Sales within the veterinary sector have slowed in recent years, but growth opportunities still exist for veterinary product sales, particularly in pet supplements, according to a recent white paper, "Vet Sector Opportunities in Pet Supplements" by Packaged Facts. To learn more, read a brief recap of the white paper in the blog post below, or download your own copy for full access to the data.
Challenges Facing Veterinary Services
According to Packaged Facts estimates, the veterinary sector has been growing at a slower rate since the pandemic-induced surge in 2020 and 2021, and even slower than pre-COVID levels. This worrying trend is indicative of the larger structural challenges facing the veterinary sector, including a drop in veterinary services usage, partly due to a decline in the number of dogs, a key patient group for vets.
While veterinary services like routine exams and surgeries are the primary revenue source, product sales are becoming increasingly crucial for revenue growth. The good news is that a substantial percentage of dog and cat owners who are veterinary customers buy pet products through their vets, with Millennials and Gen X pet parents showing higher purchase rates.
Opportunities in Pet Supplements
One significant opportunity within the veterinary sector is the pet supplements market. As pet supplements become more mainstream, pet owners are increasingly considering them essential for their pets' health and well-being. During the pandemic, pet supplements, particularly immunity and anxiety/calming supplements, witnessed a surge in demand, and this trend has persisted amid inflationary conditions.
Although veterinary sales growth for pet supplements faces increasing competition from online retail competitors such as Amazon and Chewy, veterinarians still have the power to sway consumer purchases. Survey data show that pet owners would like to receive more guidance from their vet on the use of pet supplements.
To fill this knowledge gap, veterinarians need to become more open to discussing and offering pet supplements. However, limited clinical research and the multitude of supplement options in the market make it challenging for vets to jump on board. Education and collaboration between supplement manufacturers and veterinarians could prove mutually beneficial.
For more information on this topic, check out the Packaged Facts reports Pet Supplements in the US and Veterinary Services in the US.
About the Blogger: Sarah Schmidt is a Managing Editor at MarketResearch.com, the parent company of Packaged Facts.