Pet Insurance Market Size to Grow by USD 12.05 billion | Rising Pet Population to Drive Growth

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Market Driver and Challenge

The rising pet population is driving the expansion of the market. Within the US, around two-thirds of households have no less than one pet. Other countries similar to China, India, and Brazil are also witnessing a rise in pet population. Based on a study on the psychology of pet owners, the vast majority of pet owners consider that their pets have a positive impact on their physical and mental health, which has resulted in a growing marketplace for pets. This reference to their pets has encouraged three out of 4 pet owners to take pet insurance for his or her pets. Subsequently, pet insurance providers are considering the growing population of pets worldwide to broaden their portfolios and develop pet-specific insurances. Thus, the rising pet population is anticipated to contribute to the expansion of the worldwide pet insurance market within the upcoming years.

The low adoption in developing countries will challenge the pet insurance market in the course of the forecast period. Countries in APAC, similar to India, Sri Lanka, China, Indonesia, and the Philippines, wouldn’t have such strict regulations regarding the security of pets. Governments in these countries mainly concentrate on the security of endangered species. This lack of attention toward pets’ safety discourages pet owners from keeping pets or adopting pet insurance.

Major Pet Insurance Corporations:

  • Agria Pet Insurance Ltd
  • Anicom Holdings Inc.
  • Dotsure Ltd.
  • Fairfax Financial Holdings Ltd.
  • Hollard Insurance Co. Ltd
  • JAB Holding Co. Sarl
  • Oneplan Underwriting Managers (Pty) Ltd
  • Petplan Iberica S.L.
  • Porto Seguro Companhia de Seguros Gerais
  • WHITE MOUNTAINS INSURANCE GROUP LTD

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Pet Insurance Market Geography Outlook (Revenue, USD bn, 2021-2026)

  • North America – size and forecast 2021-2026
  • Europe – size and forecast 2021-2026
  • APAC – size and forecast 2021-2026
  • South America – size and forecast 2021-2026
  • MEA – size and forecast 2021-2026

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Regional Evaluation

North America could have significant market share growth in the course of the forecast period. The increasing pet insurance, high pet ownership, and technological developments within the diagnostics field will drive the pet insurance market growth in North America in the course of the forecast period. Market growth in North America will likely be faster than the expansion of the market in other regions. The US is the important thing marketplace for pet insurance in North America.

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Pet Insurance Market Scope

Report Coverage

Details

Page number

120

Base 12 months

2021

Forecast period

2022-2026

Growth momentum & CAGR

Speed up at a CAGR of 27.11%

Market growth 2022-2026

USD 12.05 billion

Market structure

Fragmented

YoY growth (%)

26.15

Regional evaluation

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 59%

Key consumer countries

US, China, UK, France, and Germany

Competitive landscape

Leading corporations, Competitive strategies, Consumer engagement scope

Key corporations profiled

Agria Pet Insurance Ltd, Anicom Holdings Inc., Dotsure Ltd., Fairfax Financial Holdings Ltd., Hollard Insurance Co. Ltd, JAB Holding Co. Sarl, Oneplan Underwriting Managers (Pty) Ltd, Petplan Iberica S.L., Porto Seguro Companhia de Seguros Gerais, and WHITE MOUNTAINS INSURANCE GROUP LTD

Market dynamics

Parent market evaluation, Market growth inducers and obstacles, Fast-growing and slow-growing segment evaluation, COVID-19 impact and recovery evaluation and future consumer dynamics, Market condition evaluation for the forecast period

Customization purview

If our report has not included the info that you just are in search of, you’ll be able to reach out to our analysts and get segments customized.

Table of Contents

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain evaluation

Market Sizing

  • Market definition
  • Market segment evaluation
  • Market size 2021
  • Market outlook: Forecast for 2021 – 2026

Five Forces Evaluation

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of latest entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Pet type

  • Market segments
  • Comparison by Pet type
  • Dogs – Market size and forecast 2021-2026
  • Cats – Market size and forecast 2021-2026
  • Others – Market size and forecast 2021-2026
  • Market opportunity by Pet type

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America – Market size and forecast 2021-2026
  • Europe – Market size and forecast 2021-2026
  • APAC – Market size and forecast 2021-2026
  • South America – Market size and forecast 2021-2026
  • MEA – Market size and forecast 2021-2026
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Evaluation

  • Vendors covered
  • Market positioning of vendors
  • Agria Pet Insurance Ltd
  • Anicom Holdings Inc.
  • Dotsure Ltd.
  • Fairfax Financial Holdings Ltd.
  • Hollard Insurance Co. Ltd
  • JAB Holding Co. Sarl
  • Oneplan Underwriting Managers (Pty) Ltd
  • Petplan Iberica S.L.
  • Porto Seguro Companhia de Seguros Gerais
  • WHITE MOUNTAINS INSURANCE GROUP LTD

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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