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DUBLIN--(BUSINESS WIRE)--Sep 27, 2022--
The "Pet Insurance Market, By Product, By Animal Type, By Sales Channel, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global pet insurance market is expected to reach USD 18.10 Billion in 2030 and register a robust revenue CAGR of 15.3% over the forecast period, according to latest report published. The market is highly fragmented in nature with numerous small and large-scale companies competing to gain a larger share of the overall industry.
The presence of a large number of companies has resulted in intense competition in the market. To survive and succeed in such a competitive environment, key players are focusing on strategies such as mergers & acquisitions, product innovation, and expansion. In March 2020, Nationwide pet insurance acquired Pets Best, a pet insurance company in the U.S., to expand its product portfolio and customer base.
Awareness about animal health is on the rise, owing to a growing number of online resources and social media platforms that are dedicated to educating pet owners about various health concerns. This has resulted in pet owners becoming more proactive when it comes to ensuring their pets' health and well-being. Furthermore, the increased willingness of pet owners to spend on their pets has also resulted in them being more open to spending on pet insurance products.
The number of pet ownership is constantly increasing globally, owing to factors such as changing lifestyle and demographics. The millennial population is increasingly adopting pets, owing to the several benefits offered by them, such as companionship and emotional support. The trend of pet humanization is also gaining popularity, wherein pet owners are treating their pets more like family members. This is expected to result in an increased demand for pet insurance products over the forecast period.
Governments across the globe are taking several initiatives to promote pet insurance and create awareness about animal health. For instance, in September 2017, the Government of Canada launched a social media campaign called 'Be Pet Insured', which aimed to educate pet owners about the importance of pet insurance. Such initiatives are expected to result in a positive impact on the growth of the pet insurance market.
Insurance companies are offering advanced pet insurance products that cater to the specific needs of pet owners. For instance, some of the popular pet insurance products available in the market include accident only policies, comprehensive policies, and third-party liability policies. Insurers are also offering a wide range of add-on covers, such as routine care, dental care, and behavioral therapy, to further expand their product portfolio. This is expected to result in a higher demand for pet insurance products over the forecast period.
Market Segmentation
Product Outlook (Revenue, USD Billion, 2019-2030)
Animal Type Outlook (Revenue, USD Billion, 2019-2030)
Sales Channel Outlook (Revenue, USD Billion, 2019-2030)
Regional Outlook (Revenue, USD Billion, 2019-2030)
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Pet Insurance Market Segmentation & Impact Analysis
Chapter 5. Pet Insurance Market by Product Insights & Trends
Chapter 6. Pet Insurance Market by Animal Type Insights & Trends
Chapter 7. Pet Insurance Market by Sales Channel Insights & Trends
Chapter 8. Pet Insurance Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/vo1xw
View source version on businesswire.com:https://www.businesswire.com/news/home/20220927005847/en/
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KEYWORD:
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE PETS CONSUMER
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/27/2022 10:16 AM/DISC: 09/27/2022 10:17 AM
http://www.businesswire.com/news/home/20220927005847/en