NEW YORK — Pet supplements represent a new mostly untapped market opportunity for the OTC section in the retail pharmacy setting. Consumers spent an estimated $52.9 billion last year on their pets, up 3.7% as compared with 2011 actual sales, according to the American Pet Products Association.
And the typical pet owner spends, on average, $95 per year on pet supplements for their dogs and $43 on supplements for cats. But the question is how much more would owners spend, or how many more owners would buy supplements, if they were merchandised alongside supplements formulated for two-legged folks?
“People do not think to go to the pharmacy for their pet health needs, but when they see it, there is an immediate trigger,” said Joe Wayman, president of True-Dose, which has been making a strong pitch linking pet supplements to a pharmacist recommendation this year. “If you go to the pharmacy, you trust your pharmacist, and the pharmacy should have higher-quality products.”
Venerable Nutramax Laboratories in November placed its Cosequin for Dogs into Walmart stores. Nutramax’s new mass line is being endorsed by “Jungle Jack Hanna,” director emeritus of the Columbus Zoo, who has been the Cosequin brand spokesman for the past two years.
The article above is part of the DSN Category Review Series. For the complete VMS Buy-In Report, including extensive charts, data and more analysis, click here.