Pet Insurance Market Trends 2021
Pune, India, April 22, 2021 (GLOBE NEWSWIRE) –
The global pet insurance market size is expected to grow at a significant CAGR during the forecast period owing to the increase in the number of pet adoption in the United States and the UK American Society for the Prevention of Cruelty to Animals (ASPCA) claims that approximately 6.5 million pets are seen each year in animal shelters in the United States. Additionally, the American Pet Products Association (APPA) claims that nearly 70 million families own a dog.
While the trend for pet insurance has increased in recent years, the shortage of standardized pet health codes has remained a bottleneck around the world. As such, government agencies, NGOs, NPOs and other stakeholders are committed to implementing a framework strengthening companion animal health codes.
Rampant chronic diseases such as diabetes and cancer in pets have further sparked the interest of insurance companies to improve their business landscape. According to one estimate, the global pet insurance market size will see notable growth by 2027.
Stakeholders are likely to increase their investments in North America, Europe and the APAC region over the next five years or so. The trends that are expected to stay ahead are outlined below:
Accident and health insurance coverage in North America
Pet owners in the United States and Canada have shown a strong interest in accident and illness policy, as it covers the majority of areas. Simply put, these policies would cover the costs of treating fractures, poison ingestion, surgeries, urinary tract infections, burns, and x-rays, among others. The accident and illness segment in North America Pet Insurance Market Size topped $ 1.8 billion in 2020 and will develop on a similar growth path by 2027.
Accident insurance coverage will only remain in the mix due to an upsurge in electrocutions, traffic accidents, snakebites and bone fractures. The policy has become overwhelmingly popular for its economic nature and over 3/4e refund policies. The market value of pet insurance for animals only in North America has been set at $ 61 million in 2020 and will see a significant gain by 2027.
Access sample pages of the report, “North America Pet Insurance Market Forecast 2027”In detail with the table of contents (ToC) @
Growth prospects are pronounced in the United States
The United States is likely to offer lucrative growth opportunities as the trend towards pet adoption continues to fuel business prospects. The United States insurance market value exceeded USD 1.8 billion in 2020 and will grow at a high CAGR of 9.9% until 2027.
Stakeholders are expected to inject funds into Canadian industry given the launch of strong policies through the online mode. Insurance companies are likely to seize opportunities through digital platforms to raise awareness of different policies. The Canadian pet insurance market is expected to grow at a bullish CAGR of approximately 7.4% through 2027.
Robust adoption of cats and dogs in Europe
The adoption of dogs in the UK, Italy, France, Russia and Germany will mark a giant leap in the coming years. Recently, insurance companies are offering various coverages to encourage pet owners to adopt dogs. These companies provide services with plans for illnesses, injuries and various illnesses. The dog insurance market in Europe is expected to reach USD 4 billion by 2027.
Pet owners are expected to show traction for cats in the region as stakeholders, including animal NGOs, continue to promote cat adoption. Specifically, the European pet food industry (FEDIAF) said in one of its reports that Germany and France are the pioneers in terms of the highest number of cats in the EU, recording respectively around 14.5 million and 13.5 million cats in 2019. The cat insurance segment in Europe will grow at a high CAGR of 6.7% until 2027.
Access sample pages of the report, “Europe Pet Insurance Market Forecast 2027”In detail with the table of contents (ToC) @
UK to take notable milestone in pet insurance and products
With the presence of leading companies in the UK, the emergence of robust pet insurance policies has further added a boost to the global landscape. Lately, the trend of adopting exotic dog and cat breeds has had a positive impact on market revenues. Great Britain pet insurance industry recorded over $ 1.2 billion in 2020 and will grow at a healthy 5.7% CAGR through 2027.
Italy will become a favorable investment hub as stakeholders relentlessly pour funds into the sector. Use of accident only and accident and sickness insurance coverage will be noticeable in the area. The Italian market is expected to grow at a double-digit CAGR of 10.3% through 2027.
Private providers take advantage of the pet adoption trend in Asia-Pacific
Amid the growing adoption of pets in India, Japan and Australia, private providers are gearing up to seize existing opportunities. In addition, these insurers have reportedly introduced robust pet systems to retail old customers and attract new ones. The segment of private providers of APAC Pet Insurance Market has been set at USD 953.4 million by 2020 and will grow at a considerable rate over the next few years.
Pet owners will potentially seek out public insurers as the latter plan to expand their footfall in the region. These insurers offer plans bringing together several animals in a single plan. The public providers segment in the APAC region is expected to register USD 196.7 million by 2027.
Access sample pages of the report, “Asia Pacific Pet Insurance Market Forecast 2027”In detail with the table of contents (ToC) @
Japan to see unprecedented pet adoption
The pet adoption frenzy in Japan has sparked a wave of insurance policies in the country. Breeders and pet shop owners have increased their investments in accident and accident and health insurance policies. The Japanese pet insurance industry is expected to grow at a bullish CAGR of 6.6% through 2027, mainly attributed to increased spending on healthcare.
Insurers will look to consolidate their positions in China as the mainland has seen gradual growth in pet adoption. According to a study, there were around 160,000 pet insurance customers in China in 2019. The Chinese pet insurance market is expected to grow at a stellar CAGR of 12.8% through 2027.
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