Global Pet Insurance Market Growth Accelerated by Rising Pet Adoption Rates

Pet Insurance Market


Pet insurance provides coverage for veterinary care and helps in mitigating the cost of unplanned medical bills for pets. It is a financial safety net for pet owners to care for their pets throughout illness or injury.

The global Pet Insurance Market is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: Rising pet adoption rates across the globe have accelerated the growth of the pet insurance market over the past few years. According to the APPA National Pet Owners Survey, nearly 35% of U.S. households adopted a new pet in 2020. The same trend has been witnessed across other regions such as Europe and Asia Pacific. Moreover, with increasing awareness about pet wellbeing and healthcare, more pet owners are willing to invest in pet insurance. Additionally, the availability of multi-pet discounts and wellness benefits with insurance policies has encouraged existing pet owners to enroll multiple pets under insurance coverage. This growing preference towards pet insurance is expected to continue driving the market growth over the forecast period.

Segment Analysis
The global pet insurance market is dominated by accident and illness coverage segment. This segment holds more than 75% share of the total market since it provides maximum insurance coverage to pet owners against vet bills and hospitalization expenses incurred due to pet's accident and injuries. Other popular coverage segments include only accident coverage, death from accident, death from illness, and surgery coverage but their market shares are less as compared to accident and illness coverage.

Key Takeaways
The global pet insurance market is expected to witness high growth over the forecast period of 2023 to 2030. Global Pet Insurance Market Demand is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.

Regional analysis indicates Asia Pacific region is expected to grow at the fastest pace during the forecast period. Countries like India, China, and Japan are witnessing rising pet adoption driven by growing urbanization and nuclear family structure. Furthermore, increasing awareness among pet owners about insurance and rising disposable income in the region is fueling the demand for pet insurance in Asia Pacific.

Key players operating in the pet insurance market are Cargill Aqua Nutrition, Skretting (Nutreco), Biomar, Alltech, Ridley Corporation Limited, CP Group, Charoen Pokphand Foods (CPF), Nutriad International, BioMar Group, Nutra Blend LLC, Guangdong Haid Group Co., Ltd., Tongwei Group, Avanti Feeds Limited, Nutrivet, BRF S.A. These companies are focusing on new product launches and strategic collaborations to strengthen their presence across global market. For instance, in 2023 Biomar launched alternative feed ingredients for aquaculture to promote sustainability. Similarly, Ridley Corporation partnered with aquaculture feed supplier to provide high-quality aquafeed to Australian market. Nutriad International enhanced its production capacity through acquisitions of specialized premix manufactures to meet growing demand for premixes.

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