(MENAFN- PR Newswire)
NEW YORK, May 3, 2022 /PRNewswire/ -- The pet insurance market growth will be led by North America during the forecast period. The region will account for 59% of the market's growth during the forecast period. The market size is anticipated to grow by USD 12.05 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 27.11% during the forecast period.
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Market Driver and Challenge
The rising pet population is driving the growth of the market. In the US, around two-thirds of households have at least one pet. Other countries such as China, India, and Brazil are also witnessing an increase in pet population. According to a study on the psychology of pet owners, the majority of pet owners believe that their pets have a positive impact on their physical and mental health, which has resulted in a growing market for pets. This connection with their pets has encouraged three out of four pet owners to take pet insurance for their pets. Therefore, pet insurance providers are taking into consideration the growing population of pets worldwide to broaden their portfolios 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.
The low adoption in developing countries will challenge the pet insurance market during the forecast period. Countries in APAC, such as India, Sri Lanka, China, Indonesia, and the Philippines, do not have such strict regulations regarding the safety of pets. Governments in these countries mainly focus on the safety of endangered species. This lack of attention toward pets' safety discourages pet owners from keeping pets or adopting pet insurance.
Major Pet Insurance Companies:
- 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
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Pet Insurance Market Geography Outlook (Revenue, USD bn, 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 have significant market share growth during the forecast period. The increasing pet insurance, high pet ownership, and technological developments in the diagnostics field will drive the pet insurance market growth in North America during the forecast period. Market growth in North America will be faster than the growth of the market in other regions. The US is the key market for pet insurance in North America.
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| 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 | USD 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 | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
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
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
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