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Consumers in the UK are spending increasing amounts on healthcare products for their pets according to data from Research And Markets.
According to its report on the UK veterinary market consumers spent nearly £4bn on veterinary and other pet services in 2020.
The report believes that the trend of pet humanisation and the rise in the spending by pet owners to maintain animal health is playing a major role in influencing market demand.
The report also found that people prefer to keep pets as they improve their mental health and bring positivity to homes and spend more than £3bn on pet food every year.
It also found that around more than half of pet owners live in cities, and most of the pet owners are under the age of 40.
The huge popularity of pets and improved living standards of pet owners is expected to accelerate the United Kingdom veterinary medicine market growth in the forecast period.
All this together means that the United Kingdom veterinary medicine market is anticipated to witness a robust CAGR in the forecast period between 2023-2027.
