Pet Insurance Market Size Expected to Grow by USD 12.05 Billion | Increased pet population to stimulate growth

NEW YORK, May 3, 2022 /PRNewswire/ — Pet Insurance Market Growth Will Be Driven By North America during the forecast period. The region will account for 59% of the market growth over the forecast period. The market size is expected to increase by $12.05 billion from 2021 to 2026, and the growth momentum of the market will accelerate at a CAGR of 27.11% during the forecast period.

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Market Driver and Challenge

the increasing pet population is driving the growth of the market. In the United States, about two-thirds of households have at least one pet. Other countries like China, Indiaand Brazil are also experiencing an increase in the pet population. Majority of pet owners believe that their pets have a positive impact on their physical and mental health, which has led to a growth in the pet market, according to a study on the psychology of pet owners. of company. This bond with their pets has encouraged three out of four pet owners to buy insurance for their pets. Therefore, pet insurers are taking into consideration the growing pet population around the world to expand their portfolios and develop pet-specific insurance. Thus, the growing population of pets is expected to contribute to the growth of the global pet insurance market in the coming years.

the low adoption in developing countries will challenge the pet insurance market during the forecast period. APAC countries, such as India, Sri Lanka, China, Indonesiaand The Philippines, do not have such strict regulations regarding pet safety. The governments of these countries mainly focus on the security of endangered species. This lack of attention to pet safety discourages pet owners from keeping pets or taking out pet insurance.

Top pet insurance companies:

• Agria Animal Insurance Ltd
• Anicom Holdings Inc.
• dotsure ltd.
• Fairfax Financial Holdings Ltd.
• Hollard Insurance Co.Ltd
• JAB Holding Co. Sarl
• Oneplan Underwriting Managers (Pty) Ltd
• Petplan Iberica SL.
• Porto Seguro Companhia de Seguros Gerais
• WHITE MOUNTAINS INSURANCE GROUP LTD

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Geographical Outlook of Pet Insurance Market (Revenue, USD Billion, 2021-2026)

• North America – size and forecast 2021-2026
• Europe – size and forecast 2021-2026
• APAC – size and forecast 2021-2026
• South America – size and forecast 2021-2026
• MEA – size and forecast 2021-2026

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Regional analysis

North America will experience significant growth in its market share over the forecast period. Rise in pet insurance, high number of pet owners and technological developments in the field of diagnostics will drive the growth of the pet insurance market in North America during the forecast period. Market growth in North America will be faster than the market growth in other regions. The United States is the key market for pet insurance in North America.

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Contents

Summary

Market landscape

• Market ecosystem
• Value chain analysis

Market sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: forecast for 2021 – 2026

Five forces analysis

• The bargaining power of buyers
• Bargaining power of suppliers
• The threat of new entrants
• The threat of substitutes
• Threat of rivalry
• Market state

Market segmentation by pet type

• Market segments
• Comparison by type of animal
• Dogs – Market size and forecast 2021-2026
• Cats – Market size and forecast 2021-2026
• Others – Market size and forecast 2021-2026
• Market Opportunity by Pet Type

Customer landscape

Geographic landscape

• Geographic segmentation
• Geographic comparison
• North America – Market size and forecast 2021-2026
• Europe – Market size and forecast 2021-2026
• APAC – Market size and forecast 2021-2026
• South America – Market size and forecast 2021-2026
• MEA – Market size and forecast 2021-2026
• Main leading countries
• Market Opportunity by Geography
• Market factors
• Market challenges
• Market trends

Supplier Landscape

• Supplier Landscape
• Landscape disturbance

Vendor analysis

• Suppliers Covered
• Positioning on the supplier market
• Agria Animal Insurance Ltd
• Anicom Holdings Inc.
• dotsure ltd.
• Fairfax Financial Holdings Ltd.
• Hollard Insurance Co.Ltd
• JAB Holding Co. Sarl
• Oneplan Underwriting Managers (Pty) Ltd
• Petplan Iberica SL.
• Porto Seguro Companhia de Seguros Gerais
• WHITE MOUNTAINS INSURANCE GROUP LTD

Annex

• Report scope
• Currency conversion rates for the US dollar
• Research methodology
• Abreviations list

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