Veterinary Industry Summary: June 2–8, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
June 2–8, 2024
According to a new report from Meticulous Research, the direct-to-consumer pet food market is projected to reach $13.06 billion by 2031 — a compound annual growth rate of nearly 20% from 2024 to 2031.
The report cites several factors contributing to the rapid growth of the direct-to-consumer pet food market, including increasing:
- Adoption of digital channels
- Pet population and food expenditure
- Demand for premium pet food products
- Incidences of zoonotic diseases
- Number of direct-to-consumer pet brands
- E-commerce
Trending in the direct-to-consumer pet food market are the demand for customized pet food and the humanization of pets, while quality issues and pet food recalls can hinder the growth of this market.
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| +2.9% Revenue YoY (Last Week) |
-1.3% Visits YoY (Last Week) |
Last week, year-over-year veterinary industry revenue was up 2.9%, a jump from the previous week’s 1.4%. And, while still in negative territory, year-over-year visits improved from -4.4% to -1.3%.
 -4.8%Heartworm YoY |
-4.0% Flea/Tick YoY |
 +4.3%Services YoY |
-0.7% Products YoY |
Last week, year-over-year heartworm protection was -4.8%, and flea/tick protection was -4.0%, significant improvements from the previous week’s -13.6% and -12.8% respectively. Year-over-year services revenue improved from 3.9% the week prior to 4.3% last week, while revenue from products jumped to -0.7% from -5.4%.
| +4.6% Revenue YoY (Last 12 Months) |
-2.1% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows revenue and visits holding fairly steady since the end of May.
| 5,579 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.5K Visits per Practice (Last 12 Months) |
New Mexico again enjoyed the highest growth in year-over-year revenue last week at 10.5%, with New Hampshire coming in second at 7.6%. While no states saw positive growth in year-over-year visits, three states — Minnesota, New Mexico, and North Carolina — came in at 0.0%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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