Pet Insurance Market
Pet Insurance Market Size, Share, and Trends Analysis Report, by Policy (Illness & Accident, Chronic Condition, and Other Policies), by Animal (Companion, Livestock, and Equine), and by Sales Channel (Agency, Broker, Direct, and Others), Forecast Period (2022-2028) Update Available - Forecast 2024-2030
Pet insurance market is anticipated to grow at a CAGR of 8.2% during the forecast period. The rising prevalence of zoonotic diseases that are specially spread from poultry, domestic animals, and livestock is influencing pet owners to buy insurance policies for their pets which is contributing to the market growth. Moreover, rising pet expenditure is another factor that is positively influencing the growth. For instance, The Pets in Australia: A national survey of pets and people report published in 2019 had estimated that people of Australia spend around $9 billion per year to keep their pets fed, healthy, and well-accessorized, with food and veterinary services continuing to account for half of all ongoing expenditures. Out of this, around $1.8 billion were spent on veterinary services in the country.
Thus, people purchase insurance policies that provide financial support to the pet owners if their pets undergo any expensive treatment due to illness or accident. However, a lack of proper public awareness regarding the insurance schemes for pets especially for people living in rural areas of developing nations may hamper the smooth growth of the market during the forecast period.
During the COVID-19 pandemic, governments across the globe had taken various measures to protect the livelihood of farmers. For instance, European Agricultural Fund for Rural Development (EAFRD) launched to provide financial supports to cover operational costs including loans and guarantees to farmers up to $226,000. Common agricultural policy (CAP) simplified by extending the CAP payment deadline, direct payments were increased from 50 to 70% and physical on-the-spot checks had been reduced. In June 2020, the EU Commission launched two promotional programs to support the agri-food sector including milk and milk products with $11.3 million to recover from the COVID-19 crisis. Such supportive government initiatives had significantly supported the growth of the market.
Segmental Outlook
The global pet insurance market is segmented based on the policy, animal, and sales channels. Based on the policy, the market is sub-segmented into illness & accident, chronic conditions, and other policies. Among these policies, illness & accident is a very generalized type of insurance policy that almost every pet owner purchases.
Based on animals, the market is sub-segmented into companions (including dogs and cats), livestock (including cows, ships, and camels), and equines (including fish and tortoises). Based on the sales channel, the market is segmented as agency, broker, direct, and others. Among these sales channels, the direct sales segment holds the major share in the market owing to the rising marketing through social media. These segments can further be customized as per the requested research requirements.
Regional Outlooks
The global pet insurance market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can also be analyzed for a particular region or country level as per the requirement.
Global Pet Insurance Market Growth by Region, 2022-2028
The Asia-Pacific Region Holds a Considerable Share in the Global Pet Insurance Market
The Asia-Pacific region is expected to hold a considerable share in the pet insurance market as the region has the highest livestock population globally. China and India are the major contributing nations in this regional market. The dairy herds were increased in China by 0.8% and reached a count of 6.25 million in 2019 as per the USFDA. While India is the largest producer of dairy products globally in terms of volume. These significantly imply strong market opportunities in the Asia-Pacific region during the forecast period.
Market Players Outlook
The major companies serving the global pet insurance market include Anicom Holdings Inc., Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, ipet Insurance Co., Ltd., Medibank Pvt. Ltd., Oneplan Health Insurance, and RSA Insurance Group Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance-
• Chewy Inc. and Trupanion Inc. partnered in December 2021, to offer an exclusive suite of pet health insurance and wellness plans to more than 20 million Chewy customers.
• AXIS Capital Holdings Ltd.’s specialty insurance business segment- AXIS Insurance, partnered with Managing General Underwriter Petplan in November 2021. The company partnered with Petplan via its Accident and Health unit and this strategic collaboration supported its growth objectives.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global pet insurance market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Segmentation
4.1. Global Pet Insurance Market by Policy
4.1.1. Illnesses and Accidents
4.1.2. Chronic Conditions
4.1.3. Other Policies
4.2. Global Pet Insurance Market by Animal
4.2.1. Companion (including Dogs and Cats)
4.2.2. Livestock (including Cow, Ship, and Camel)
4.2.3. Equine (including Fish and Tortoise)
4.3. Global Pet Insurance Market by Sales Channel
4.3.1. Agency
4.3.2. Broker
4.3.3. Direct
4.3.4. Others
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Anicom Holdings, Inc.
6.2. Animal Friends Insurance Services, Ltd.
6.3. Deutsche Familienversicherung AG (DFV)
6.4. Dotsure, Ltd.
6.5. Embrace Pet Insurance Agency LLC
6.6. Bimeda Inc. (Texas Vet Lab, Inc.)
6.7. Figo Pet Insurance LLC
6.8. Hartville Group
6.9. Healthy Paws Pet Insurance LLC
6.10. ipet Insurance Co., Ltd.
6.11. Medibank Pvt. Ltd.
6.12. Metlife Services and Solutions LLC (Petfirst Healthcare LLC)
6.13. Nationwide Mutual Insurance Co.
6.14. Oneplan Health Insurance
6.15. Pets Best Insurance Services, LLC
6.16. Petplan, Ltd.
6.17. RSA Insurance Group, Ltd.
6.18. The Oriental Insurance Co. Ltd.
6.19. Trupanion, Inc.
6.20. U K Insurance, Ltd.
1. GLOBAL PET INSURANCE MARKET RESEARCH AND ANALYSIS BY POLICY, 2021-2028 ($ MILLION)
2. GLOBAL PET ILLNESS & ACCIDENT INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL PET CHRONIC CONDITIONS INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL PET OTHER INSURANCE POLICIES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
5. GLOBAL PET INSURANCE MARKET RESEARCH AND ANALYSIS BY ANIMAL, 2021-2028 ($ MILLION)
6. GLOBAL COMPANION PET INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL LIVESTOCK PET INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL EQUINE PET INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL PET INSURANCE MARKET RESEARCH AND ANALYSIS BY SALES CHANNEL, 2021-2028 ($ MILLION)
10. GLOBAL PET INSURANCE BY AGENCY MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL PET INSURANCE BY BROKER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL PET INSURANCE BY DIRECT MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL PET INSURANCE BY OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL PET INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
15. NORTH AMERICAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
16. NORTH AMERICAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY POLICY, 2021-2028 ($ MILLION)
17. NORTH AMERICAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY ANIMAL, 2021-2028 ($ MILLION)
18. NORTH AMERICAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY SALES CHANNEL, 2021-2028 ($ MILLION)
19. EUROPEAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
20. EUROPEAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY POLICY, 2021-2028 ($ MILLION)
21. EUROPEAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY ANIMAL, 2021-2028 ($ MILLION)
22. EUROPEAN PET INSURANCE MARKET RESEARCH AND ANALYSIS BY SALES CHANNEL, 2021-2028 ($ MILLION)
23. ASIA-PACIFIC PET INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
24. ASIA-PACIFIC PET INSURANCE MARKET RESEARCH AND ANALYSIS BY POLICY, 2021-2028 ($ MILLION)
25. ASIA-PACIFIC PET INSURANCE MARKET RESEARCH AND ANALYSIS BY ANIMAL, 2021-2028 ($ MILLION)
26. ASIA-PACIFIC PET INSURANCE MARKET RESEARCH AND ANALYSIS BY SALES CHANNEL, 2021-2028 ($ MILLION)
27. REST OF THE WORLD PET INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
28. REST OF THE WORLD PET INSURANCE MARKET RESEARCH AND ANALYSIS BY POLICY, 2021-2028 ($ MILLION)
29. REST OF THE WORLD PET INSURANCE MARKET RESEARCH AND ANALYSIS BY ANIMAL, 2021-2028 ($ MILLION)
30. REST OF THE WORLD PET INSURANCE MARKET RESEARCH AND ANALYSIS BY SALES CHANNEL, 2021-2028 ($ MILLION)
1. GLOBAL PET INSURANCE MARKET SHARE BY POLICY, 2021 VS 2028 (%)
2. GLOBAL PET ILLNESS & ACCIDENT POLICY MARKET SHARE BY REGION, 2021 VS 2028 (%)
3. GLOBAL PET CHRONIC CONDITION POLICY MARKET SHARE BY REGION, 2021 VS 2028 (%)
4. GLOBAL PET OTHER POLICY BIOLOGICS MARKET SHARE BY REGION, 2021 VS 2028 (%)
5. GLOBAL PET INSURANCE MARKET SHARE BY ANIMAL, 2021 VS 2028 (%)
6. GLOBAL COMPANION PET INSURANCE MARKET SHARE BY REGION, 2021 VS 2028 (%)
7. GLOBAL LIVESTOCK PET INSURANCE MARKET SHARE BY REGION, 2021 VS 2028 (%)
8. GLOBAL EQUINE PET INSURANCE MARKET SHARE BY REGION, 2021 VS 2028 (%)
9. GLOBAL PET INSURANCE MARKET SHARE BY SALES CHANNEL, 2021 VS 2028 (%)
10. GLOBAL PET INSURANCE BY AGENCY MARKET SHARE BY REGION, 2021 VS 2028 (%)
11. GLOBAL PET INSURANCE BY BROKER MARKET SHARE BY REGION, 2021 VS 2028 (%)
12. GLOBAL PET INSURANCE BY DIRECT MARKET SHARE BY REGION, 2021 VS 2028 (%)
13. GLOBAL PET INSURANCE BY OTHERS MARKET SHARE BY REGION, 2021 VS 2028 (%)
14. GLOBAL PET INSURANCE MARKET SHARE BY REGION, 2021 VS 2028 (%)
15. US PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
16. CANADA PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
17. UK PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
18. FRANCE PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
19. GERMANY PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
20. ITALY PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
21. SPAIN PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
22. REST OF EUROPE PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
23. INDIA PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
24. CHINA PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
25. JAPAN PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
26. REST OF ASIA-PACIFIC PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
27. REST OF THE WORLD PET INSURANCE MARKET SIZE, 2021-2028 ($ MILLION)
