April 17, 2024
Pet Insurance Market

Pet Insurance Market is Projected to Propelled by Increasing Rate of Pet Ownership

Pet insurance provides financial protection for pets against unexpected illnesses and accidents. It reduces the economic burden on pet owners for veterinary care costs like surgery, hospitalization and medicines. With people caring more for their pets as family members, the desire to protect their beloved companions financially has risen significantly.

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:
Increasing pet ownership around the world has been a major driver of growth for the pet insurance market. According to recent surveys, nearly 70% of American households now own a pet. In Europe as well pet ownership levels have steadily grown over the years. As more people adopt pets, especially in countries that have seen rising incomes, the need to financially insure them against health issues has become important. This has led to higher demand for pet insurance products. With pet parents willing to spend considerable money on their pets’ welfare, pet insurance is expected to witness increased customer acquisition in key regions worldwide over the next few years.

SWOT Analysis

Strength: Pet insurance provides financial protection for pet owners against unexpected veterinary costs for illnesses and accidents. This reduces stress on pet owners.

Weakness: Not all pet medical conditions are covered by insurance policies and they have limitations on coverage limits. High premiums and co-pays reduce affordability for some pet owners.

Opportunity: Growing trend of pet humanization is driving higher spending on pet care. As more people adopt pets, demand for pet insurance is expected to rise to cover increasing costs of advanced vet care.

Threats: Economic slowdowns and recessions may reduce discretionary spending on pet insurance as premiums become less affordable. Alternative financing options like crowdfunding or charity could threaten market share.

Key Takeaways

Global Pet Insurance Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.

North America currently dominates the market owing to high pet ownership and spending on pet care in countries like the United States. This is driven by high per capita expenditures on vet care and pet ownership in the US and Canada. Asia Pacific region is expected to witness the fastest growth due to rising pet adoption and increasing disposable incomes in countries like India and China.

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 are focusing on partnerships and collaboration to expand geographic footprint and offer a wider range of pet health plans catering to different income groups.