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The Global Pet Insurance Market was Worth USD 9.3 billion in 2022 and is Estimated to Grow to USD 31.13 billion by 2030, with a CAGR of Approximately 16.3 % over the Forecast Years From 2023 To 2030.
Pet insurance is a policy bought by the pet owner to pay part or in total for the veterinary treatment of the insured pet’s illness or injury. Some policy also covers the pet’s death or in case lost or stolen. Private carriers often offer the highest levels of coverage at the most affordable prices for insurance plans. Top insurance enables a variety of innovative pet retention programs. Customers frequently select multi-pet insurance policies that cover numerous dogs under one plan and various insurance plans that cover dogs of different ages. Such laws enable private businesses to dominate the pet insurance market globally. The pet insurance market is expanding due to efforts made by current providers to inform customers about rising veterinarian costs and the many benefits of pet medical insurance plans. The expansion of the global pet insurance market is predicted to be driven by increased demand for pet insurance to lower out-of-pocket payments for major conditions like cancer and unintentional injuries. Numerous barriers and challenges will prevent the market’s growth. The pet insurance market could experience slower development throughout the projection period due to risks to pet insurance providers, entry hurdles, and fierce competition. Nevertheless, technological advancements and untapped market potential offer significant growth prospects.
Pet owners, veterinarians, veterinary clinics, and animal health companies all faced difficulties due to the COVID-19 pandemic. However, the sector quickly started implementing protective measures to ensure access to veterinary care and other services in response to the pandemic. The difficulties posed by the pandemic also made pet owners aware of the benefits of obtaining pet insurance coverage to lower financial risk. Pet ownership increased significantly in 2020. Cats and dogs were the two most common pet species. Almost 26% of pet owners in the U.K. purchased a pet during the COVID-19 pandemic, with approximately 47% of respondents purchasing pets for the first time.
Due to an increase in pet ownership, there is a surge in demand for pet insurance plans. The concept of pet humanization is becoming increasingly popular, which is also driving the need for pet grooming and care products. Owners are willing to spend more on their pets to ensure a healthy and happy life, especially millennial owners. Moreover, several nations globally have seen a significant increase in adopting animals, such as dogs and cats, as companion animals. Not only are dogs and cats the most popular pets, but they are also believed to enhance physical and mental wellness in people. Furthermore, in response to shifting consumer demand, pet insurance providers now provide customized packages like multi-pet insurance. They concentrate on the packages based on the lifespan and incident of the pet.
Some pet owners in developing nations may not be aware of pet insurance coverage due to a lack of pet care knowledge, limited income, and animal healthcare facilities, among other potential market limitations. As a result, pet insurance sales may be affected by the high price of pet care products, a lack of knowledge about pet insurance, and high premium costs.
The global pet insurance market has been segmented into policy coverage, animal type, and sales channel.
In 2021, Europe dominated the pet insurance market and held the largest revenue share. It is due to the growing use of pet insurance, increased pet ownership, and the presence of important corporations. By 2017, pet insurance coverage covered 23.0% of pets in the U.K. and 30.0% of pets in Sweden, and it was projected that this penetration would rise over time. Important market participants like Petplanare have their headquarters in the United Kingdom, whereas DFV has theirs in Germany. These businesses regularly carry out different strategic measures to grow their market share and support regional development.
Some of the main competitors dominating the global pet insurance market include-
Pet Insurance Market by Policy Coverage Outlook (Revenue, USD Million, 2017 – 2030)
Pet Insurance Market by Animal Type Outlook (Revenue, USD Million, 2017 – 2030)
Pet Insurance Market by Sales Channel Outlook (Revenue, USD Million, 2017 – 2030)
Pet Insurance Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
Pet Insurance Market Report Scope | |
Report Attribute | Details |
Market Size Value in 2022 | USD 9.3 billion |
Revenue Forecast in 2030 | USD 31.13 billion |
Growth Rate | CAGR of 16.3 % from 2023 to 2030 |
Base Year for Estimation | 2022 |
Historical Data | 2017 – 2022 |
Forecast Years | 2023 – 2030 |
Quantitative Units | Revenue in USD million and CAGR from 2023 to 2030 |
Report Coverage | Revenue forecast, company ranking, Trends competitive landscape, and growth factors |
Segments Covered | Policy Coverage, Animal Type, Sales Channel, and Region |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
Key Companies Profiled | Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), and Trupanion. |
Table of Content
Pet Insurance Market Size, Share, Growth, and Forecast Report
Chapter 1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Policy Coverage
1.4.2. Animal Type
1.4.3. Sales Channel
Chapter 2. Pet Insurance Market Overview
2.1. Introduction
2.2. Analysis by Policy Coverage, 2017-2030 (US$ Billion)
2.3. Analysis by Animal Type, 2017-2030 (US$ Billion)
2.4. Analysis by Sales Channel, 2017-2030 (US$ Billion)
2.5. Market Analysis by Region, 2017-2030 (US$ Billion)
Chapter 3. Pet Insurance Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Policy Coverages
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Policy Coverage
3.6.2. Animal Type
3.6.3. Sales Channel
3.6.4. Region
3.7. Value Chain Analysis
Chapter 4. Pet Insurance Market Competition Analysis
4.1. Pet Insurance Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
Chapter 5. Global Pet Insurance Market Analysis by Policy Coverage, Sales Channel, and Animal Type, 2017-2030 (US$ Billion)
5.1. Policy Coverage
5.1.1. Global Pet Insurance Market Share, by Policy Coverage, 2021 and 2030
5.1.2. Global Pet Insurance Market Revenue, by Policy Coverage, 2017-2030 (US$ Billion)
5.1.3. By Accident and Illness Market Analysis 2017-2030 (US$ Billion)
5.1.4. By Accident Only Market Analysis 2017-2030 (US$ Billion)
5.1.5. By Others Policy Coverage Market Analysis 2017-2030 (US$ Billion)
5.2. Animal Type
5.2.1. Market Share, by Animal Type, 2021 and 2030
5.2.2. Market Revenue, by Animal Type, 2017-2030 (US$ Billion)
5.2.3. By Dogs Market Analysis 2017-2030 (US$ Billion)
5.2.4. By Cats Market Analysis 2017-2030 (US$ Billion)
5.2.5. By Others Animal Type Market Analysis 2017-2030 (US$ Billion)
5.3. Sales Channel
5.3.1. Market Share, by Sales Channel, 2021 and 2030
5.3.2. Market Revenue, by Sales Channel, 2017-2030 (US$ Billion)
5.3.3. By Broker Market Analysis 2017-2030 (US$ Billion)
5.3.4. By Agency Market Analysis 2017-2030 (US$ Billion)
5.3.5. By Others Sales Channel Market Analysis 2017-2030 (US$ Billion)
Chapter 6. Global Pet Insurance Market Policy Coverage Analysis by Region, 2017-2030 (US$ Billion)
6.1. Accident and Illness Market Analysis 2017-2030 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Accident Only Market Analysis 2017-2030 (US$ Billion)
6.3. Others Policy Coverage Market Analysis 2017-2030 (US$ Billion)
Chapter 7. Global Pet Insurance Market Animal Type Analysis by Region, 2017-2030 (US$ Billion)
7.1. Dogs Market Analysis 2017-2030 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Cats Market Analysis 2017-2030 (US$ Billion)
7.3. Others Animal Type Market Analysis 2017-2030 (US$ Billion)
Chapter 8. Global Pet Insurance Market Sales Channel Analysis by Region, 2017-2030 (US$ Billion)
8.1. Broker Market Analysis 2017-2030 (US$ Billion)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Agency Market Analysis 2017-2030 (US$ Billion)
8.3. Others Sales Channel Market Analysis 2017-2030 (US$ Billion)
Chapter 9. Pet Insurance Market Analysis by Geography, 2017-2030 (US$ Billion)
9.1. North America Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.1.1. U.S. Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.1.1.1. Policy Coverage
9.1.1.2. Animal Type
9.1.1.3. Sales Channel
9.1.2. Canada Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.1.3. Mexico Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2. Europe Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2.1. UK Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2.1.1. Policy Coverage
9.2.1.2. Animal Type
9.2.1.3. Sales Channel
9.2.2. France Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2.3. Germany Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2.4. Spain Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2.5. Russia Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2.6. Italy Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.2.7. Rest of Europe Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3. Asia Pacific Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.1. China Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.1.1. Policy Coverage
9.3.1.2. Animal Type
9.3.1.3. Sales Channel
9.3.2. Japan Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.3. South Korea Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.4. India Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.5. Australia Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.6. Southeast Asia Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.7. Taiwan Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.3.8. Rest of Asia Pacific Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.4. Latin America Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.4.1. Brazil Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.4.1.1. Policy Coverage
9.4.1.2. Animal Type
9.4.1.3. Sales Channel
9.4.2. Argentina Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.4.3. Rest of Latin America Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.5. Middle East Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.5.1. Israel Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.5.1.1. Policy Coverage
9.5.1.2. Animal Type
9.5.1.3. Sales Channel
9.5.2. Turkey Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.5.3. Saudi Arabia Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.5.4. UAE Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.5.5. Rest of Middle East Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.6. Africa Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.6.1. Egypt Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.6.1.1. Policy Coverage
9.6.1.2. Animal Type
9.6.1.3. Sales Channel
9.6.2. South Africa Pet Insurance Market Analysis 2017-2030 (US$ Billion)
9.6.3. Rest of Africa Pet Insurance Market Analysis 2017-2030 (US$ Billion)
Chapter 10. Company Profiles
10.1. Trupanion Inc
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Strategic Initiatives
10.2. Deutsche Familienversicherung AG (DFV)
10.3. Petplan (Allianz)
10.4. Animal Friends Insurance Services Limited
10.5. Figo Pet Insurance LLC
10.6. Direct Line
10.7. Nationwide Mutual Insurance Company
10.8. Embrace Pet Insurance Agency LLC
10.9. Anicom Insurance
10.10. ipet Insurance Co Ltd
10.11. MetLife Services and Solutions LLC
10.12. Pumpkin Insurance Services Inc
Chapter 11. COVID-19 Impact Analysis
11.1. Global Pet Insurance Market, 2020 – 2030, Pre-V/S Post COVID 19
11.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Pet Insurance Market Size In 2022, By Scenario
Chapter 12. Pet Insurance Marketing Channel Analysis
12.1. Marketing Channel
12.1.1. Direct Marketing
12.1.2. Indirect Marketing
12.1.3. Development Trend
12.2. Market Positioning
Chapter 13. Conclusion
Pet Insurance Market by Policy Coverage Outlook (Revenue, USD Million, 2017 – 2030)
Pet Insurance Market by Animal Type Outlook (Revenue, USD Million, 2017 – 2030)
Pet Insurance Market by Sales Channel Outlook (Revenue, USD Million, 2017 – 2030)
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