Pet insurance market will grow by more than 12 billion USD

The pet insurance market size is predicted to grow by $12.05 billion between 2021 - 2026 at a CAGR of 27.11%.

North America was the top growth region, accounting for 59% of the entire pet insurance market during the study period. The growing number of pets insured is driving the growth of the market

In the US, about two-thirds of households have at least one pet. Other countries like China, India or Brazil are also seeing an increase in the number of pets.

According to a study on the psychology of pet owners, most of them believe that pets have a positive impact on their physical and mental health, which makes the pet market growing. Because of this, 3 out of 4 people take out pet insurance for their pets. As a result, pet insurance providers are considering the growing number of pets around the world to expand their portfolios and develop pet-specific insurance products. Increased pet stock is expected to contribute to the growth of the global pet insurance market in the coming years.

This type of insurance is still not popular in developing countries which will challenge the pet insurance market during the forecast period. Countries in the Asia-Pacific region such as India, Sri Lanka, China, Indonesia and the Philippines do not have strict regulations on the safety of pets. The governments of these countries mainly focus on the safety of endangered species. The lack of concern about pet safety does not motivate owners to protect or insure them.

In addition, the number of customers participating in pet insurance is increasing in North America. High pet ownership rates and technological developments in the region are anticipated to be the reasons driving the growth of the pet insurance market in this region. In addition, the growth rate in the North American market will be faster than other regions. In particular, the US is an important market for pet insurance in North America.