Europe Will Hold The Largest Revenue Share Of Over 44% In The Pet Insurance Market, By The End Of 2022; States Fact.MR – GlobeNewswire

August 21, 2022 19:00 ET | Source: FACT.MR FACT.MR
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Seoul, South Korea, Aug. 22, 2022 (GLOBE NEWSWIRE) — The global pet insurance market is forecast to grow at a staggering CAGR of 16.5% during the forecast period ranging from 2022 to 2032, according to a recently published Fact.MR study. As per this report, the market is expected to reach a value of US$ 45.6 Bn by 2032. Increasing pet ownership amid the growing trend of animal humanization is propelling demand for pet insurance policies.

From 2015 to 2021, pet insurance demand surged at a 15% CAGR, being valued at US$ 8.5 Bn. As a result of the COVID-19 pandemic, pet owners, veterinarians, veterinary hospitals, and animal health companies faced several challenges. Nevertheless, the industry was quick to respond to the pandemic by deploying supportive measures to ensure access to veterinary care and other services. The pandemic also caused pet parents to realize the importance of getting a pet insurance policy to reduce financial risk.
The decision to get a pet was triggered by work-from-home conditions, the desire for companionship, and a desire to spend more time at home because of lockdown and movement restrictions. About one-fifth of respondents said they were more likely to purchase a pet insurance policy. Pandemic-related concerns prompted pet parents to seek more risk protection than before.
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Key Takeaways from the Market Study
Competitive Landscape
Players implement various strategic strategies, such as launching new policies, forming partnerships and collaborations, and expanding regionally, in order to increase their market share.
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COVID-19 Impact on Pet Insurance Market
As a result of the COVID-19 pandemic, pet owners, veterinarians, veterinary hospitals, and animal health companies faced several challenges, as the imposition of lockdowns prevented frequent visits to brick and mortar insurance providers. Nevertheless, the industry was quick to respond to the pandemic by deploying supportive measures to ensure access to veterinary care and other services. The pandemic also caused pet parents to realize the importance of getting a pet insurance policy to reduce financial risk.
A survey conducted by Petplan, a U.K. market leader, found that pet ownership increased during 2020. The most popular pet was the dog, followed by the cat. About 47% of respondents purchased a pet for the first time, and overall only about 26% of pet owners in the U.K. bought pets during the COVID-19 pandemic. Getting a pet was primarily motivated by work-from-home conditions, the desire for companionship, and more time spent at home because of lockdown and movement restrictions. From 2022 to 2032, pet insurance demand is forecast to surge nearly 5x.
Key Segments Covered in the Pet Insurance Industry Survey
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the Pet insurance market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of coverage type (accident & illness, accident only and others), animal type (dogs, cats and others) and sales channel (agency, broker, direct, bancassurance and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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