The global OTC pet medication market is experiencing exponential growth and is expected to grow considerably in the coming years. OTC (over-the-counter) medication is used without prescription of doctors. OTC medication for pets is available in the market, such as flea and tick dermatitis. The over-the-counter medication relieves ache, pains, and itches. These medications are approved by the FDA/ EPA, which increases demand for such products. OTC medication includes dietary supplements, foods, drinks, and other medications. Pets need vitamins and minerals, so OTC medication can give benefits to pets and can increase the health. They are available on online channels, which are provided at low prices and give free shipment services. With the help of OTC pet medication, customers can save cost of checkups. To buy OTC medication, consumer must have proper knowledge about a medicine's benefits and side-effects to ensure safety of pets. The OTC pet medication is fragmented on the basis of application, end-user, sales channel, and region.
COVID-19 Scenario Analysis:
- The COVID-19 has adversely affected the OTC pet medication market.
- The lockdown and social distancing have gravely affected production function of companies.
- Trade restriction has impacted import and export of raw materials.
- Lack of import and export has disrupted the supply.
- Retail outlets are closed, which has decreased sales.
- Boost in the e-commerce industry has a positive impact on sales of products.
- Companies are taking initiatives to increase sales and supply network.
- Disruption in supply has greatly affected companies, leading to financial crisis.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in adoption of animals is the key factor that drives the market growth. Change in lifestyle and increase in spending power has positively influenced the global market. Consumer inclination toward pet companion and increase in pet lovers are the factors that increase growth of the global OTC pet medication market. Furthermore, to boost health of pets and increase in issues such as itchiness and pain also support growth of OTC pet medications.
However, side effects of the these medications create a threat to the global OTC pet medications market. Moreover, lack of knowledge about OTC medications also hamper the global market. Rise in competition and new production affect demand for the global market. In addition, approvals from certified organizations positively impacts demand for OTC pet medications. Further, increase in the e-commerce industry has increased sales of these products.
Key Benefits of the Report:
- This study presents the analytical depiction of the global OTC pet medication industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global OTC pet medication market share.
- The current market is quantitatively analyzed to highlight the global OTC pet medication market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global OTC pet medication market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the OTC Pet Medication Market Research Report:
- What are the leading market players active in the OTC pet medication market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What would be the detailed impact of COVID-19 on the market?
Otc Pet Medication Market Report Highlights
By Sales Channel
Key Market Players
Ceva Sante Animale, Novartis Animal Health, Boehringer Ingelheim Vetmedica, Bayer Animal Health
Other key players
Elanco, Merck Animal Health, Zoetis, Virbac SA, Vetoquinol SA