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Pet Insurance Market by Pet Type and Geography - Forecast and Analysis 2022-2026

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR71603
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The pet insurance market share is expected to increase by USD 12.05 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 27.11%. 

This pet insurance market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers pet insurance market segmentation by pet type (dogs, cats, and others) and geography (North America, Europe, APAC, South America, and MEA). The pet insurance market report also offers information on several market vendors, including Agria Pet 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 S.L., Porto Seguro Companhia de Seguros Gerais, and WHITE MOUNTAINS INSURANCE GROUP LTD among others.

What will the Pet Insurance Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Pet Insurance Market Size for the Forecast Period and Other Important Statistics

 

Pet Insurance Market: Key Drivers and Trends

The rising pet population is notably driving the pet insurance market growth, although factors such as low adoption in developing countries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the pet insurance industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Pet Insurance Market Driver

Roughly two-thirds of American households have at least one pet, most of which are dogs. The need to own a pet in the US stems from the belief that pets positively contribute to human lives. Other nations, such as China, have come a long way in having pets, which was once considered illegal. Restrictions have now been lifted, resulting in a significant rise in the pet population in China. Brazil and India are also witnessing a significant increase in their pet populations. Pet insurance providers are therefore taking the growing population of pets worldwide into account to broaden their portfolio and develop pet-specific insurances. Thus, the rising pet population is expected to contribute to the growth of the global pet insurance market in the upcoming years.

Key Pet Insurance Market Challenge

The low adoption in developing countries will be a major challenge for the pet insurance market during the forecast period. Several countries have strict regulations on keeping pets in terms of their security and health. For instance, countries like the US and the UK have strict regulations, which owners have to comply with, and the failure of which can lead to serious punishments. But countries, especially in the APAC, such as India, Sri Lanka, China, Indonesia, and the Philippines, do not have such strict regulations guiding the safety of pets. This is due to the lack of organizations and authorities to regulate these issues. The governments in these countries majorly focus on the safety of endangered species. This lack of attention on pets' safety discourages pet owners from keeping pets or adopting pet insurance.

This pet insurance market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Pet Insurance Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Agria Pet 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 S.L.
  • Porto Seguro Companhia de Seguros Gerais
  • WHITE MOUNTAINS INSURANCE GROUP LTD

 

This statistical study of the pet insurance market encompasses successful business strategies deployed by the key vendors. The pet insurance market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The pet insurance market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Pet Insurance Market?

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59% of the market’s growth will originate from North America during the forecast period. The US is the key market for pet insurance in North America. Market growth in North America will be faster than the growth of the market in other regions.

The increasing pet insurance, high pet ownership, and technological developments in the diagnostics field will facilitate the pet insurance market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Pet Type Segments in the Pet Insurance Market?

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The pet insurance market share growth by the dogs segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the pet insurance market size and actionable market insights on post COVID-19 impact on each segment.

 

Pet Insurance Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 27.11%

Market growth 2022-2026

$ 12.05 billion

Market structure

Fragmented

YoY growth (%)

26.15

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 59%

Key consumer countries

US, China, UK, France, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Agria Pet 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 S.L., Porto Seguro Companhia de Seguros Gerais, and WHITE MOUNTAINS INSURANCE GROUP LTD

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Pet Insurance Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive pet insurance market growth during the next five years
  • Precise estimation of the pet insurance market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the pet insurance industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of pet insurance market vendors

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Executive 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

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Pet type

  • Market segments
  • Comparison by Pet type
  • 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

  • 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
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Agria Pet 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 S.L.
  • Porto Seguro Companhia de Seguros Gerais
  • WHITE MOUNTAINS INSURANCE GROUP LTD

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The pet insurance market growth will increase by $12050.83 million during 2021-2026.
The pet insurance market is expected to grow at a CAGR of 27.11% during 2021-2026.
Technavio has segmented the pet insurance market by other1 (Dogs, Cats, and Others) and geographic (North America, Europe, APAC, South America, and MEA).
Agria Pet 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 S.L., Porto Seguro Companhia de Seguros Gerais, WHITE MOUNTAINS INSURANCE GROUP LTD are a few of the key vendors in the pet insurance market.
North America will register the highest growth rate of 58.76% among the other regions. Therefore, the pet insurance market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the pet insurance market growth are:
  • Rising pet population
The pet insurance market vendors should focus on grabbing business opportunities from the dogs segment as it accounted for the largest market share in the base year.
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