Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Pet Insurance Market by Policy Coverage (Accident Only, Accident and Illness, and Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global pet insurance industry was valued at $4.5 billion in 2020, and is expected to garner $16.8 billion by 2030, witnessing a CAGR of 14.3% from 2021 to 2030.
Major determinants of the market growth
The growth of the global pet insurance market is driven by the surge in demand for pet insurance policies, rise in the number of veterinary centers, and increase in demand for financial safety in case of growing uncertainties. However, high premium costs and lack of awareness about pet insurance policies restrict the market growth. On the contrary, the implementation of technologies in products and service lines along with government initiatives about pet insurance policies are expected to present new opportunities for the market players in the coming years.
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114 – Tables
56 – Charts
233 – Pages
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2021–2030 |
| Base Year | 2020 |
| Market Size in 2020 | $ 4.5 billion |
| Market Size in 2030 | $16.8 billion |
| CAGR | 14.3% |
| No. of Pages in Report | 233 |
| Segments Covered | Policy Coverage, Animal Type, Sales Channel, And Region |
| Drivers | Increased demand for pet insurance policies Rise in need for financial safety in case of increasing uncertainties |
| Opportunities | Increase in the demand for pet insurance policies |
| Restraints | Pet insurance policies have evolved to provide more comprehensive coverage |
The accident only segment to maintain its leadership status throughout the forecast period
Based on policy coverage, the accident-only segment held the highest share in 2020, accounting for around four-fifths of the global pet insurance market, as pets such as dogs and cats have been infected with the Covid-19 virus. On the other hand, the accident & illness segment is expected to manifest the highest CAGR of 15.9% during the forecast period.
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The cat's segment to maintain its leadership status throughout the forecast period
Based on animal type, the dogs segment held the largest share in 2020, contributing to more than four-fifths of the global pet insurance market, as dogs help people to stay well and spend less time getting over sickness and bugs. However, the cats segment is anticipated to register the largest CAGR of 16.4% during the forecast period.
Europe to maintain its leadership status throughout the forecast period
Based on region, Europe held the highest share in 2020, accounting for nearly two-fifths of the market. This is attributed to the shift in trend from pet owners to pet parents and rise in social acceptance of pets across the region. However, the Asia Pacific region is projected to showcase the highest CAGR of 18.4% during the forecast period, due to surge in pet adoption and rise in awareness about pet insurance in the region.
Major market players
- Figo Pet Insurance LLC.
- Embrace Pet Insurance Agency, LLC
- Pet Assure Corp.
- PetFirst
- Ipet Insurance
- Pets Best Insurance Services, LLC
- Hartville Group
- Nationwide
- Royal & Sun Alliance (RSA)
- Trupanion
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Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global pet insurance market forecast along with current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global pet insurance market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the pet insurance market from 2021 to 2030 is provided to determine the market potential.
Pet Insurance Market Report Highlights
AspectsDetailsBy Policy Coverage
- Accident and Illness
- Accident Only
- Others
By Animal Type
- Dogs
- Cats
- Others
By Sales Channel
- Broker
- Agency
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Sweden, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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