Pet insurance market to exceed $11B by 2026
by Katie Pfaff
The market for pet insurance is projected to reach a value of $11.18 billion by the year 2026, according to a report by Research and Markets, which provides market insights and analysis around the world. The sector’s growth from a 2022 value of $6.94 billion marks a Compound Annual Growth Rate (CAGR) of 13.9% across the 2022 to 2026 period.
The market was priced at $5.91 billion in 2021 and grew at a CAGR of 12.34% from 2021 to 2022.
A high rate of pet adoptions and fostering companion animals during and on the heels of the COVID-19 pandemic has driven increases in the pet insurance market.
While the number of adoptions is up, the market has also been boosted by increased awareness of pet insurance as an option to potentially contain costs associated with veterinary care. Changes in the market such as digital offerings and value-added services have enticed additional customers.
Among the locations noted within the market report, North America held the largest portion of the market in 2021.
Learn more about the report, “Pet Insurance Global Market Report 2022,” on the Research and Markets website.
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