Europe Pet Insurance Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats), By Coverage Type (Accidents & Illness), By Sales Channel (Agency, Broker), By Country, And Segment Forecasts, 2024 - 2030
Europe Pet Insurance Market Growth & Trends
The Europe pet insurance market size 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, according to a new report by Grand View Research, Inc. The increasing number of pet owners across Europe is a significant driver. According to the European Pet Food Industry Federation (FEDIAF), approximately 80 million European households have pets. With rising disposable incomes, pet owners are willing to invest more in their pets' health, including comprehensive insurance coverage. In an article published in September 2023 by the Pet Food Industry, in 2022, cats were the most popular pets in Europe, accounting for 127 million or 26.0% of all pet households. Dogs followed closely, with 25% of European homes owning a pet dog.
The pet population has been steadily increasing, driven by various factors such as changing demographics, urbanization, and lifestyle trends. As more people adopt pets, the overall pet population is anticipated to expand over the forecast period. This growth in pet ownership directly correlates with increased demand for pet-related products and services, including veterinary care & pet insurance. A larger pet population provides a larger pool of potential customers for pet insurance companies, thereby driving market growth.
Advancements in veterinary medicine have expanded the range of treatment options available for pets, enhancing their health and longevity. However, these advanced treatments come with significant costs, which can burden pet owners. High-tech procedures like MRI scans, chemotherapy, orthopedic surgeries, and ongoing treatments for chronic conditions can be prohibitively expensive. Pet insurance is a crucial financial safety net, enabling owners to afford these cutting-edge treatments without enduring financial strain or making difficult choices about their pets' care. Covering a substantial portion of these costs, pet insurance ensures that pets receive the best medical attention while protecting owners from unexpected financial hardships.
Europe Pet Insurance Market Report Highlights
- Based on animal type, the market is segmented into dogs, cats, and others. In 2023, the dogs segment dominated the market with a substantial share of more than 50.0% due to growing pet adoption, expansion of service offerings by insurance companies, and growing disposable income
- In 2023, the accident and illness segment dominated the European pet insurance market, accounting for over 80.0% of the total share.
- Based on sales channel, the direct channel segment held the largest share of over 35.0% in 2023. This can be attributed to key pet insurance providers' high usage of direct sales strategies
- Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Animal Type
- 1.2.2. Coverage Type
- 1.2.3. Sales Channel
- 1.2.4. Regional scope
- 1.2.5. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Purchased database
- 1.4.2. GVR’s internal database
- 1.4.3. Secondary sources
- 1.4.4. Primary research
- 1.4.5. Details of primary research
- 1.4.5.1. Data for primary interviews in North America
- 1.4.5.2. Data for primary interviews in Europe
- 1.4.5.3. Data for primary interviews in Asia Pacific
- 1.4.5.4. Data for primary interviews in Latin America
- 1.4.5.5. Data for Primary interviews in MEA
- 1.5. Information or Data Analysis
- 1.5.1. Data analysis models
- 1.6. Market Formulation & Validation
- 1.7. Model Details
- 1.7.1. Commodity flow analysis (Model 1)
- 1.7.2. Approach 1: Commodity flow approach
- 1.8. List of Secondary Sources
- 1.9. List of Primary Sources
- 1.10. Objectives
- Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Animal Type
- 2.2.2. Coverage Type
- 2.2.3. Sales Channel
- 2.2.4. Regional outlook
- 2.3. Competitive Insights
- Chapter 3. Europe Pet Insurance Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.1.1. Increasing Pet Population
- 3.2.1.2. Rising Pet Care Costs
- 3.2.1.3. Increasing Pet Humanization & Expenditure on Pets
- 3.2.2. Market restraint analysis
- 3.2.2.1. Lack of Awareness & Penetration
- 3.3. Europe Pet Insurance Market Analysis Tools
- 3.3.1. Industry Analysis - Porter’s
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Technological landscape
- 3.3.2.3. Economic landscape
- Chapter 4. Europe Pet Insurance Market: Animal Type Estimates & Trend Analysis
- 4.1. Europe Pet Insurance Market: Animal Type Dashboard
- 4.2. Europe Pet Insurance Market: Animal Type Movement Analysis
- 4.3. Europe Pet Insurance Market by Animal Type, Revenue
- 4.4. Dogs
- 4.4.1. Dogs market estimates and forecasts 2018 - 2030 (USD Million)
- 4.5. Cats
- 4.5.1. Cats market estimates and forecasts 2018 - 2030 (USD Million)
- 4.6. Other
- 4.6.1. Other market estimates and forecasts 2018 - 2030 (USD Million)
- Chapter 5. Europe Pet Insurance Market: Coverage Type Estimates & Trend Analysis
- 5.1. Europe Pet Insurance Market: Coverage Type Dashboard
- 5.2. Europe Pet Insurance Market: Coverage Type Movement Analysis
- 5.3. Europe Pet Insurance Market Estimates and Forecasts, By Coverage Type, Revenue (USD Million)
- 5.4. Accident & Illness
- 5.4.1. Accident & Illness market estimates and forecasts 2018 - 2030 (USD Million)
- 5.5. Accident Only
- 5.5.1. 5.5. Accident only market estimates and forecasts 2018 - 2030 (USD Million)
- 5.6. Others
- 5.6.1. Others market estimates and forecasts 2018 - 2030 (USD Million)
- Chapter 6. Europe Pet Insurance Market: Sales Channel Estimates & Trend Analysis
- 6.1. Europe Pet Insurance Market: Sales Indication Dashboard
- 6.2. Europe Pet Insurance Market: Sales Indication Movement Analysis
- 6.3. Europe Pet Insurance Market Estimates and Forecasts, By Sales Indication, Revenue (USD Million)
- 6.4. Agency
- 6.4.1. Agency market estimates and forecasts 2018 - 2030 (USD Million)
- 6.5. Broker
- 6.5.1. Broker market estimates and forecasts 2018 - 2030 (USD Million)
- 6.6. Direct
- 6.6.1. Direct market estimates and forecasts 2018 - 2030 (USD Million)
- 6.7. Bancassurance
- 6.7.1. Bancassurance market estimates and forecasts 2018 - 2030 (USD Million)
- 6.8. Others
- 6.8.1. Other market estimates and forecasts 2018 - 2030 (USD Million)
- Chapter 7. Europe Pet Insurance Market: Regional Estimates & Trend Analysis by Animal type, Coverage type, and Sales Channel
- 7.1. Regional Dashboard
- 7.2. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
- 7.3. Europe
- 7.3.1. UK
- 7.3.1.1. Key country dynamics
- 7.3.1.2. Regulatory framework/ reimbursement structure
- 7.3.1.3. Competitive scenario
- 7.3.1.4. UK market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.2. Germany
- 7.3.2.1. Key country dynamics
- 7.3.2.2. Regulatory framework/ reimbursement structure
- 7.3.2.3. Competitive scenario
- 7.3.2.4. Germany market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.3. France
- 7.3.3.1. Key country dynamics
- 7.3.3.2. Regulatory framework/ reimbursement structure
- 7.3.3.3. Competitive scenario
- 7.3.3.4. France market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.4. Italy
- 7.3.4.1. Key country dynamics
- 7.3.4.2. Regulatory framework/ reimbursement structure
- 7.3.4.3. Competitive scenario
- 7.3.4.4. Italy market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.5. Spain
- 7.3.5.1. Key country dynamics
- 7.3.5.2. Regulatory framework/ reimbursement structure
- 7.3.5.3. Competitive scenario
- 7.3.5.4. Spain market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.6. Norway
- 7.3.6.1. Key country dynamics
- 7.3.6.2. Regulatory framework/ reimbursement structure
- 7.3.6.3. Competitive scenario
- 7.3.6.4. Norway market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.7. Sweden
- 7.3.7.1. Key country dynamics
- 7.3.7.2. Regulatory framework/ reimbursement structure
- 7.3.7.3. Competitive scenario
- 7.3.7.4. Sweden market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.8. Denmark
- 7.3.8.1. Key country dynamics
- 7.3.8.2. Regulatory framework/ reimbursement structure
- 7.3.8.3. Competitive scenario
- 7.3.8.4. Denmark market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.9. Austria
- 7.3.9.1. Key country dynamics
- 7.3.9.2. Regulatory framework/ reimbursement structure
- 7.3.9.3. Competitive scenario
- 7.3.9.4. Austria market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.10. Hungary
- 7.3.10.1. Key country dynamics
- 7.3.10.2. Regulatory framework/ reimbursement structure
- 7.3.10.3. Competitive scenario
- 7.3.10.4. Hungary market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.11. Poland
- 7.3.11.1. Key country dynamics
- 7.3.11.2. Regulatory framework/ reimbursement structure
- 7.3.11.3. Competitive scenario
- 7.3.11.4. Poland market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.12. Romania
- 7.3.12.1. Key country dynamics
- 7.3.12.2. Regulatory framework/ reimbursement structure
- 7.3.12.3. Competitive scenario
- 7.3.12.4. Romania market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.13. Czech Republic
- 7.3.13.1. Key country dynamics
- 7.3.13.2. Regulatory framework/ reimbursement structure
- 7.3.13.3. Competitive scenario
- 7.3.13.4. Czech Republic market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.14. Switzerland
- 7.3.14.1. Key country dynamics
- 7.3.14.2. Regulatory framework/ reimbursement structure
- 7.3.14.3. Competitive scenario
- 7.3.14.4. Switzerland market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.15. Luxembourg
- 7.3.15.1. Key country dynamics
- 7.3.15.2. Regulatory framework/ reimbursement structure
- 7.3.15.3. Competitive scenario
- 7.3.15.4. Luxembourg market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.16. Portugal
- 7.3.16.1. Key country dynamics
- 7.3.16.2. Regulatory framework/ reimbursement structure
- 7.3.16.3. Competitive scenario
- 7.3.16.4. Portugal market estimates and forecasts 2018 - 2030 (USD Million)
- 7.3.17. Belgium
- 7.3.17.1. Key country dynamics
- 7.3.17.2. Regulatory framework/ reimbursement structure
- 7.3.17.3. Competitive scenario
- 7.3.17.4. Belgium market estimates and forecasts 2018 - 2030 (USD Million)
- Chapter 8. Competitive Landscape
- 8.1. Company/Competition Categorization
- 8.2. Vendor Landscape
- 8.2.1. List of key distributors and channel partners
- 8.2.2. Key company market share analysis, 2023
- 8.2.3. Trupanion, Inc.
- 8.2.3.1. Company overview
- 8.2.3.2. Financial performance
- 8.2.3.3. Product benchmarking
- 8.2.3.4. Strategic initiatives
- 8.2.4. Deutsche Familienversicherung AG (DFV)
- 8.2.4.1. Company overview
- 8.2.4.2. Financial performance
- 8.2.4.3. Product benchmarking
- 8.2.4.4. Strategic initiatives
- 8.2.5. Petplan (Allianz)
- 8.2.5.1. Company overview
- 8.2.5.2. Financial performance
- 8.2.5.3. Product benchmarking
- 8.2.5.4. Strategic initiatives
- 8.2.6. Getsafe GmbH
- 8.2.6.1. Company overview
- 8.2.6.2. Financial performance
- 8.2.6.3. Product benchmarking
- 8.2.6.4. Strategic initiatives
- 8.2.7. Jab Holding Company
- 8.2.7.1. Company overview
- 8.2.7.2. Financial performance
- 8.2.7.3. Product benchmarking
- 8.2.7.4. Strategic initiatives
- 8.2.8. Conmed Corporation
- 8.2.8.1. Company overview
- 8.2.8.2. Financial performance
- 8.2.8.3. Product benchmarking
- 8.2.8.4. Strategic initiatives
- 8.2.9. Direct Line (U K Insurance Limited)
- 8.2.9.1. Company overview
- 8.2.9.2. Financial performance
- 8.2.9.3. Product benchmarking
- 8.2.9.4. Strategic initiatives
- 8.2.10. EQT AB
- 8.2.10.1. Company overview
- 8.2.10.2. Financial performance
- 8.2.10.3. Product benchmarking
- 8.2.10.4. Strategic initiatives
- 8.2.11. Waggel Limited
- 8.2.11.1. Company overview
- 8.2.11.2. Financial performance
- 8.2.11.3. Product benchmarking
- 8.2.11.4. Strategic initiatives
- 8.2.12. ProtectaPet
- 8.2.12.1. Company overview
- 8.2.12.2. Financial performance
- 8.2.12.3. Product benchmarking
- 8.2.12.4. Strategic initiatives
- 8.2.13. Perfect Pet Insurance
- 8.2.13.1. Company overview
- 8.2.13.2. Financial performance
- 8.2.13.3. Product benchmarking
- 8.2.13.4. Strategic initiatives
- 8.2.14. Feather Insurance (Popsure Deutschland GmbH)
- 8.2.14.1. Company overview
- 8.2.14.2. Financial performance
- 8.2.14.3. Product benchmarking
- 8.2.14.4. Strategic initiatives
- 8.2.15. Agria Pet Insurance Ltd
- 8.2.15.1. Company overview
- 8.2.15.2. Financial performance
- 8.2.15.3. Product benchmarking
- 8.2.15.4. Strategic initiatives
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