DUBLIN, Oct. 15, 2024 (Globe Newswire) — The “European Pet Insurance Market Size, Share and Trend Analysis 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The European pet insurance market is expected to reach USD 17.84 billion by 2030 and is projected to grow at a CAGR of 15.2% from 2024 to 2030. The increasing number of pet owners across Europe is a key driver.
According to the Federation of the European Pet Food Industry (FEDIAF), approximately 80 million households in Europe own pets. With increasing disposable income, pet owners are increasingly investing in their pets’ health, including comprehensive insurance coverage. According to an article published by Pet Food Industry in September 2023, cats will be the most popular pet in Europe in 2022, accounting for 127 million pets, or 26% of all pet households. Dogs follow suit, with 25% of European households owning a pet dog.
The pet population is steadily increasing due to a variety of factors, including demographic changes, urbanization, and lifestyle trends. The total number of pets is expected to expand during the forecast period as more people own pets. This increase in pet ownership directly correlates with the increased demand for pet-related products and services, such as veterinary care and pet insurance. The growing pet population provides more potential customers for pet insurance companies, thereby driving market growth.
Advances in veterinary medicine are expanding the treatment options available to pets and promoting their health and longevity. However, these advanced treatments can be costly and burdensome for pet owners. High-tech procedures such as MRI scans, chemotherapy, orthopedic surgery, and ongoing treatment for chronic conditions can be cost-prohibitive. Pet insurance is an important financial safety net that allows pet owners to receive these cutting-edge treatments without having to endure financial burdens or make difficult choices about their pet’s care. Pet insurance covers a significant portion of these costs and ensures your pet receives the best medical care while protecting you from unexpected financial hardship.
European Pet Insurance Market Report Highlights
Based on animal type, the market is segmented into dogs, cats, and others. In 2023, the dog segment dominated the market with a significant share of over 50% due to increased adoption of pets, expansion of service offerings by insurance companies, and rising disposable income. In 2023, the accident and illness sector dominated the European pet insurance market. By sales channel, the direct channel segment accounted for the largest share of over 35% in 2023. This can be attributed to the high use of direct sales strategies by major pet insurance companies.
The key players in the European pet insurance market are:
Trupanion, Inc.Deutsche Familienversicherung AG (DFV)Petplan (Allianz)Getsafe GmbHJab Holding CompanyDirect Line (UK Insurance Limited)EQT GroupWaggel LimitedProtectaPetPerfect Pet InsuranceFeather Insurance (Popsure Deutschland GmbH)Agria Pet Insurance Ltd.
Why buy this report?
Comprehensive market analysis: Gain in-depth insights into the global market across key regions and segments. Competitive Landscape: Explore the market presence of major companies around the world. Future Trends: Discover the pivotal trends and drivers shaping the future of global markets. Actionable recommendations: Insights to discover new revenue streams to leverage and guide strategic business decisions.
This report covers:
Market intelligence to enable effective decision making Market estimates and forecasts from 2018 to 2030 Growth opportunities and trends analysis Segment and regional revenue forecasts for market assessment Competitive strategies and market share analysis to stay ahead of the curve A list of product innovations on how to sustain in these rapidly evolving markets
key attributes
Report attribute details No. Number of pages 80 Forecast period 2023 to 2030 Estimated market value in 2023 (USD) 6.69 billion USD Predicted market value by 2030 (USD) 17.84 billion USD Average annual growth rate 15.2 % Target area Europe
Covers key topics
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1.Market outlook
2.2. Segment outlook
2.3. Competitive Insights
Chapter 3 Variables, trends and scope of the European pet insurance market
3.1. Market system outlook
3.2.Market trends
3.3.European Pet Insurance Market Analysis Tools
Chapter 4 European Pet Insurance Market: Animal Type Estimation and Trend Analysis
4.1.European Pet Insurance Market: Animal Types Dashboard
4.2. European Pet Insurance Market: Animal Type Migration Analysis
4.3. European Pet Insurance Market by Animal Type and Revenue
4.4.Dog
4.5. Cat
4.6.Other
Chapter 5 European Pet Insurance Market: Coverage Type Estimation and Trend Analysis
5.1. European Pet Insurance Market: Coverage Types Dashboard
5.2. European Pet Insurance Market: Trend Analysis of Coverage Types
5.3.European Pet Insurance Market Estimates and Forecast, by Coverage Type and Revenue (USD Million)
5.4. Accidents and illnesses
5.5. Accident only
5.6.Others
Chapter 6 European Pet Insurance Market: Distribution Channel Estimation and Trend Analysis
6.1. European Pet Insurance Market: Sales Metrics Dashboard
6.2. European Pet Insurance Market: Trend Analysis of Sales Indicators
6.3.European Pet Insurance Market Estimates and Forecasts, by Sales Metrics, Revenue (USD Million)
6.4.Agent
6.5.Broker
6.6. Directly
6.7.Bank sales
6.8.Others
Chapter 7 European Pet Insurance Market: Regional Estimates and Trend Analysis by Animal Type, Coverage Type and Sales Channel
7.1. Regional Dashboard
7.2. Market size and forecast trend analysis, 2018 to 2030
7.3.Europe
Chapter 8 Competitive Environment
8.1.Company/Competitor Classification
8.2. Vendor scenery
For more information on this report, please visit https://www.researchandmarkets.com/r/c4wsh.
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European pet insurance market
