Pet Medication Market Revenue in United States is Set to Reach $17 Billion by 2029

According to the latest report by focus reports by Arizton, the U.S. pet medication market 2024 – 2029 sheds light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current U.S. pet medication market dynamics and prospects.   

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The U.S. pet medication market was valued at $13.21 billion in 2023 and is expected to reach $17.90 billion by 2029, growing at a CAGR of 5.20% during the forecast period. The demand for pet medication in the U.S. is rising due to multiple factors, including the awareness of infection control and prevention, the increase in healthcare expenditure, and the growing number of pet owners. The rising throwaway income of pet owners pertains to the middle-income group, and the increasing trend for nuclear families is the major key factor for the growth of the pet care market in the coming years. The increase in the adoption of pets and the high demand for pet products are the major factors driving the U.S. pet medication market.

Pet Owners Drive Surge in OTC Medications Market with Emphasis on Natural Ingredients

The over-the-counter (OTC) medications segment is growing significantly, with the fastest-growing CAGR of 5.67% during the forecast period. This growth is driven by increased awareness among pet owners regarding the significance of pet healthcare, prompting them to seek accessible and effective healthcare solutions for their cherished companions. A discernible trend has emerged in favor of herbal topical medications for addressing common pet ailments such as fleas and allergies. This shift towards herbal and natural remedies resonates with a broader consumer inclination towards organic and sustainable products. Natural OTC medications, often formulated with natural ingredients, resonate well with pet owners seeking safer and gentler alternatives for their animals. This trend aligns with the broader consumer preference for natural and organic products, further fuelling the demand for natural pet OTC medications. Additionally, pet owners benefit greatly from the ease of use and accessibility provided by online retailers, making it easier for them to buy over-the-counter pet pharmaceuticals through e-commerce platforms, saving them time and effort compared to conventional physical stores.

Americans' $136.8 Billion Expenditure on Dogs Propels Market Expansion

The dog market is the dominating segment and occupies a major share, with 37.47% of the U.S. pet medication market. According to the American Pet Product Association, pet ownership is still rising, and there are 90 million dogs in the U.S. as of 2023. As of 2020, 63.4 million households in the U.S. owned a dog, 66% of the U.S. population owns a pet, and dogs make up 48% of the total. In the United States, 61% of millennials are said to own dogs. Americans spent $136.8 billion on their pets, 10.68% more than in 2021; $58.1 billion was spent on pet food and treats, $31.5 billion on supplies, live animals, and over-the-counter medications, $35.9 billion on vet care, and $11.4 billion on other services and it is observed that dog owners spend an average of $730 a year on their dogs. It is observed that

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