USD 12.05 bn growth in Pet Insurance Market from 2021 to 2026 |Evolving Opportunities with Agria Pet Insurance Ltd ., Anicom Holdings Inc. & Dotsure Ltd. |17000+ Technavio Reports

NEW YORK, Dec. 14, 2021 /PRNewswire/ -- 59% of the market's growth will originate from North America for the pet insurance market. 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. 

The pet insurance market is set to grow by USD 12.05 billion from 2021 to 2026, progressing at a CAGR of 27.11% during the forecast period. 

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The pet insurance market covers the following areas:

• Pet Insurance Market Sizing
• Pet Insurance Market Forecast
• Pet Insurance Market Analysis

Pet Insurance Market - Drivers

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.

Pet Insurance Market - Challenges

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.

Pet Insurance Market - Segmentation

Technavio analyzes the market by segmentation by pet type (dogs, cats, and others) and geography (North America, Europe, APAC, South America, and MEA). The pet insurance market share growth by the dog segment will be significant during the forecast period. This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

Companies Mentioned
Thepet insurance market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

• 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

To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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