The global pet insurance market By the end of 2030, size is projected to reach US$ 38.8 Bn. A report by Future Industry Insights (FMI) predicts that the market will grow steadily between 2022 and 2030 at a CAGR of 11%. The paper claims that the growing number of pet owners, more knowledge of pet insurance, and related health advantages of pet ownership will fuel market expansion.
The research provides a thorough analysis of the industry, highlighting the major trends, opportunities, and development drivers. It offers the most precise analysis of the market via the use of original research techniques.
It includes in-depth insights into the pet insurance market. Some of these are:
- The market is expected to be worth US$7.8 billion in 2022. The market is shown to display consistent development throughout the report’s projection period.
- In terms of geography, North America commands the world market for pet insurance.
Due to the high rate of pet ownership in the area, Latin America appears as one of the important markets.
- The market for pet insurance’s dogs and cats category has the biggest value share.
- Among pet owners, the “Accident & Illness” coverage option stands out as their top choice for pet insurance.
- To remain competitive in mature markets, key businesses will probably concentrate on innovative service offers.
Increased pet ownership and business sales strategies to create room for expansion
The market for pet insurance is expanding due to factors such as a rise in the number of companion animals, more knowledge of pet insurance, and an increase in pet ownership. Different plan choices or levels with differing coverage limitations are offered by pet health insurers, which further entices pet owners to get pet insurance.