Market Trends of Flea And Tick Product Industry
The Dog Segment is Expected to Witness Significant Growth Over the Forecast Period
The soft, warm fur of dogs provides the perfect environment for fleas and ticks. These insects feed on the pet's blood and can cause health problems ranging from allergic reactions to serious tick-borne illnesses. Both fleas and ticks are more common during the warmer months. As a result, various products have been introduced to the market.
The demand for flea and tick control products has increased, especially in developed countries, due to the increasing pet dog population. A study published in the Veterinary Sciences in January 2021 stated that over 48 million American households own one or more dog(s) with an estimated 20 million pet dogs in the United States. According to Simply Insurance, in 2021, the global dog population was estimated at around 900 million and rising. The vast popularity of dogs as pets has positively affected the market's growth and is expected to boost growth in the future.
Further, product launches are another key factor for the market's growth. For instance, in July 2022, Pet Wellness Direct launched its new flea shampoo, called Protect which is intended to protect dogs from flea manifestations. Further in June 2021, Elanco launched a broad-spectrum oral parasiticide, Credelio Plus, which is intended for the management of fleas, ticks, and worms in dogs. Such product launches increase the number of innovative products, thus boosting the market's growth. Therefore, the dog segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to experience significant growth in the market with the increasing adoption rates of companion animals, growing disposable income, and rising per capita animal healthcare expenditure, coupled with increasing product innovations
The pet adoption has been on rise in the North America region which is expected to boost the demand for the flea and tick products for the well being of the pets. For instance, according to a survey of Vetsource 2021, veterinary patient visits are increasing, in the United States. It was found that in 2019, 2020, and 2021 the companion animal patients per doctor witnessed a growth rate of 6% to 7.5% year-over-year. The region has a significant expenditure on pet well-being and medical care which are also expected to boost the growth of the market in the region. For instance, data published by the National Pet Owners Survey 2021-2022 conducted by the American Pet Products Association (APPA), 70% of households own a pet in the United States, which equates to 90.5 million homes.
Furthermore, along with the rising adoption of pets, the pet insurance in the region is also increasing which is expected to further boost the growth of the flea and tick market. For instance, data published by the North American Pet Health Insurance Association (NAPHIA) in May 2022, 4.41 million pets were insured in North America at the end of 2021. The same source also stated that the average monthly cost of pet insurance was observed to be USD 50 for dogs and USD 28 for cats, under the plans which cover both accidents and illnesses. Also, as per the data published by the American Pet Products Association, Inc., in 2021, over USD 123.6 billion was spent on pets in the United States, which increased from around USD 103.6 billion in 2020.
In addition, the key developments of the market players in the region are also expected to boost the market growth. For instance, in May 2021, Elanco Animal Health launched the first oral flea and tick product for cats, Credelio CAT, in the United States. Credelio Cat starts killing fleas on cats within 6 hours.
Therefore, owing to the increasing pet adoption, and high animal healthcare expenditure, the growth of the studied market is anticipated in the North America Region.
