It is honestly no mystery that the pet med market is expanding, maybe even faster than it did in the past decade. One reason is that people are now taking what their pets eat or consume more seriously. Many pet owners are as concerned about their pet’s health as they are with their own.
You also need to factor in the fact that there is also a lot of research going into pet-related products, which is yielding a stream of medicines and supplements. Not to mention that the US pet market sales have grown exponentially from $50.96 billion back in 2011 (10 years ago) to an estimated $99.1 billion in 2020. Experts believe that there is room for a lot more growth, and the latest pet med trends may probably fuel it through 2021 and beyond.
Below are some of the hottest pet med trends of 2021.
The Growth of Pet Supplements
An increasing number of pet owners want to make sure that their pets are healthy, and that has given rise to the pet supplement industry, which is said to hit a billion dollars by 2027. Some of the most popular pet supplements available today include cat fish oil, dog probiotic, and doggie vitamins. Though the fastest growing, according to many experts, is the CBD category of pet supplements.
A look at Google’s search trends shows that there are 7400% more searches for terms like “CBD for dogs” in 2021, as compared to in 2015. So, why the sharp spike?
Well, there are already many new CBD products that are specifically designed for pooches. Pet owners are very concerned about giving their dogs human-grade CBD oil, but many top brands have released less potent but effective CBD products for our furry friends.
Also, fuelling the demand is the latest research. According to the Baylor College of Medicine, CBD oil can be instrumental in treating canine osteoarthritis, which currently affects around 20% of dogs that are older than a year.
A New Category of Pet Meds are Emerging Each Year
In the past, you had just a handful of products that made up the pet meds industry or even the pet industry as a whole. You had toys, food, hygiene, beds, and leashes. However, we’ve started to see innovation in this space which has picked up quite a bit of pace in recent years with entrepreneurs creating an entirely new category of pet products to keep up with changing market trends.
An example of this category is pet wipes, moist towels, or tissue, which can be used to wipe by cat owners or dog owners they (the pet) have gone to the toilet. While the brand is relatively new, Amazon has over 400 brands selling this product already.
Another also relatively new category is pet toothpaste. While pet oral hygiene products have been around for a while now, these new products, such as cat toothpaste, are for owners who want to ensure their pet’s hygiene is in top shape.
Veterinary Medicine Now includes Telemedicine Services
Similar to human telemedicine, pet telemedicine has become more mainstream than it ever was during the year of the pandemic with many households observing social distancing protocols. Even though telemedicine can’t vaccinate your cat or dog, it does make it a lot easier to get in touch with a veterinarian without having to drive over.
The growing acceptance of telemedicine for pets means that owners can book an appointment with a doctor and consult with them from the comfort of their homes. Doctors can provide insight into why a cat or dog may be behaving a certain way. They may also be able to make diet and medicinal recommendations based on their observations. However, if all else fails, it is still possible to book an appointment for a physical visit. According to many veterinary hospitals, inpatient visits have seen a drastic decline due to the ease offered by telemedicine to pet owners.
Growth of the Pet Health Insurance Space
Health insurance for pets has, for the most part, has become very interesting and worth watching. It is also a niche to watch out for because as many pet owners want to ensure that their furry friends get the best medical treatment, they can’t always afford it. Pet health insurance ensures that owners can get the procedures their pets need to survive or live a normal life.
In 2018 the pet insurance industry was valued at $3.33 billion, but it is expected to grow annually by around 16% right through to 2018. Driving the pet insurance industry is providers like Lemonade, whose AI-powered system provides pet insurance. Then there are pet dedicated insurance companies like GoPetPlan and Healthy Paws that develop better insurance plans and offer a host of customized ones.
Pet Owners are Moving Towards Prevention
If you look at the figures from pet supplement brands and those selling CBD pet products, it isn’t hard to see that a growing number of pet owners are moving in favor of preventive measures. While medicines do play a significant role in animals’ health and will do so for a very long time, like humans, pets can avert many potential health issues with the right diet, exercise, and supplementation regime. That’s why brands selling healthy pet food and supplements are seeing a sharp rise in popularity.
Today, pet owners are spending more money on preventing their pets from getting sick or becoming obese than they did before. If anything, this trend is only going to increase further through 2021 and beyond.
We all love our pets. Whether you are a dog or cat person or perhaps are into more exotic pets, we value their lives and companionship. The above trends make it evident that today we care as much about our pets as we do about our health. If anything, that’s a step in the right direction and a direction that manufacturers in the pet health industry recognize and are capitalizing on with better, more effective products, many of which will soon make it to the market.