Pet Insurance Market 2030: The Growing Trend of Pet Humanization in Asia Pacific

The global pet insurance market was valued at USD 18.32 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 17.97% from 2025 to 2030. Several factors are driving this growth, including the increasing pet population, the rising adoption of insurance in markets that have been slow to embrace it, escalating veterinary care costs, efforts by leading companies to expand their reach, and the growing trend of pet humanization, where pets are increasingly seen and treated as family members. According to the 2024 State of the Industry (SOI) report from the North American Pet Health Insurance Association (NAPHIA), there are currently 6.25 million insured pets in North America, representing a 16.6% increase compared to 2022, when 5.36 million pets were covered.

The market is further supported by the growing prevalence of diseases in cats and dogs, alongside a rising trend in pet adoption, which is anticipated to further drive demand for pet insurance. In particular, the need for insurance is becoming more apparent as pet owners face the high costs of treating severe medical conditions such as accidental injuries and cancer, which are among the most expensive health issues for pets. Additionally, the expansion of veterinary healthcare facilities and their reliance on advanced diagnostic equipment and specialized personnel has led to increased treatment costs, which in turn is expected to further stimulate the adoption of pet insurance as a way to manage these expenses.

Gather more insights about the market drivers, restrains and growth of the Global Pet Insurance Market

Regional Insights

As of 2024, the North America pet insurance market holds the second-largest revenue share, driven by the growing adoption of pet insurance across the region. According to the 2024 data from the North American Pet Health Insurance Association (NAPHIA), the gross written premiums (GWP) for pet insurance in the U.S. and Canada saw a significant rise, increasing from USD 1,558.5 million in 2019 to USD 3,912.9 million in 2023. This represents an impressive growth of over 25.9% in just four years, indicating an expanding market for pet insurance.

U.S. Pet Insurance Market Trends

The U.S. has a particularly large pet-owning population, with approximately 67% of households owning pets, creating a vast and growing market for pet insurance. This high pet ownership provides a substantial customer base for insurers.

For example, in December 2023, Spot Pet Insurance partnered with philanthropist MrBeast to facilitate the adoption of 100 homeless pets. As part of this initiative, Spot Pet Insurance pledged to provide lifetime pet insurance coverage for each adopted pet, potentially contributing over $1,000,000 in premiums. This kind of corporate initiative highlights the industry’s growing trend of addressing broader social issues related to pets, while simultaneously strengthening customer relationships, increasing awareness of pet insurance, and encouraging adoption.

Europe Pet Insurance Market Trends

In 2024, Europe holds the largest revenue share in the global pet insurance market, accounting for over 41.58% of the market. This dominance is attributed to the increasing adoption of pet insurance, rising pet ownership, and the presence of several major players in the region.

According to the European Pet Federation (FEDIAF), Europe is home to an estimated 340 million pets as of 2022, with cats (127 million) and dogs (104 million) being the most common. Key market players like Petplan (based in the UK) and DFV (based in Germany) are actively working to expand their market share through strategic initiatives.

In the UK, the Association of British Insurers (ABI) reported that pet insurance claims reached a historic high in 2022, crossing GBP 1 billion (USD 1.28 billion), the highest since 2007. On average, insurers paid out GBP 2.8 million (USD 3.57 million) daily for veterinary treatments. This surge reflects the increasing cost of pet ownership and the growing number of insured pets.

In addition, the market saw innovation with Agria Pet Insurance's launch of a new equine insurance line in partnership with DWF Insurance Software. By utilizing DWF’s EvoClaim platform, Agria aims to provide more efficient claims management, positioning itself as the only UK provider of Lifetime insurance for horses, thereby expanding its offerings.

In France, the pet insurance market is set to grow rapidly due to increasing pet ownership, particularly for dogs and cats. As more households acquire pets, the demand for insurance is rising, driven by high veterinary costs and the increasing sophistication of treatments. Pet insurance policies in France typically cost between USD 8.61 to USD 10.79 per month.

Asia Pacific Pet Insurance Market Trends

The Asia Pacific region is expected to experience robust growth in the pet insurance market, with an estimated growth rate of over 18% during the forecast period. This growth is fueled by increasing pet adoption and rising awareness of veterinary health, coupled with the ongoing development of the economy and improvement in veterinary healthcare infrastructure in the region.

In India, the pet insurance market is growing rapidly, establishing the country as one of the fastest-growing markets globally. According to a report from Creature Companions Magazine, India’s pet care industry is projected to reach $800 million by 2025. The country has seen a sharp increase in pet adoptions, with approximately 600,000 pets being adopted annually, and an estimated 31 million pet dogs expected by the end of 2023. This surge in pet ownership is driving demand for services like pet insurance.

In 2022, Future Generali India Insurance sold nearly 25,000 pet insurance policies, highlighting the growing interest in safeguarding pets. The rise in pet adoption, particularly post-COVID, along with the increasing costs related to grooming, medical care, and general pet care, is encouraging more pet owners to seek insurance coverage for their pets.

Latin America Pet Insurance Market Trends

The pet insurance market in Latin America is forecasted to expand significantly, driven by several factors such as greater penetration of veterinary healthcare services, increasing per capita income, and growing awareness of the benefits of pet insurance. One of the major factors propelling market growth is the rising pet ownership rates in the region, especially among dogs, which are the most popular pets, followed by cats and birds.

In Brazil, pet ownership has been on the rise, with the country's pet population growing substantially. According to the PetFood Industry, Brazil's pet population was estimated at 160 million as of September 2024, while the Brazilian Association of the Pet Products Industry (ABINPET) reports an even higher estimate of 168 million pets. This increase in pet ownership has spurred the growth of the pet insurance market, driven by the increasing humanization of pets and the rise in ownership rates.

MEA Pet Insurance Market Trends

The Middle East and Africa (MEA) pet insurance market is expected to experience significant growth during the forecast period, fueled by rising awareness regarding animal health, particularly in developing countries like Saudi Arabia and South Africa.

In South Africa, the market is poised for lucrative growth, as the country has been engaged in research on the impact of drugs on pets. Furthermore, the establishment of the South African Veterinary Association has enhanced regulatory control, helping to improve the structure of the veterinary industry.

Insurance agencies in South Africa are also contributing to the growth of the pet insurance market. In September 2024, Tree Digital Insurance Agency launched a new digital insurance platform aimed specifically at pet owners, providing tailored insurance solutions to the growing number of pet owners in the country.

Browse through Grand View Research's Animal Health Industry Research Reports.

Key Pet Insurance Company Insights

The market for pet insurance is moderately fragmented and competitive. In recent years, the industry has experienced massive growth owing to significant investments in pet insurance providers by investment agencies worldwide. One prime example is Jab Holding Company; the investment firm has been aggressively acquiring insurance and other veterinary companies, primarily across North American and European regions, to establish its dominance in the industry. Recently, the company has acquired players like Figo, Pet Partners, AKC, ASPCA, Pets Plus Us, Everypaw, Pet Protect, Agila, Animal Friends, Assur O'Poil, Pumpkin Petcare, etc.

Key Pet Insurance Companies:

The following are the leading companies in the pet insurance market. These companies collectively hold the largest market share and dictate industry trends.

  • Trupanion, Inc.
  • Deutsche Familienversicherung AG (DFV)
  • Petplan (Allianz)
  • Jab Holding Company
  • Direct Line
  • Lassie
  • Getsafe GmbH
  • Waggel Limited
  • Feather Insurance
  • Napo Limited
  • Tesco
  • Sainsbury Bank Plc
  • Fressnapf Holding SE
  • EQT Group
  • MetLife Services and Solutions, LLC
  • HDFC Ergo
  • AliPay
  • Nationwide Mutual Insurance Company
  • Anicom Insurance

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