to drive market sales. The expansion of the market for pet OTC medications has also been significantly aided by rising awareness of pet healthcare issues.
It is anticipated that emerging markets in low- and middle-income nations would present chances for growth. Additionally, soaring demand for herbal topical medications for pet allergies and fleas will increase market sales.
“An FMI analyst predicts that the rising availability of pet insurance in developed nations like the U.S. and France, together with rising consumer demand for pet care products made with natural ingredients, will propel market expansion throughout the course of the assessment period.
Key Takeaways:
- It’s anticipated that demand for drugs made with natural components would grow rapidly.
- Throughout the projection period, chewable and tablets will hold close to 30% of the market share overall.
- The market share for OTC medications for pets will account for almost 40% of total sales.
- During the assessment period, the U.S. will maintain its lead in the North American OTC pet medicine market, with sales increasing at a 2% CAGR.
- A 5.5% CAGR growth in demand is anticipated for the Indian market through 2032.
Throughout the projected period, France will hold the majority of the market share in Europe for OTC pet medications.