Pet Insurance Database, By Key Countries

Deliverable Overview

The animal health team at Grand View Research has compiled a quantitative and qualitative analysis of key trends and industry highlights in the pet insurance market. Herein, pet populations for key species, such as dogs, cats, reptiles, small mammals, birds are estimated from 2018 to 2023 for key countries mentioned in the scope. The report also provides a detailed research methodology, market drivers, opportunities, and market challenge analysis in the pet insurance industry. The report further includes the quantitative insights such as pet industry expenditure for U.S. and Europe and product pricing analysis as a part of industry outlook. Furthermore, dataset on pet insurance providers will be covered in depth under the competitive landscape section. The dataset is provided in Excel & PDF format.

Report Scope: (Deliverable Format: MS Excel & PDF)

Key Insights

Some of the significant factors driving market growth include an increasing pet population, the adoption of pet insurance in less developed regions, rising veterinary care expenses, initiatives by prominent companies, and the humanization of pets. According to the most recent data from NAPHIA's 2023 State of the Industry (SOI) report, 5.36 million pets are insured in North America as of right now. Compared to 2021, when there were 4.4 million insured pets in the region, this is a 21.7% rise. The increasing trend of pet adoption and the rising frequency of diseases in dogs and cats are anticipated to drive market growth.

The entry of larger companies into the pet market is expected to further intensify the competition. In January 2024, Embrace Pet Insurance, a prominent provider of pet health coverage for dogs and cats in the U.S., celebrates a noteworthy achievement: reaching the milestone of insuring 500,000 pets nationwide. From its inception with Lily, a cat from Chagrin Falls, Ohio, on October 10, 2006, Embrace has experienced substantial growth over the past 17 years. This journey reflects the company's commitment and passion for pets and their owners. As more pet owners recognize the benefits of pet insurance and reputable providers like Embrace continue to expand their offerings, the adoption of pet insurance is likely to continue to rise.

The adoption of pet insurance in the region such as North America is increasing due to a several factors, including rising awareness and education, and increasing pet ownership. For instance, According to NAPHIA's State of the Industry Report 2023 Highlights, pet insurance premiums in the United States were almost $3.2 billion. As of the end of 2022, there were 4.8 million insured pets in the United States, a 22 percent increase from 2021. For dogs, the average annual premium for accidents and illnesses was $640, or $53 per month. For cats, the average annual premium for accidents and illnesses was $387, or $32 per month. Florida, New York, and California are home to the greatest proportion of insured pets. Among insured pets, dogs accounted for the majority (80%), while cats made up 20%.

Secondary Research-based Quantitative Analysis On Increasing Pet Humanization

Over the decades, cultural attitudes regarding pets have changed. More people now consider their pets to be important family members than simply pets. A growing tendency to treat pets with the same care and regard as humans has resulted from this mental shift. Furthermore, one of the main causes of the increase in pet humanization is increasing pet expenditure. For example, the most recent survey on pet purchasing habits in the US was published in April 2023 by Insuranks, an online insurance comparison marketplace. The organization claims that American pet owners believe they have spent more money on their animals in 2022.

Additionally, Insuranks reports that US pet owners spend USD 109.12 a month on average for requirements for their beloved pets. Food is the most popular pet purchase in the United States, followed by toys (87% of pet owners), litter (57%), enrichment products (49%), vitamins and supplements (46%), and other pet products. According to Insuranks, US pet owners spend an average of USD 525.10 a year on veterinary expenditures in addition to essential items for their pets. According to the company, the most expensive purchases for US pet owners are veterinarian bills (51%), food (36%), initial adoption expenditures (5%), drugs (3%), and grooming (2%).