Pet insurance provides financial protection for pet care and treatment expenses. It reduces the financial burden on pet owners in case of accidental injuries, illnesses and other veterinary care costs. The number of pet owners has increased significantly over the years, especially in developed nations such as the United States, United Kingdom and other parts of Europe. This has boosted the demand for pet insurance.
The global Pet Insurance Market is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing pet ownership has been a major driver of growth in the pet insurance market. According to recent estimates, around 70 million households in the US own a pet. This is around 60% of the total households. Growing humanization of pets and increasing expenditure on pet care have encouraged more owners to opt for insurance. This helps cover the costs of expensive surgery, hospitalization and other treatments which can amount to thousands of dollars. Offerings which provide 100% coverage of veterinary costs without caps have seen rising demand. Industry players have also launched customized policies for older pets requiring more medical care. This focus on specific customer needs is expected to further support market gains over the forecast period.
Segment Analysis
The global pet insurance market is dominated by accident and illness segment. This segment accounts for over 60% of the total market share owing to rising pet care costs and increasing prevalence of various medical conditions among pets. Pets require timely medical care and treatments like surgeries, medicine, and hospitalizations which triggers demand for pet insurance policies that cover accident and illness related medical expenses of pets.
Key Takeaways
Global Pet Insurance Market Size is expected to witness high growth over the forecast period of 2023 to 2030 on the back of rising pet ownership, increasing pet care cost, and growing awareness.
The global Pet Insurance Market is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis
North America dominates the global pet insurance market and is expected to continue its dominance over the next few years. Factors attributed to its leading position include increasing pet adoption and higher spending on pet insurance in the US and Canada. Additionally, intense marketing and promotion activities by key players to promote pet insurance further fuels market growth in the region. Europe is the second largest market and is projected to witness noteworthy growth supported by rising ownership of dogs and cats coupled with growing trend of insuring companion animals.
Key players
Key players operating in the pet insurance market are Cargill Aqua Nutrition, Skretting (Nutreco), Biomar, Alltech, Ridley Corporation Limited, CP Group, Charoen Pokphand Foods (CPF), Nutriad International, BioMar Group, Nutra Blend LLC, Guangdong Haid Group Co., Ltd., Tongwei Group, Avanti Feeds Limited, and Nutrivet, BRF S.A. These companies aim to strengthen their presence through product launches and innovations. For instance, in August 2023, Cargill Aqua Nutrition introduced a new fish feed targeting aquaculture farmers in Asia.
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