Convenience, connectivity drive pet tech marketMay 25, 2020Data shows an 11 percent increase in the sales of “smart” pet products in 2019 as compared to the previous year, with revenue hovering around $491 million.
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Veterinary insight drives pet medication industryFebruary 19, 2020America’s veterinary market has a direct impact on the country’s $9.8 billion pet medications industry.
Veterinarian nutritional guidance integral to pet healthJanuary 8, 2020While discussions related to nutrition might sometimes take the back seat during wellness checks, veterinarians should play a proactive role in their patients’ diets, as many owners are blind to their pet’s potential weight problem.
In-store veterinary clinics more prevalentDecember 9, 2019The changing face of the pet product industry has affected clients’ overall perception of animal health care, and this might have an impact on veterinary visits.
Report: 4 factors transforming veterinary industryJune 1, 2018Growing competition for flea and tick medication sales online, the aging demographics of the veterinary profession, the heavy debt load of recent veterinary school graduates, and the money being offered by consolidators are transforming the veterinary industry, according to market research firm Packaged Facts' Pet Industry Outlook: Veterinary Services and Pet Product Retailing. Consolidation and ecommerce trends that in large part are fueling the shifts tie in to significant changes in the pet industry overall, including consumer preferences for pet product shopping. "It's all about customer loyalty," said David Sprinkle, research director for Rockville, Md.-based Packaged Facts. "As choices increase and customers can get their veterinary services and pet products in many places, customer loyalty spanning in-store and online will be key to retaining business and driving growth across the pet market." Consolidation brings greater purchasing power and cost savings to chain veterinary practices, including those under the expanding veterinary umbrella of Mars Inc., and those associated with pet superstores, the report states. The main challenge for independent practices is to establish how their personalized service differentiates them from the growing field of chain veterinarians. However, pet ownership attitudes, expectations, and spending patterns, along with the …
US pet owners spent nearly $3B on grooming services in 2017May 3, 2018Data released by market research firm Packaged Facts shows that U.S. pet owners spent nearly $3 billion on animal grooming/spa services and products in 2017. The firm, which is partnered with the nonprofit American Pet Products Association, links the expenditure to the increasing trend of pets being considered as family members, citing that 76 percent of those surveyed said it was "important to keep their pets clean and fresh-smelling." "Treating pets as family members has been a significant trend in the pet market for the past decade, with the vast majority of pet owners today considering their pets to be part of the family," said David Sprinkle, research director for Packaged Facts. "With more pet owners keeping their pets close by both at home and on the go, it is driving them to seek out grooming services and products that will allow them to keep their pets clean and well kept. As a result, the movement towards treating pets as family members is undoubtedly one of the overriding factors impacting sales in the grooming market, both services and products." The data was published in a report titled "Pet Grooming, Skin & Coat, and Spa Products, and Services in the …
US pet industry sales reach $86 billion, growth projectedMarch 14, 2018The U.S. pet industry continues along a healthy growth trajectory, with overall sales of pet products and services rising almost 5 percent last year. Burgeoning online sales and strong numbers in veterinary services and pet food contributed to the advancement of the market, which Rockville, Md.-based market research firm Packaged Facts estimates at $86 billion in the brand new report U.S. Pet Market Outlook, 2018-2019. Sales of retail channel pet food made it the largest pet category with 39 percent of the market. The 5 percent growth experienced by pet food in 2017 matches that of 2016, with online sales as the foremost growth channel. Growing even faster were veterinary services, which now represent 31 percent of the market. Retail channel pet supplies came in third. Meanwhile, the industry's smallest category, nonmedical pet services, grew 5 percent in 2017. Continuing the trend of channel migration, the pet food and pet supply retail channels are experiencing much of their growth outside of the core mass-market and pet specialty channels, namely online, where annual percentage sales gains have been in the mid double digits. Both channels are feeling the e-commerce heat, with big-box pet specialty especially hard hit even …
4 things veterinarians, pet marketers must know about Gen Z, millennialsMarch 13, 2018Pet ownership in the U.S. is trending younger and younger. The 57 million pet owners under age 40 account for 41 percent of all pet owning adults in the United States. Over the past decade Gen Z (18- to 24-year-olds) and millennials (25- to 39-year-olds) accounted for more than half of the growth in the pet owner population, according to Rockville, Md.-based market research firm Packaged Facts in the company's new report Gen Z and Millennials as Pet Market Consumers: Dogs, Cats, Other Pets. "Adult pet owners under age 40 are as much the present as they are the future of the industry," said David Sprinkle, research director for Packaged Facts. "These younger generations of pet market consumers are critical to the bottom line of pet product and service marketers because the vanguard of the baby boomer generation is reaching the age when pet ownership declines sharply. Moreover, boomers will be succeeded by members of Gen X, who spend heavily on pet products and services but are a relatively small population cohort." As to be expected, Gen Z and millennial pet owners are influencing the pet industry in unique ways that are quite different when compared to the …
PetSmart announces launch of online pharmacySeptember 28, 2017PetSmart announced the launch of PetSmart Pharmacy, a new online-only pharmacy that offers ordering and autofill of prescription and over the counter medications, and veterinary diet prescription pet food, combined with home delivery. According to Packaged Facts, the pet medication market would be a more than $10 billion industry by 2018. The market researcher's 2016 National Pet Owner survey found that 46 percent of pet owners buy pet products online, up from 41 percent in 2015. During the online ordering process at PetSmart.com, pet owners enter information about their pet and veterinarian. From there, fully licensed and pharmacy-certified PetSmart pharmacists coordinate with the veterinarian. Once validated, prescriptions are filled and the products are shipped directly to pet owners' homes. An auto-ship feature is available. PetSmart Pharmacy offers options to treat pet allergies, anxiety, arthritis, heartworm, seizure and diabetes, as well as rare ailments. Brand-name and generic prescription and OTC medications include Bravecto, Trifexis, Carprofen, Sentinel, and Vetmedin. PetSmart Pharmacy will not offer pet opiates as part of its product offering. Veterinary diet formulas, wet and dry, as well as treats, from Hill's, Royal Canine, and ProPlan will be available, as …
