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Pet Insurance Market projected to reach ~US$ 15 Bn by the end of 2029

12-23-2021 10:23 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FMI

Pet Insurance Market

Pet Insurance Market

The global pet insurance market is projected to reach ~US$ 15 Bn by the end of 2029. The market was valued at ~US$ 4 Bn in 2019. If these figures hold true, the market will exhibit a CAGR of ~8.5% between 2019 and 2029. Regionally, North America is expected dominate the pet insurance market.

However, during the forecast period, Latin America & East Asia will exhibit more lucrative growth opportunities. In terms of policy type, the market can be classified as accident, accident & illness. Of these, the accident & illness segment will lead the global pet insurance market owing to the coverage type which includes both accident & illness.

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According to the report, the rising number of pet ownership, increase in awareness about pet insurance and associated health benefits of pet ownership will stoke growth in the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.

It includes in-depth insights into the pet insurance market. Some of these are:

The estimated value of the market was at ~US$ 4 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
Regionally, North America dominates the pet insurance market globally.
Latin America emerges as one of key markets owing to high pet ownership in the region.
Dogs and Cats segment hold the highest value share in pet insurance market.
‘Accident & illness’ coverage option comes out as the most preferred type of pet insurance among pet owners
Key players are likely to focus on new service offerings to stay relevant in developed markets.

Discover more about report analysis with figures and data tables, along with the table of contents. Ask an Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-11172

Growth in Pet ownership and Selling Techniques of Companies to Create Opportunity for Expansion

Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market. The Pet health insurers offer different plan options or tiers with varying policy limits which also attracts pet owners towards pet insurance. However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market. Marketing strategies adopted the insurance companies include online marketing, veterinary clinics, pet stores, shelters and animal support and rescue organizations or word of mouth referrals which also fuel the pet insurance market for further growth. Furthermore, largely untapped market with extremely low penetration rates is expected to provide numerous opportunities for the pet insurance market.

Rising Awareness among Consumers will Stoke Growth Opportunities - Pet Insurance Market

The rising awareness among consumers about pet diseases will drive the pet insurance market. In addition to this, the market will benefit from their increasing disposable incomes and consequent willingness to spend on pet care products. Companies are nowadays operating in a dynamic business environment. It is therefore important that the companies keep track of the ever-evolving preferences of consumers to stay relevant in the pet insurance market.

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Competitive Landscape

Some of the leading players operating in the pet insurance market are Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Petsecure, Healthy Paws, 24PetWatch etc. As a result of increasing competition, companies are focusing on expanding their product portfolio.

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

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