Global Pet Insurance Market : Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2026
The Global Pet Insurance Market size is expected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of XX% during the forecast period.
The report covers the detailed analysis of the global pet insurance industry with the classifications of the market on the basis of policy type, animal type, service providerand region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players contribution in it.
Pet insurance is a type of insurance policy that helps protect pet owners financially in the event of unexpected veterinary costs. This scheme covers veterinary expenses incurred for the treatment of a pet who has endured an injury or is sick. Some pet insurance plans also covers death or loss of the pet that is insured.
The report has profiled major key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in North America region. Major country’s policies about manufacturing and its impact on market demand are covered in the report.
Global Pet Insurance Market Overview
Veterinary costs account for a significant portion of the expenses associated with pet ownership. A single trip to the vet averages $160 for cats and $212 for dogs, it can easily be much higher if the pet experiences an unexpected illness or injury. To help manage the cost of owning a pet and prepare for unexpected veterinary emergencies, many pet parents choose to enroll in a pet insurance plan. These policies typically incur a low monthly cost but can pay for up to tens of thousands of dollars in unanticipated vet bills—coverage that could equal a life-saving operation for the pet.
The global pet insurance market is expected to grow at the highest CAGR of XX% during the forecast period due to increasing adoption of pets, awareness about pet care, and spending capacity. According to The American Pet Products Association report 2018, the overall spending in the U.S. pet industry increased by 4.1% from 2016 to 2017 and veterinary care spending increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017. Day to day increasing pet adoption is the major driving factor for the pet insurance market growth. According to the European Pet Food Industry statistics, there were around 85 million pet-owning homes in Europe in the year 2019.
Global Pet Insurance Market Segment Analysis
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The private segment is expected to achieve the highest growth at CAGR of XX% during the forecast period due to emerging private insurance companies. Preference of pet owners to buy insurance from private companies has been increasing as the public sector insurers offer only protection against death, while the private players are covering both death and disease. Moreover, strategies such as digital marketing, competitive pricing on the premium, and innovative schemes adopted by the private companies are expected to create major growth opportunity in the private segment.
Global Pet Insurance Market2
Dog segment dominated the market with largest market share of XX% in 2019 and expected to continue its dominance during the forecast period due to the increased adoption of dogs. European and American countries like the US, France, and Argentina have the highest population of pet dogs, and the increasing adoption of dogs across the globe has been boosting the pet insurance market. The cat segment is expected a significant growth during the forecast period due to the increasing adoption of cats in Canada.
Global Pet Insurance Market Regional Insights
Europe held largest market share of XX% in 2019 and is expected to grow at highest CAGR of XX% during forecasting period. High cost of veterinary care, improved facilities, and awareness about pet care boosted the global pet insurance market.However, government initiative to promote pet adoption in countries like UK is the major growth driver of in the European market.
Asia pacific is expected to witness high growth at CAGR of XX% during the forecast period. The factors like owners’ concern about pet health, increasing spending capacity, number of pet accidents and government initiative towards animal care are attributed for the high growth of pet insurance market in the region.
The objective of the report is to present a comprehensive analysis of the global pet insurance market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global pet insurance market dynamics, structure by analyzing the market segments and project global pet insurance market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global pet insurance market make the report investor’s guide.
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Global Pet Insurance Market Scope: Inquire before buying
Global Pet Insurance Market3
Global Pet Insurance Market, by Region:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
Global Pet Insurance Market Key Players
• Warburg Pincus
• Nationwide
• Trupanion
• Hartville Group
• Embrace
• Royal &Sun Alliance (RSA)
• Direct Line Group
• Agria
• Anicom Holding
• ipet Insurance
• Japan Animal Club
• Floracopeia Inc.
• UniKode S.A.
• Robertet Groupe
• Lluch Essence Sl
• International Fragrance and Flavor Inc.
• Fleurchem Inc
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