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Pet Insurance Market size to exceed $16 Bn by 2032

  • Published Date: January 11, 2023

Pet Insurance Market size is anticipated to reach over USD 16 billion by 2032,  according to a new research report by Global Market Insights Inc.

The report reveals the increase companion animal adoption during the lockdown phase of the COVID-19 pandemic as a prominent reason driving demand for animal insurance policies. Based on statistics from the American Pet Products Association, in 2021-2022, 70% of households own at least one pet in the U.S. Insurers have also gained awareness about the untapped potential of the pet insurance sector in emerging economies.

Rising instances of fractures & other accidental injuries to fuel demand for accident only pet insurance plan

Pet insurance industry from the accident only policy coverage segment was valued at over USD 200 million in 2022. This policy insures pets in the event of motor vehicle incidents, burns, bone fractures, electrocution, snake bite toxicity, and other accidental injuries. It also provides budget-friendly coverage against accidental injuries and nearly 80% reimbursement of total veterinary bills. Upsurge in demand for pet health insurance policies will therefore boost the reliance of pet owners on accident-only coverage.

Browse key industry insights spread across 149 pages with 203 market data tables & 14 figures & charts from the report, “Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public, Private), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents:

Increasing adoption of exotic animals to drive requirement for pet health insurance

Pet insurance market size from the horses and others segment is projected to depict over 7% CAGR through 2032. Other animals also include rabbits, birds, and exotic pets. Bird-keeping has gained considerable momentum in the wake of the coronavirus outbreak, resulting in increased sales of bird products. Despite headwinds in product prices and availability, the avian pet sector continues to grow during the pandemic.

Minimum premiums and other pricing benefits create lucrative prospects for private insurers

Private service provider segment held over 94% of the market share in 2022, as a result of the maximum coverage and the need for minimum premiums. The growing dependence on digital marketing and the implementation of competitive pricing strategies will support the growth of private insurance providers. Private insurance providers are also raising more awareness about pet insurance. With the development of innovative insurance schemes, the demand for pet health policies from private insurers will grow, the report says.

Rise in pet ownership to boost market development in LATAM

Latin America pet insurance market is poised to exhibit more than 5% CAGR through 2023-2032, on account of the rise in pet ownership in Brazil. Based on data from the World Population Review, the country has the second-highest population of dogs in the world after the U.S., with approximately 35 million domestic dogs. Furthermore, the high accessibility and availability of mobile pet grooming services and modern pet care facilities will accelerate the demand for pet insurance nationwide.

Mergers and acquisitions to remain a key strategy for pet insurance industry participants

The competitive landscape of the pet insurance market comprises companies such as Anicom Holding Inc, Embrace Pet Insurance Agency LLC, Nationwide, Hartville Group, Oneplan, Hollard, Petfirst Healthcare LLC, Pet Health, Petplan, ProtectaPet, Royal & Sun Alliance, and Trupanion, among others. These companies are focusing on strategic partnerships and other initiatives to expand their consumer base and footprint in the industry.

Authors: Sumant Ugalmugle, Rupali Swain

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