Pet Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Global Pet Insurance Industry Analysis & Size. The market is Segmented By Policy (Illnesses and Accidents, Chronic Conditions, and Other Policies), Animal (Dog, Cat, and Other Animals), Provider (Public and Private), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America).

Pet Insurance Market Size

Pet Insurance Market Summary
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Study Period 2019-2027
Market Size (2023) USD 9.57 Billion
Market Size (2028) USD 17.19 Billion
CAGR (2023 - 2028) 12.43 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Pet Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Need a report that reflects how COVID-19 has impacted this market and its growth?

Pet Insurance Market Analysis

The Pet Insurance Market size is expected to grow from USD 9.57 billion in 2023 to USD 17.19 billion by 2028, at a CAGR of 12.43% during the forecast period (2023-2028).

Pet adoption increased as a result of the pandemic.For instance, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2 million people in the United Kingdom acquired pets between March 2020 and May 2021. Also, according to an article published by Bennett, Coleman & Co. In July 2022, awareness of stray adoption and pet maintenance increased, as did the need for pet insurance, which is expected to rise by 14% annually. As per pet insurers, there are over 19 million insured pets in India. Furthermore, COVID-19 has a slightly positive impact on the pet insurance market as the diagnosis and treatment procedures are seeing increased rates. For instance, in November 2021, the Louisiana Animal Disease Diagnostic Laboratory (LADDL) partnered with the Louisiana Office of Public Health and the Centers for Disease Control (CDC) on a project to provide free COVID-19 testing for dogs and cats in Louisiana through December 31, 2021. This trend has positively impacted market growth during the COVID-19 pandemic.

A significantly increased number of animals up for adoption and a rise in the adoption of animals are the major factors driving the market's growth. According to a survey published by the American Veterinary Medical Association (AVMA) in November 2021, both dog and cat populations have increased in recent years, as have the percentages of households owning dogs or cats. There were approximately 83.7 million dogs, or 1.46 dogs per household, in 2021, up from 76.8 million in 2016. According to the Pet Food Manufacturers Association, as of 2021, 3.2 million households in the UK had acquired a pet since the start of the pandemic. There are now 34 million pets in the UK, including 12 million cats, 12 million dogs, 3.2 million small mammals like guinea pigs and hamsters, 3 million birds, and 1.5 million reptiles. Moreover, an estimated 85 million European households own at least one pet animal. The trend is further expected to enhance during the forecast period due to factors like pet humanization and the rapid adoption of pets in emerging economies. Thus, increasing pet adoption is one of the major factors driving the growth of the market.

Therefore, the factors mentioned above are attributed collectively to the studied market's growth over the forecast period. However, a lack of standardized pet health codes for reimbursement is expected to hinder market growth over the forecast period.

Pet Insurance Market Trends

This section covers the major market trends shaping the Pet Insurance Market according to our research experts:

The Dogs Segment is Expected to Show Lucrative Growth Opportunities in the Pet Insurance Market

The past few years have observed a significant rise in the adoption of animals, especially dogs, as they are among the favourite companions of human beings. Dogs are preferred more than any other pet animals globally. For instance, according to the Pet Ownership Statistics in 2022, 70% of U.S. households (90.5 million homes) owned a pet, of which 69 million have a pet dog. Increasing pet adoption is also a significant reason for the segment's growth. In the total pet population, dogs accounted for 34.0%, and cats accounted for 20.0% in 2019. Therefore, with the high number and demand for dogs, there is a corresponding increase in the number of insurances for dogs.

Moreover, the prevalence of several diseases among dogs and the high prices of treatments are the major contributor to the adoption of pet insurance among dogs. Cancer strikes dogs at a rate that is nearly identical to that of humans. According to the Veterinary Cancer Society in June 2020, cancer is the leading cause of death in 47% of dogs, especially those over the age of 10, globally. Even though cancer is a disease found in ageing animals, some families or breeds of dogs, such as Rottweiler, Bernese Mountain Dog, Bouvier des Flandres, German Shepherd, Great Dane, Labrador Retriever, Bichon Frise, Boxer, and Golden Retriever, have a higher incidence or tendency for developing cancer at a young age.

Therefore, the above-mentioned factors are expected to drive segmental growth in the market during the forecast period.

Pet Insurance Market - Pet Population in United Kingdom (In Millions), 2022

North America is Expected to Dominate the Pet Insurance Market during the Forecast Period

In the North American region, the United States accounted for the largest market share. High pet ownership, awareness, increasing pet insurance, and technological advancements in the diagnostics field are the major driving factors in the US region. The country's socio-economic conditions are good enough to give economic support to the market on the production and at the end-user level. According to the 2021-2022 National Pet Owners Survey conducted by American Pet Products Association (APPA), pet ownership increased from 67 % to 70% of households in the United States. Millennials were also discovered to be the greatest cohort of pet owners, accounting for 32%, followed by Boomers (27%) and Gen X (24%). Also, as per the report published by dosomething.organization 2020, every year, approximately 7.6 million companion animals enter animal shelters across the United States. There are approximately 3.9 million dogs and 3.4 million cats among them. Thus, the rise in the adoption of pet animals is expected to increase the spending on the healthcare needs of these animals, which, in turn, is expected to boost the growth of the market over the forecast period.

According to the American Pet Products Association (APPA) 2021-2022, there is an increase in expenditure on the pet industry in the United States. Pet industry expenditures in the United States totaled USD 103 billion, up 6.7% from USD 97.1 billion in 2019. APPA estimates that expenditures in 2021 will reach USD 109.6 billion. Thus, the rise in pet expenditure increases the demand for care products such as insurance.

In addition, the companies are engaging themselves in merger, acquisition and launch activities in order to expand their business. For instance, in June 2022, JAB Holding Company acquired Fairfax Financial Holdings Limited including all of their worldwide operations.Also, in December 2021, Trupanion and Chewy partnered to offer exclusive suite of pet wellness and health insurance plans to more than 20 million Chewy customers. This strategic partnership was aimed to offer customers both wellness plans, preventive care and comprehensive insurance plans for illness, accidents, and chronic conditions. This partnership enhanced the product portfolio of healthcare services and products. Hence, all these market development strategies in this region are expected to propel market growth.

Pet Insurance Market - Growth Rate by Region

Pet Insurance Industry Overview

The pet insurance market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold significant market share and are well known, including Anicom Holdings Inc., Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance, LLC, Dotsure. co.za, Oneplan, Metlife Services and Solutions LLC (Petfirst Healthcare LLC), Petplan, and The Oriental Insurance Company Ltd., among others.

Pet Insurance Market Leaders

  1. Anicom Holdings Inc.

  2. Embrace Pet Insurance Agency, LLC

  3. Figo Pet Insurance LLC

  4. Hartville Group

  5. Healthy Paws Pet Insurance, LLC

*Disclaimer: Major Players sorted in no particular order

Pet Insurance Market Concentration

Pet Insurance Market News

  • July 2022 : JAB Holdings agreed to acquire the German pet insurance provider Agila from Wertgarantie Group, continuing its breakneck expansion into the global pet insurance market.
  • December 2021 : Chewy Inc., a leading online destination for pet parents and partners, and Trupanion Inc. Japan, an industry leader in medical insurance for pets, announced a partnership to offer an exclusive suite of pet health insurance and wellness plans to more than 20 million Chewy customers.

Pet Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Number of Pet Adoption

      2. 4.2.2 Rising Awareness Regarding Pet Insurance

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Standardized Pet Health Codes for Reimbursement

      2. 4.3.2 Low Adoption in Emerging Countries

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Policy

      1. 5.1.1 Illnesses and Accidents

      2. 5.1.2 Chronic Conditions

      3. 5.1.3 Other Policies

    2. 5.2 By Animal

      1. 5.2.1 Dog

      2. 5.2.2 Cat

      3. 5.2.3 Other Animals

    3. 5.3 By Provider

      1. 5.3.1 Public

      2. 5.3.2 Private

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Anicom Holdings Inc.

      2. 6.1.2 Embrace Pet Insurance Agency LLC

      3. 6.1.3 Figo Pet Insurance LLC

      4. 6.1.4 Hartville Group

      5. 6.1.5 Healthy Paws Pet Insurance LLC

      6. 6.1.6 Dotsure.co.za

      7. 6.1.7 Oneplan

      8. 6.1.8 Metlife Services and Solutions LLC (Petfirst Healthcare LLC)

      9. 6.1.9 Petplan

      10. 6.1.10 The Oriental Insurance Company Ltd

      11. 6.1.11 Medibank Private Limited

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

Pet Insurance Industry Segmentation

As per the scope, "pet insurance" refers to an insurance policy bought by a pet owner that helps to lessen the overall costs of expensive veterinary bills. Such coverage is more or less similar to health insurance policies for humans. Pet insurance usually covers expensive veterinary procedures in full or in part. The Pet Insurance Market is Segmented By Policy (Illnesses and Accidents, Chronic Conditions, and Other Policies), Animal (Dog, Cat, and Other Animals), Provider (Public and Private), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Policy
Illnesses and Accidents
Chronic Conditions
Other Policies
By Animal
Dog
Cat
Other Animals
By Provider
Public
Private
By Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Pet Insurance Market Research FAQs

The Pet Insurance Market size is expected to reach USD 9,569.98 million in 2023 and grow at a CAGR of 12.43% to reach USD 17,191.84 million by 2028.

In 2023, the Pet Insurance Market size is expected to reach USD 9,569.98 million.

Anicom Holdings Inc., Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group and Healthy Paws Pet Insurance, LLC are the major companies operating in the Pet Insurance Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).

In 2023, the North America accounts for the largest market share in the Pet Insurance Market.

Pet Insurance Industry Report

Statistics for the 2023 Pet Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pet Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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