The global pet insurance market size is expected to reach US$ 38.8 Bn by the end of 2030. According to a study by Future Market Insights (FMI), the market will show a steady rise at a CAGR of 11% between 2022 and 2030. According to the report, the rising number of pet owners, increase in awareness about pet insurance and associated health benefits of pet ownership will stoke growth in the market.
The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the pet insurance market. Some of these are:
- The estimated value of the market at US$ 7.8 Bn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, North America dominates the pet insurance market globally.
- Latin America emerges as one of key markets owing to high pet ownership in the region.
- Dogs and Cats segment hold the highest value share in pet insurance market.
- ‘Accident & illness’ coverage option comes out as the most preferred type of pet insurance among pet owners
- Key players are likely to focus on new service offerings to stay relevant in developed markets.
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Growth in Pet ownership and Selling Techniques of Companies to Create Opportunity for Expansion
Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market. The Pet health insurers offer different plan options or tiers with varying policy limits which also attracts pet owners towards pet insurance.
However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market. Marketing strategies adopted the insurance companies include online marketing, veterinary clinics, pet stores, shelters and animal support and rescue organizations or word of mouth referrals which also fuel the pet insurance market for further growth. Furthermore, largely untapped market with extremely low penetration rates is expected to provide numerous opportunities for the pet insurance market.
Accident & Illness Policy Coverage Fuels Demand for Pet Insurance
Pet insurance which is becoming a norm of most of the developed countries. Pet insurance market is gaining traction by the accident & illness insurance policy as it provides both accident and illness coverage. Rapidly increasing consumer’s awareness on pet’s diseases, rising veterinary costs and marketing efforts of industry operators have caused consumer acceptance in the pet insurance market.
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Who is winning?
Some of the leading players operating in the pet insurance market are Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Petsecure, Healthy Paws, 24PetWatch etc. As a result of increasing competition, companies are focusing on expanding their product portfolio. In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
- In March 2019, CareCredit, LLC, a healthcare financing company of Synchrony Financial, had acquired a Idaho based pet insurance company Pets Bestto to expand its current product/service offering
- In Dec 2019, MetLife Inc. had acquired Jeffersonville-based company PetFirst to enter into pet insurance market
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Key Segments of Pet Insurance Industry Survey
Pet Insurance Market by Policy Type:
- Accident
- Accident & Illness
- Embedded Wellness
Pet Insurance Market by End User:
- Pet Insurance for Dogs
- Pet Insurance for Cats
- Pet Insurance for Horses
- Pet Insurance for Exotic Pets
- Others
Pet Insurance Market by Region:
- North America Pet Insurance Market
- Latin America Pet Insurance Market
- Europe Pet Insurance Market
- East Asia Pet Insurance Market
- South Asia & Pacific Pet Insurance Market
- Middle East & Africa (MEA) Pet Insurance Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Pet Insurance Market to Reach a Market valuation of US$ 38.8 Bn by 2030 | Latin America Emerges as one of Key markets Owing to High Pet Ownership appeared first on Future Market Insights.
