The pet medications market, 2020 and 2021 were boom years, but the market’s lackluster 3.7% growth during 2022 is actually indicative of unit sales losses stemming from higher prices, fewer veterinary visits, and a declining dog population.
Building on analyses presented in previous editions of this report, this fully updated fifth edition breaks out historical and projected retail sales from 2017 through 2027 across four categories of treats and chews segmented by dogs and cats: indulgent treats, rawhide/long-lasting chews, functional treats/chews, and dental treats/chews.
With human health concerns elevated in the face of COVID-19, pet owners’ heightened focus on the health of their fur children has been a natural side effect, especially as they rely even more heavily on their pets for companionship and comfort.
Despite the challenging conditions of the past few years, the pet food market has proven to be as resilient as ever, bolstered by U.S. pet owners’ willingness to spend on their beloved “fur babies” even in the midst of a health and economic crisis.
The business of pet specialty retailing has never been more complex in terms of the many types of omnichannel players fighting for market share.