Pet Insurance Market to Reach $16.8 Bn at 14.3% CAGR, by 2030, Globally: Allied Market Research
The growth of the global pet insurance market is driven by the surge in demand for pet insurance policies, rise in the number of veterinary centers, and increase in demand for financial safety in case of growing uncertainties.
Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, titled, “Pet Insurance Market by Policy Coverage (Accident Only, Accident and Illness, and Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030“. As per the report, the global pet insurance industry was valued at $4.5 billion in 2020, and is expected to garner $16.8 billion by 2030, witnessing a CAGR of 14.3% from 2021 to 2030.
Major determinants of the market growth
The growth of the global pet insurance market is driven by the surge in demand for pet insurance policies, rise in the number of veterinary centers, and increase in demand for financial safety in case of growing uncertainties. However, high premium costs and lack of awareness about pet insurance policies restrict the market growth. On the contrary, the implementation of technologies in products and service lines along with government initiatives about pet insurance policies are expected to present new opportunities for the market players in the coming years.
Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/4353
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
114 – Tables
56 – Charts
233 – Pages
Report coverage & details:
|Market Size in 2020||$ 4.5 billion|
|Market Size in 2030||$16.8 billion|
|No. of Pages in Report||233|
|Segments Covered||Policy Coverage, Animal Type, Sales Channel, And Region|
|Drivers||Increased demand for pet insurance policies Rise in need for financial safety in case of increasing uncertainties|
|Opportunities||Increase in the demand for pet insurance policies|
|Restraints||Pet insurance policies have evolved to provide more comprehensive coverage|
The accident only segment to maintain its leadership status throughout the forecast period
Based on policy coverage, the accident-only segment held the highest share in 2020, accounting for around four-fifths of the global pet insurance market, as pets such as dogs and cats have been infected with the Covid-19 virus. On the other hand, the accident & illness segment is expected to manifest the highest CAGR of 15.9% during the forecast period.
Request Customization: https://www.alliedmarketresearch.com/request-for-customization/4353
The cat’s segment to maintain its leadership status throughout the forecast period
Based on animal type, the dogs segment held the largest share in 2020, contributing to more than four-fifths of the global pet insurance market, as dogs help people to stay well and spend less time getting over sickness and bugs. However, the cats segment is anticipated to register the largest CAGR of 16.4% during the forecast period.
Europe to maintain its leadership status throughout the forecast period
Based on region, Europe held the highest share in 2020, accounting for nearly two-fifths of the market. This is attributed to the shift in trend from pet owners to pet parents and rise in social acceptance of pets across the region. However, the Asia Pacific region is projected to showcase the highest CAGR of 18.4% during the forecast period, due to surge in pet adoption and rise in awareness about pet insurance in the region.
Major market players
- Figo Pet Insurance LLC.
- Embrace Pet Insurance Agency, LLC
- Pet Assure Corp.
- Ipet Insurance
- Pets Best Insurance Services, LLC
- Hartville Group
- Royal & Sun Alliance (RSA)
Inquire Before Buying : https://www.alliedmarketresearch.com/purchase-enquiry/4353
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global pet insurance market forecast along with current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global pet insurance market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the pet insurance market from 2021 to 2030 is provided to determine the market potential.
Pet Insurance Market Report Highlights
AspectsDetailsBy Policy Coverage
- Accident and Illness
- Accident Only
By Animal Type
By Sales Channel
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Sweden, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
Takaful Insurance Market by Type (Family Takaful, General Takaful), by Distribution Channel (Agents and Brokers, Banks, Direct Response, Others), by Application (.Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032
Online Insurance Market by Enterprise Size (Large Enterprises, SMEs), by Insurance type (Life Insurance, Motor Insurance, Health Insurance, Others), by End User (Insurance Companies, Aggregators, Third Party Administrators and Brokers): Global Opportunity Analysis and Industry Forecast, 2021-2031
P&C Insurance Software Market by Component (Software, Service), by Deployment Model (On Premise, Cloud), by Application (Claims, Underwriting, Operations, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Italy B2B2C Insurance Market by Insurance Type (Life Insurance and Non-Life Insurance), Application (Individuals and Corporates/Group), and Industry Vertical (Travel, Automotive, Utilities, Retail, Healthcare, and Others): Opportunity Analysis and Industry Forecast, 2022-2026
Horse Insurance Market by Type (Mortality, Major Medical & Surgical, Loss of Use, Liability, Others), by Horse Type (American Quarter Horse, Arabian, Thoroughbred, Morgan, Appaloosa, Others), by Application (Recreational, Commercial), by Sales Channel (Broker, Agency, Direct Response, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Mobile Phone Insurance Market by Phone Type (Budget Phones, Mid & High-End Phones, Premium Smartphones), by Sales Channel (Retail, Online), by Coverage Type (Physical Damage, Internal Component Failure, Theft & Loss Protection, Others), by End User (Business, Individuals), : Global Opportunity Analysis and Industry Forecast, 2020-2030
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Toll Free: +1-800-792-5285
Allied Market Research Blog: https://blog.alliedmarketresearch.com