PET INSURANCE MARKET ANALYSIS

Regional Analysis

Global Pet Insurance Market: Regional Insights

Based on geography, the global pet insurance market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Middle East: GCC Countries, Israel, and Rest of Middle East
• Africa: South Africa, North Africa, and Central Africa

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing pet adoption and increase in awareness regarding veterinary health, and improving veterinary healthcare infrastructure in the region. For instance, with the increase in number of pet or increase in pet adoption, the demand or need for pet insurance is also increasing with a rapid pace. According to 2019-20 National Pet Owners Survey conducted by the American Pet Products Association, about 85 million American families (or 67%) own some kind of pet, up from 56% of U.S. households in 1988, the first year the survey was conducted.

Europe and Asia Pacific are also expected to witness significant growth in the global pet insurance market due to the rising pet ownership, growing adoption of pet insurance, and rise in awareness among people regarding veterinary health in these regions. For instance, according to the European Pet Food Industry Federation (FEDIAF), June 2022 report, more than 90 million households in the European Union own a pet. There are around 110 million cats, 90 million dogs, 50 million birds, 30 million small mammals, 15 million aquaria, and 10 million terraria, which resulted in over 20 billion EUR worth of related services and products.