Pet insurance market size was valued at US$ 4.6 billion in the year 2020 and is anticipated to grow at US$ 11.87 billion by 2027 recording a CAGR of 14.5% during the forecast period. The growth of the market will be enhanced by growing preferences for pet humanization and increasing demand for pet grooming and care products. Growing companion animal number, rising health benefits of ownership of pets, increasing demand for creative insurance along with rising veterinary service costs are likely to fuel the growth of the market. On the other hand, the low penetration rate will further fuel several opportunities that will lead to the growth of the market in the forecast period. The lack of knowledge of pet insurance in emerging economies, together with the high cost of pet insurance policies, would hinder the growth of the pet insurance market during the forecast.
Pet insurance market report gives a comprehensive outlook across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of policy coverage, animal, provider and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global pet insurance products.