Today’s Veterinary Business Staff
The veterinary industry is the leading seller of pet supplements, easily outdistancing the pet specialty channel, mass-market retailers and online merchants, according to a new report from Packaged Facts.
The market research firm reported that U.S. retail sales of pet supplements rose by 5% in 2018, to $636 million, of which the veterinary channel captured 48%, or about $305 million. The pet specialty channel took in 30%.
Packaged Facts attributed the surge in sales to an improved economy, greater spending across the pet industry and heightened consumer acceptance of cannabidiol (CBD) supplements, which are often advertised as a way to support an animal’s general health, alleviate pain or reduce anxiety.
“CBD-infused pet products are on pace to quickly go from niche to norm, spurred in part by the humanization trend and pet parents’ desire to see their fur babies live calm, comfortable lives,” said Packaged Facts research director David Sprinkle.
Nearly 4 in 10 dog owners and one-third of cat owners “like the idea of CBD supplements for their pets,” Packaged Facts stated, citing consumer survey data.
The U.S. pet supplements market is weighted heavily toward dogs. Canine supplements made up 78% of sales in 2018.
Supplements are loosely regulated, which leads some veterinarians to shy away from recommending them.
“For most veterinarians, the sticking point is lack of clinical research on par with that required for medications, which can take years and cost tens of millions of dollars,” according to the Packaged Facts report “Pet Supplements in the U.S., 7th Edition”
“Looking ahead,” the report stated, “it behooves pet supplement marketers and industry organizations like the National Animal Supplement Council (NASC) to continue working together to sway veterinarians in their direction, even if it means adopting a ‘rising tides lift all boats’ shared-expense approach toward investing in scientific research including clinical trials.”
More information is available at http://bit.ly/2W1Q8a5.