Global Pet Insurance Market to Surpass/ Reach ~US$ 15 Bn by 2029
The global pet insurance market is projected to reach ~US$ 15 Bn by the end of 2029. The market was valued at ~US$ 4 Bn in 2019. If these figures hold true, the market will exhibit a CAGR of ~8.5% between 2019 and 2029. Regionally, North America is expected dominate the market.
However during the forecast period, Latin America & East Asia will exhibit more lucrative growth opportunities. In terms of policy type, the market can be classified accident, accident & illness. Of these, accident & illness segment will lead the global market owing to the coverage type which includes both accident & illness.
Key Factors Driving the Market
Latin America will Offer Robust Growth Opportunities
Regionally, the global pet insurance market covers North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East & Africa. Among these regions North America currently leads the market. Factors such as increasing pet ownership, the total number of insured pets, increasing disposable income of the middle-class population, and major concentration of pet insurance companies in the U.S. are driving the North American pet insurance market.
In addition to this, the demand for pet insurance is expected to uplift the Latin American pet insurance market owing to the high adoption rate of pets, rising awareness of pet diseases, and willingness to spend more on pet care products.
Rising Awareness among Consumers will Stoke Growth Opportunities
The rising awareness among consumers about pet diseases will drive the pet insurance market. In addition to this, the market will benefit from their increasing disposable incomes and consequent willingness to spend on pet care products. Companies are nowadays operating in a dynamic business environment. It is therefore important that the companies keep track of the ever-evolving preferences of consumers to stay relevant in the market.
By Policy Type
- Accident Only
- Accident & Illness
- Exotic Pets
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How will Growth Unfold?
The Pet insurance market is primarily dominated by the North American market owing to a high number of pet owners and growing awareness among consumers about pet diseases. Pet health insurance has been in existence worldwide since the early 1900s but was not offered in North America until the 1980s. Partnership with veterinaries and other pet organizations and word-of-mouth referrals propel the pet insurance industry to grow to a substantial height.
There is a growing trend observed in the U.S. of purchasing accident & illness policy owing to greater medical coverage in terms of accident & health. According to NAPHIA, 98% of policies written in 2017 were for accident and illness insurance while 2% were accident only.
FREQUENTLY ASKED QUESTIONS ABOUT PET INSURANCE MARKET
What drives the pet insurance market?
The rise in the number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market.
Which factors put market players at risk?
Strict market regulation by the government and higher premium cost of pet insurance put the players at risk of losing market share.
Which region will lead the global sales of pet insurance?
North America dominates the pet insurance market however increasing number of pet ownership and rising awareness of pet diseases fuel the Latin America and East Asia market with ample opportunities.
Which end-user segment offers the most lucrative growth opportunities?
The cat segment in an end-user category is expected to have lucrative growth opportunities due to the growing preference for cats among female consumers.
Which segment based on policy type will record the highest growth?
Accident & illness policy type is expected to expand at the highest CAGR during the forecast owing to its greater policy coverage, both accident & illness.
The global pet insurance market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Accident & Illness
- Exotic Pets
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa