Pet Insurance Market Size Is Expected To Reach USD 5.78 Billion By 2030

 San Francisco, 8 January 2025: The Report Pet Insurance Market Size, Share & Trends Analysis Report By Coverage Type (Accident-only, Accident & Illness), By Animal Type (Dogs, Cats), By Sales Channel, By Region, And Segment Forecasts, 2025 - 2030

The global pet insurance market size is expected to reach USD 48.98 billion by 2030, registering a CAGR of 17.97% from 2025 to 2030, according to a new report by Grand View Research, Inc. The key factor driving the industry growth includes increasing veterinary care costs as a result of advancements in medical technology and treatments. Thus, pet owners are seeking insurance to help cover these expenses. According to the American Pet Products Association (APPA), the total pet spending in the U.S. alone was estimated to reach a record high of over $100 billion in 2023. This includes expenses, such as pet food, supplies, over-the-counter medications, veterinary care, and other services. The increasing trend in pet spending reflects the growing importance of pets in people's lives and the willingness of pet owners to invest in the well-being of their animals.

Furthermore, pet insurance providers are offering a wider range of coverage options, including customizable plans that cater to different needs and budgets, making insurance more accessible and attractive to pet owners. For instance, in August 2023, Nationwide launched its most cutting-edge pet protection product, empowering pet owners to tailor coverage in each category to suit their pet's requirements and financial constraints. The introduction of highly customizable pet insurance plans signifies a significant trend in the market. This innovative approach recognizes the diverse needs of pet owners and their animals, providing a flexible and personalized solution. As pet insurance becomes more tailored and adaptable, it is likely to attract a broader audience, fostering increased adoption rates. This trend emphasizes the industry's commitment to meeting individualized customer needs and contributes to the overall growth and evolution of the market.

In addition, increased regulatory support and legislation advocating for pet welfare are expected to drive the demand for pet insurance, as owners seek to comply with legal requirements and provide the best possible care for their pets. For example, in some European countries, pet insurance is not mandatory, while in others, it may be required by law. The National Association of Insurance Commissioners (NAIC) has developed a Pet Insurance Model Act to create regulatory guidance for states regarding pet health insurance. Moreover, some regulations, such as mandatory microchipping or pet travel requirements, have made certain forms of insurance a necessity. For example, the EU Pet Travel Scheme necessitates compliance with specific health and identification measures when traveling with pets. This has directly increased the demand for pet insurance to meet these regulatory obligations.

Access Research Report of Pet Insurance Market @ https://www.grandviewresearch.com/industry-analysis/pet-insurance-market

Pet Insurance Market Report Highlights

• The accident & illness coverage type segment dominated the market with a share of about 85.18% in 2024. Since pet accidents and illnesses are more common, posing a significant financial strain on pet owners, which results in a higher need for pet insurance
• The dogs segment attributed to the largest market share in 2024 in terms of animal type. The other animal type segment includes small mammals, horses, reptiles, & birds, and is projected to grow at the fastest CAGR from 2024 to 2030
• By sales channel, the direct sales segment held the highest share in 2023 and is estimated to grow at the fastest CAGR from 2024 to 2030
• Europe held the largest share of about 41.58% of the overall market in 2024
• The rising number of pet adoptions globally is a major factor driving market growth. In addition, there is a growing awareness and concern among pet owners about their pets' health, leading to an increased demand for pet insurance

Pet Insurance Market Report Scope

Report Attribute	Details
Market size in 2025	USD 21.44 billion
Revenue forecast in 2030	USD 48.98 billion
Growth Rate	CAGR of 17.97% from 2025 to 2030
Actual data	2018 - 2024
Forecast period	2025 - 2030

List Of Key Players Pet Insurance Market

• 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

Access Press Release of Pet Insurance Market @ https://www.grandviewresearch.com/press-release/global-pet-insurance-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon