by Pet insurance provides financial protection for veterinary care and helps in the treatment of pets when they fall ill. It covers veterinary fees for accidents, injuries, and illnesses for pets. The rising awareness about benefits of pet insurance and growing pet adoption rates mainly in urban areas are fueling 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: Growing pet adoption rates is one of the key trends spurring growth of the pet insurance market. More people are adopting pets in urban areas and pet ownership continues its upward trajectory over the past few years. As per some recent surveys, pet adoption grew by over 6% between 2015 to 2020. This is encouraging more pet owners to enroll their newly adopted pets for insurance coverage to provide financial protection in case of accidents or unforeseen medical costs. With increasing trend of nuclear families and dual income households in cities, pet insurance helps alleviate worry related to pet care costs. This has bolstered demand for pet insurance plans worldwide.
SWOT Analysis
Strength: Pet insurance provides financial protection for pet parents against the rising veterinary costs of unexpected illness and accidents. It reduces financial pressure during medical emergencies.
Weakness: Premium costs of pet insurance increase with the age of pets making it unaffordable for some pet parents. Not all medical conditions and treatments are covered in pet insurance policies.
Opportunity: Growing pet humanization trend and increasing pet adoption across regions is driving demand for pet insurance. New policies are offering enhanced coverage for emerging medical conditions and wellness plans.
Threats: Low insurance penetration and lack of awareness about benefits of pet insurance in developing nations. Economic uncertainty during recession may impact premium affordability. Stringent underwriting by insurers can restrict policy eligibility for older pets.
Key Takeaways
The global pet insurance market is expected to witness high growth in the forecast period of 2023 to 2030supported by rising pet ownership and growing expenditure on pet care. Global Pet Insurance Market Demand 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 indicates that North America currently dominates the market due to high penetration of pet insurance. Europe is also an important regional market driven by initiatives from pet insurers to promote insurance benefits.
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, Nutrivet, BRF S.A. Pet insurance penetration is relatively low in Asian countries despite high pet adoption. However, growing pet humanization and awareness about insurance products is driving demand in the region. Insurers are launching customized policies targeting Asian markets and introducing digital enrollment platforms for easy accessibility.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
