The pet insurance market size is expected to grow from US$ 11.2 billion in 2023 to US$ 38.0 billion by 2031; it is anticipated to expand at a CAGR of 16.5% from 2023 to 2031. The market growth in the pet industry is being driven by various factors, including the expanding pet population, the adoption of pet insurance in untapped markets, the rising costs of veterinary care, strategic initiatives by key companies, and the growing trend of humanizing pets.
The animal industry faced significant challenges during the COVID-19 pandemic, impacting various stakeholders such as pet owners, veterinarians, veterinary hospitals, and animal health companies. However, the industry swiftly adapted by implementing supportive measures to ensure uninterrupted access to veterinary care and related services. These challenges also led to an increased awareness among pet parents about the need for financial protection, resulting in a surge in the adoption of pet insurance policies. A survey conducted by Petplan, a prominent player in the UK market, indicated a rise in pet ownership in 2020, with dogs being the preferred choice, followed by cats.
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Pet Insurance Market: Strategic Insights
The scope of the Pet Insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Pet Insurance market share. In 2022, the North American pet insurance market witnessed a significant increase, with approximately 5.36 million pets being insured, marking a growth of around 22% compared to the previous year. This data was reported by The North American Pet Health Insurance Association (NAPHIA), a trade association for the pet insurance industry in the United States and Canada. The rising number of pet owners opting for insurance coverage for their pets indicates a growing market demand.
The regional trends and factors influencing the Pet Insurance Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pet Insurance Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 11.2 Billion |
| Market Size by 2031 | US$ 38.0 Billion |
| Global CAGR (2023 - 2031) | 16.5% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Sales Channel
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Pet Insurance Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Pet Insurance Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Pet Insurance Market Analysis" was carried out based on coverage type, animal type, sales channel, and geography. In terms of coverage type, the market is segmented into accident-only and accident & illness. Based on animal type, the market is segmented into dogs and cats. Based on sales channels, the market is segmented into agency, broker, and direct. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the pet insurance market. A few recent key market developments are listed below:
(Source: Five Sigma, Company Website)
(Source: Fetch, Company Website)
(Source: Independence Pet Group (IPG), Company Website)
The market report on "Pet Insurance Market Size and Forecast (2021–2031)", provides a detailed analysis of the market covering below areas-
The global pet insurance market is expected to reach US$ 38.0 billion by 2031.
Various factors, including the expanding pet population, the adoption of pet insurance in untapped markets, and the rising costs of veterinary care, are driving the market growth in the pet industry.
The pet insurance market size is expected to grow from US$ 11.2 billion in 2023 to US$ 38.0 billion by 2031; it is anticipated to expand at a CAGR of 16.5% from 2023 to 2031.
The key players holding majority shares in the global pet insurance market are Trupanion, Inc., Direct Line, MetLife Services and Solutions, LLC., Figo Pet Insurance, LLC, and Petplan (Allianz).
The growing trend of humanizing pets is anticipated to play a significant role in the global pet insurance market in the coming years.