Global Pet Insurance Market Size, Share, Growth, Global Trends, Industry Analysis and Forecast to 2027

Price: 3200/- USD | Published Date: April 30, 2021 |

The global pet insurance market size is anticipated to register a significant CAGR of over 7% during the forecast period 2021 to 2027 and valued at around USD 7 billion in 2020. The rising adoption of pets and the increasing incidence of diseases in dogs are some primary factors to drive the market growth. The increasing demand for pet insurance, helping to limit out-of-pocket spending on serious medical conditions, such as cancer, and accidental injuries, is projected to drive growth in the near future. Pet insurance includes full or partial reimbursement of the cost of pet care in the event of an illness or accident.

Market Segment Insights:

The global pet insurance market is segmented into policy type, animal, sales channel, and geography. On the basis of policy type, the market is further segmented into an accident only, accident & illness, and others. The accident and illness insurance segment held the largest market share in 2020 by revenue. An increase in companion animal population and the high cost of diagnosis and treatment are some major factors that contributed the segment growth. In contrast, the accident segment is accounted to hold a sustainable market share due to increasing health issues in animals and high treatment costs.

On the basis of animal type, the pet insurance market is divided into Cat, Dog, and Other animals. The dog insurance segment has dominated the market in 2020 by revenue. The segment growth is attributed to the increasing adoption of dogs across the world. According to the North American Pet Health Insurance Association (NAPHIA), in 2017, Rabies, parvovirus, kennel cough, heartworm, diabetes, and cancer are some major diseases seen in dogs, and over 89 million dogs are counted in the United States.

Pet Insurance Market Size & Forecast

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The pet insurance comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

Global pet insurance market size and forecast were obtained by using “Bottom-up” and “Top-down” approaches. Extensive secondary research was conducted to understand the market insights and trends, followed by primary interviews to further validate the information sourced. The report provides both, qualitative and quantitative analyses of the market, the competitive landscape, and the preferred development strategies of key players which help to formulate competitive market strategies and make informed decisions.

The pet insurance market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

  • 2018-19 – Historical Year
  • 2020 – Base Year
  • 2021-2027 – Forecast Period

Global Pet Insurance Market Segmentation:

By Policy:

  • Accident only
  • Accident & illness
  • Others

By Animal:

  • Cat
  • Dog
  • Others (Rabbits, Horses, and other animals)

By Sales Channel:

  • Agency
  • Broker
  • Bancassurance
  • Direct Writing

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Geographic Coverage:

Geographically, the pet insurance market report comprises dedicated sections centering on the regional market revenue and trends. The pet insurance market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The pet insurance market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Pet insurance market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Market Competition Assessment:

Key players operating in the global pet insurance market are Floracopeia Inc., UniKode S.A., Robertet Groupe, Lluch Essence Sl, and International Fragrance and Flavor Inc. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

List of Key Companies:

  • Floracopeia Inc.
  • UniKode S.A.
  • Robertet Groupe
  • Lluch Essence Sl
  • International Fragrance and Flavor Inc.
  • Fleurchem Inc.
  • Frager S.A.
  • Ernesto Ventos Sa
  • Haiti Essential Oil Co., SA.

Key Questions Answered by Pet Insurance Market Report:

  • Global pet insurance market forecasts from 2021-2027
  • Regional pet insurance market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
  • Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
  • Pet insurance submarket forecasts from 2021-2027 covering the market by policy, by animal, by sales channel, and geography
  • Various industry models such as SWOT analysis, Value Chain Analysis pertaining to pet insurance market
  • Analysis of the key factors driving and restraining the growth of the global, regional and country-level pet insurance markets from 2021-2027
  • Competitive Landscape and market positioning of top 10 players operating in the pet insurance market
Table of Content:

1. Preface


1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions

 

2. Executive Summary


2.1. Global Pet Insurance Market Portraiture
2.2. Global Pet Insurance Market, by Policy, 2020 (USD Mn)
2.3. Global Pet Insurance Market, by Animal, 2020 (USD Mn)
2.4. Global Pet Insurance Market, by Sales Channel, 2020 (USD Mn)
2.5. Global Pet Insurance Market, by Geography, 2020 (USD Mn)

 

3. Global Pet Insurance Market Analysis


3.1. Pet Insurance Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. COVID-19 Impact Analysis
3.6.1. V Shaped Recovery
3.6.2. U Shaped Recovery
3.6.3. L Shaped Recovery
3.6.4. W Shaped Recovery

 

4. Global Pet Insurance Market By Policy, 2018 – 2027 (USD Mn)


4.1. Overview
4.2. Accident only
4.3. Accident & illness
4.4. Others

 

5. Global Pet Insurance Market By Animal, 2018 – 2027 (USD Mn)


5.1. Overview
5.2. Cat
5.3. Dog
5.4. Others (Rabbits, Horses, and other animals)

 

6. Global Pet Insurance Market By Sales Channel, 2018 – 2027 (USD Mn)


6.1. Overview
6.2. Agency
6.3. Broker
6.4. Bancassurance
6.5. Direct Writing

 

7. North America Pet Insurance Market Analysis and Forecast, 2018 – 2027 (USD Mn)


7.1.1. Overview
7.1.2. North America Pet Insurance Market by Policy (2018-2027 USD Mn)
7.1.3. North America Pet Insurance Market by Animal (2018-2027 USD Mn)
7.1.4. North America Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
7.1.5. North America Pet Insurance Market by Country (2018-2027 USD Mn)
7.1.5.1. U.S.
7.1.5.1.1. U.S. Pet Insurance Market by Policy (2018-2027 USD Mn)
7.1.5.1.2. U.S. Pet Insurance Market by Animal (2018-2027 USD Mn)
7.1.5.1.3. U.S. Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
7.1.5.2. Canada
7.1.5.2.1. Canada Pet Insurance Market by Policy (2018-2027 USD Mn)
7.1.5.2.2. Canada Pet Insurance Market by Animal (2018-2027 USD Mn)
7.1.5.2.3. Canada Pet Insurance Market by Sales Channel (2018-2027 USD Mn)

 

8. Europe Pet Insurance Market Analysis and Forecast, 2018 – 2027 (USD Mn)


8.1.1. Overview
8.1.2. Europe Pet Insurance Market by Policy (2018-2027 USD Mn)
8.1.3. Europe Pet Insurance Market by Animal (2018-2027 USD Mn)
8.1.4. Europe Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
8.1.5. Europe Pet Insurance Market by Country (2018-2027 USD Mn)
8.1.5.1. Germany
8.1.5.1.1. Germany Pet Insurance Market by Policy (2018-2027 USD Mn)
8.1.5.1.2. Germany Pet Insurance Market by Animal (2018-2027 USD Mn)
8.1.5.1.3. Germany Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
8.1.5.2. U.K.
8.1.5.2.1. U.K. Pet Insurance Market by Policy (2018-2027 USD Mn)
8.1.5.2.2. U.K. Pet Insurance Market by Animal (2018-2027 USD Mn)
8.1.5.2.3. U.K. Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
8.1.5.3. France
8.1.5.3.1. France Pet Insurance Market by Policy (2018-2027 USD Mn)
8.1.5.3.2. France Pet Insurance Market by Animal (2018-2027 USD Mn)
8.1.5.3.3. France Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
8.1.5.4. Italy
8.1.5.4.1. Italy Pet Insurance Market by Policy (2018-2027 USD Mn)
8.1.5.4.2. Italy Pet Insurance Market by Animal (2018-2027 USD Mn)
8.1.5.4.3. Italy Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
8.1.5.5. Rest of Europe
8.1.5.5.1. Rest of Europe Pet Insurance Market by Policy (2018-2027 USD Mn)
8.1.5.5.2. Rest of Europe Pet Insurance Market by Animal (2018-2027 USD Mn)
8.1.5.5.3. Rest of Europe Pet Insurance Market by Sales Channel (2018-2027 USD Mn)

 

9. Asia Pacific Pet Insurance Market Analysis and Forecast, 2018 – 2027 (USD Mn)


9.1.1. Overview
9.1.2. Asia Pacific Pet Insurance Market by Policy (2018-2027 USD Mn)
9.1.3. Asia Pacific Pet Insurance Market by Animal (2018-2027 USD Mn)
9.1.4. Asia Pacific Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
9.1.5. Asia Pacific Pet Insurance Market by Country (2018-2027 USD Mn)
9.1.5.1. China
9.1.5.1.1. China Pet Insurance Market by Policy (2018-2027 USD Mn)
9.1.5.1.2. China Pet Insurance Market by Animal (2018-2027 USD Mn)
9.1.5.1.3. China Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
9.1.5.2. Japan
9.1.5.2.1. Japan Pet Insurance Market by Policy (2018-2027 USD Mn)
9.1.5.2.2. Japan Pet Insurance Market by Animal (2018-2027 USD Mn)
9.1.5.2.3. Japan Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
9.1.5.3. Rest of Asia Pacific
9.1.5.3.1. Rest of Asia Pacific Pet Insurance Market by Policy (2018-2027 USD Mn)
9.1.5.3.2. Rest of Asia Pacific Pet Insurance Market by Animal (2018-2027 USD Mn)
9.1.5.3.3. Rest of Asia Pacific Pet Insurance Market by Sales Channel (2018-2027 USD Mn)

 

10. Latin America (LATAM) Pet Insurance Market Analysis and Forecast, 2018 – 2027 (USD Mn)


10.1.1. Overview
10.1.2. Latin America Pet Insurance Market by Policy (2018-2027 USD Mn)
10.1.3. Latin America Pet Insurance Market by Animal (2018-2027 USD Mn)
10.1.4. Latin America Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
10.1.5. Latin America Pet Insurance Market by Country (2018-2027 USD Mn)
10.1.5.1. Brazil
10.1.5.1.1. Brazil Pet Insurance Market by Policy (2018-2027 USD Mn)
10.1.5.1.2. Brazil Pet Insurance Market by Animal (2018-2027 USD Mn)
10.1.5.1.3. Brazil Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
10.1.5.2. Mexico
10.1.5.2.1. Mexico Pet Insurance Market by Policy (2018-2027 USD Mn)
10.1.5.2.2. Mexico Pet Insurance Market by Animal (2018-2027 USD Mn)
10.1.5.2.3. Mexico Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
10.1.5.3. Rest of Latin America
10.1.5.3.1. Rest of Latin America Pet Insurance Market by Policy (2018-2027 USD Mn)
10.1.5.3.2. Rest of Latin America Pet Insurance Market by Animal (2018-2027 USD Mn)
10.1.5.3.3. Rest of Latin America Pet Insurance Market by Sales Channel (2018-2027 USD Mn)

 

11. Middle East and Africa Pet Insurance Market Analysis and Forecast, 2018 – 2027 (USD Mn)


11.1.1. Overview
11.1.2. MEA Pet Insurance Market by Policy (2018-2027 USD Mn)
11.1.3. MEA Pet Insurance Market by Animal (2018-2027 USD Mn)
11.1.4. MEA Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
11.1.5. Middle East and Africa Pet Insurance Market, by Country (2018-2027 USD Mn)
11.1.5.1. GCC
11.1.5.1.1. GCC Pet Insurance Market by Policy (2018-2027 USD Mn)
11.1.5.1.2. GCC Pet Insurance Market by Animal (2018-2027 USD Mn)
11.1.5.1.3. GCC Pet Insurance Market by Sales Channel (2018-2027 USD Mn)
11.1.5.2. Rest of MEA
11.1.5.2.1. Rest of MEA Pet Insurance Market by Policy (2018-2027 USD Mn)
11.1.5.2.2. Rest of MEA Pet Insurance Market by Animal (2018-2027 USD Mn)
11.1.5.2.3. Rest of MEA Pet Insurance Market by Sales Channel (2018-2027 USD Mn)

 

12. Company Profiles


12.1. Floracopeia Inc.
12.1.1. Business Description
12.1.2. Financial Health and Budget Allocation
12.1.3. Product Positions/Portfolio
12.1.4. Recent Development
12.1.5. SWOT Analysis
12.2. UniKode S.A.
12.2.1. Business Description
12.2.2. Financial Health and Budget Allocation
12.2.3. Product Positions/Portfolio
12.2.4. Recent Development
12.2.5. SWOT Analysis
12.3. Robertet Groupe
12.3.1. Business Description
12.3.2. Financial Health and Budget Allocation
12.3.3. Product Positions/Portfolio
12.3.4. Recent Development
12.3.5. SWOT Analysis
12.4. Lluch Essence Sl
12.4.1. Business Description
12.4.2. Financial Health and Budget Allocation
12.4.3. Product Positions/Portfolio
12.4.4. Recent Development
12.4.5. SWOT Analysis
12.5. International Fragrance and Flavor Inc.
12.5.1. Business Description
12.5.2. Financial Health and Budget Allocation
12.5.3. Product Positions/Portfolio
12.5.4. Recent Development
12.5.5. SWOT Analysis
12.6. Fleurchem Inc.
12.6.1. Business Description
12.6.2. Financial Health and Budget Allocation
12.6.3. Product Positions/Portfolio
12.6.4. Recent Development
12.6.5. SWOT Analysis
12.7. Frager S.A.
12.7.1. Business Description
12.7.2. Financial Health and Budget Allocation
12.7.3. Product Positions/Portfolio
12.7.4. Recent Development
12.7.5. SWOT Analysis
12.8. Ernesto Ventos SA
12.8.1. Business Description
12.8.2. Financial Health and Budget Allocation
12.8.3. Product Positions/Portfolio
12.8.4. Recent Development
12.8.5. SWOT Analysis
12.9. Haiti Essential Oil Co., SA.
12.9.1. Business Description
12.9.2. Financial Health and Budget Allocation
12.9.3. Product Positions/Portfolio
12.9.4. Recent Development
12.9.5. SWOT Analysis
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