PRESS RELEASE
Published August 24, 2023
In a recently released analysis titled “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2026,” Exactitude Consultancy, a reputable market research firm, provided data. The report offers a thorough overview of the market, including data on market size, trends, and growth projections for the global Pet Insurance market. The study highlights the most recent developments in the industry and provides competitor and geographical analysis.
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**Note – Updated Version 2023 is available
What this report provides?
- Market size (historical and forecast), market growth, technological trends, market share, market dynamics, competitive landscape and key players
- Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-over-year growth, competitive benchmarking, vendor identification, CMI quadrant, and other significant analysis, as well as development status.
- Recent market trends and its potential for future growth
- regional reports that can be customised upon request
Growth Drivers
Pet nutrition and health are relatively new concepts. Without proper awareness, it is difficult to sell high quality pet food. However, the growth in the global market of pet insurance will be evidence to raising awareness of Animal health among pet owners and animal farmers, which is main reason to better and safe animal care. Owing to initiatives from companies and health organizations such as Global Health Organization which is taking several steps to prevent the spread of diseases.
Modern pet owners and Millennials in particular – are seeking additional value from the businesses they patronize in the form of high-tech and high-touch experiences that make them feel more connected.
Over the years there has been a consistent message that owning a pet isn’t necessarily cheap. However, Millennials and the other demographic groups who are fuelling the experience economy are ignoring this call. They want the best for their ‘fur babies’ and are prepared to spend what it takes to add value to their lives, and that of their pets.
As a group, they are determined to ensure their pet’s life is as good as it can be. As well as the usual high-spend categories of veterinary care, food, and boarding, today’s pet owners are also spending a significant amount of money on treats, grooming services, toys, and even health supplements and pet technology.
How big is the Pet Insurance market?
The Global Pet Insurance Market size is expected to grow at more than 16% CAGR from 2019 to 2026. It is expected to reach above USD 17 billion by 2026 from a little above USD 6 billion in 2019.
Who are the major players in this industry?
Anicom Holdings, NSM Insurance Group, Figo Pet Insurance, Petplan, PetFirst, Trupanion, Hartville Group, Nationwide Mutual Insurance, Direct Line Insurance Group, RSA Group, United Services Automobile Association, Government Employees Insurance Company, Medibank, Healthy Paw Pet Insurance, Agria Pet Insurance, and others.
Recent Developments
March 23, 2023 Anicom Holdings, Inc. and Tokio Marine & Nichido Fire Insurance Co., Ltd. announced that both companies have entered into a capital and business alliance agreement, aiming to develop and provide insurance products and solutions in the pet domain. In recent years, as isolation and loneliness due to the spread of infectious diseases, the declining birthrate and aging population, and the increase in single-person households have become social issues, the presence of pets as family members has increased. Accordingly, the development of optimal solutions that provide security and safety for these pets is required.
June 2021 – Trupanion announced the plan to expand its overseas growth by hiring Wheeler from Agria Pet Insurance Ltd. Wheeler will help in expansion of Trupanion’s international growth across new markets in Japan, U.K., Brazil and Western Europe.
March 2021 – Waffle and Crum & Foster Pet Insurance Group announced a partnership with ASPCA Pet Health Insurance to provide pet owners with customizable and high-quality coverage in the U.S.
January 2021 – Nationwide Mutual Insurance Company announced a partnership with Walmart to help families with pets save time and money while filling pet prescription medications at all the Walmart pharmacies.
What exactly does market segmentation cover?
Pet Insurance Market Segment By Animal, (In USD Million)
- Dog
- Cat
- Horse
- Rabbit
- Exotic Birds
- Reptiles
- Others
Pet Insurance Market By Policy, (In USD Million)
- illness And Accidents
- Chronic Conditions
- Loss/Theft of Pet
- Transit Injury
- Others
Pet Insurance Market By Provider, (In USD Million)
Regional Analysis of the Pet Insurance Market
The market development, current market trends, and some research methodologies are all covered in the Pet Insurance Industry research report. It draws attention to crucial aspects like product portfolios, software architectures, and production strategies that have a direct impact on the market. Our research shows that even minor changes to a product’s qualities can have a big impact on the previously mentioned criteria.
Europe (Germany, France, the United Kingdom, Russia, Italy)
Southeast Asia, China, Japan, South Korea, and Asia-Pacific
Brazil, Argentina, Colombia, etc. are all in South America.
Americas (US, Canada, and Mexico)
Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria, and South Africa)
Table of Content:
1 Study Reporting
1.1 Pet Insurance Product
1.2 Key Segments in This Study
1.3 Key Companies Covered
1.4 Market by Type
1.4.1 Global Pet Insurance Market Size Growth Rate by Type
1.5 Market by Application
2 Executive Instantaneous
2.1 Global Pet Insurance Market Size
2.1.1 Global Pet Insurance Revenue
2.1.2 Global Pet Insurance Production
2.2 Pet Insurance Growth Rate (CAGR)
2.3 Analysis of Competitive Landscape
2.3.1 Manufacturers Market Concentration Ratio
2.3.2 Key Pet Insurance Manufacturers
2.3.2.1 Pet Insurance Manufacturing Base Distribution, Headquarters
2.3.2.2 Manufacturers Pet Insurance Product Offered
2.3.2.3 Date of Manufacturers Enter into Pet Insurance Market
2.4 Key Trends for Pet Insurance Markets & Products
3 Market Size by Manufacturers
3.1 Pet Insurance Production by Manufacturers
3.2 Mergers & Acquisitions, Expansion Plans
4 Pet Insurance Production by Regions
4.1 Global Pet Insurance Production by Regions
4.1.1 Global Pet Insurance Production Market Share by Regions
4.1.2 Global Pet Insurance Revenue Market Share by Regions
4.2 United States
4.2.1 United States Pet Insurance Production
4.2.2 United States Pet Insurance Revenue
4.2.3 Key Players in United States
4.2.4 United States Pet Insurance Import & Export
4.3 Europe
4.3.1 Europe Pet Insurance Production
4.3.2 Europe Pet Insurance Revenue
5 Pet Insurance Consumption by Regions
5.1 Global Pet Insurance Consumption by Regions
5.1.1 Consumption by Regions
5.1.2 Consumption Market Share by Regions
5.2 North America
5.2.1 North America Consumption by Application
5.2.2 North America Consumption by Countries
5.2.3 United States
5.2.4 Canada
5.2.5 Mexico
5.3 Europe
5.3.1 Europe Consumption by Application
5.3.2 Europe Consumption by Countries
5.3.3 Germany
5.3.4 France
5.3.5 UK
5.3.6 Italy
5.3.7 Russia
5.4 Asia Pacific
5.4.1 Asia Pacific Consumption by Application
5.4.2 Asia Pacific Consumption by Countries
5.5.1 Central & South America) Consumption by Application
5.5.2 Central & South America Consumption by Country
6 Market Size by Type
6.1 Production by Type
6.2 Revenue by Type
6.3 Price by Type
7 Market Size by Application
7.1 Overview
7.2 Global Pet Insurance Breakdown Dada by Application
7.2.1 Global Pet Insurance Consumption by Application
7.2.2 Global Pet Insurance Consumption Market Share by Application
8 Manufacturers Profiles
9 Production Forecasts
9.1 Pet Insurance Production and Revenue Forecast
9.1.1 Global Pet Insurance Production Forecast
9.1.2 Global Pet Insurance Revenue Forecast
9.2 Pet Insurance Production and Revenue Forecast by Regions
9.2.1 Global Pet Insurance Revenue Forecast by Regions
9.2.2 Global Pet Insurance Production Forecast by Regions
9.3 Pet Insurance Key Producers Forecast
9.3.1 United States
9.3.2 Europe
9.3.3 China
9.3.4 Japan
9.4 Forecast by Type
9.4.1 Global Pet Insurance Production Forecast by Type
9.4.2 Global Pet Insurance Revenue Forecast by Type
10 Consumption Forecast
10.1 Pet Insurance Consumption Forecast by Application
10.2 Pet Insurance Consumption Forecast by Regions
10.3 North America Market Consumption Forecast
10.3.1 North America Pet Insurance Consumption Forecast by Regions
10.3.2 United States
10.3.3 Canada
10.3.4 Mexico
10.4 Europe Market Consumption Forecast
10.4.1 Europe Pet Insurance Consumption Forecast by Regions 2018-2025
10.4.2 Germany
10.4.3 France
10.4.4 UK
10.4.5 Italy
10.4.6 Russia
10.5 Asia Pacific Market Consumption Forecast
10.5.1 Asia Pacific Pet Insurance Consumption Forecast by Regions
10.5.2 China
10.5.3 Japan
10.5.4 South Korea
10.5.5 India
10.5.6 Australia
10.5.7 Indonesia
10.5.8 Thailand
10.5.9 Malaysia
10.5.10 Philippines
10.5.11 Vietnam
10.6 Central & South America Market Consumption Forecast
10.6.1 Central & South America Pet Insurance Consumption Forecast by Regions
10.6.2 Brazil
10.7 Middle East and Africa Market Consumption Forecast
10.7.1 Middle East and Africa Pet Insurance Consumption Forecast by Regions
10.7.2 GCC Countries
10.7.3 Egypt
10.7.4 South Africa
11 Value Chain and Sales Channels Analysis
11.1 Value Chain Analysis
11.2 Sales Channels Analysis
11.2.1 Pet Insurance Sales Channels
11.2.2 Pet Insurance Distributors
11.3 Pet Insurance Customers
12 Market Opportunities & Challenges, Risks and Influences Factors Analysis
12.1 Market Opportunities and Drivers
12.2 Market Challenges
12.3 Market Risks/Restraints
12.4 Key World Economic Indicators
13 Key Findings in the Global Pet Insurance Study
14 Appendix
14.1 Research Methodology
14.1.1 Methodology/Research Approach
14.1.1.1 Research Programs/Design
14.1.1.2 Market Size Estimation
14.1.1.3 Market Breakdown and Data Triangulation
14.1.2 Data Source
14.1.2.1 Secondary Sources
14.1.2.2 Primary Sources
14.2 Author Details
14.3 Disclaimer
Continue….
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