Europe Pet Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Europe Pet Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Europe Pet Insurance Market size is expected to grow from USD 3.10 billion in 2023 to USD 4.85 billion by 2028, at a CAGR of 9.36% during the forecast period (2023-2028).

Pet insurance scheme covers veterinary expenses incurred for the treatment of a pet who has endured an injury or is sick. Pet insurance is usually opted by owners to minimize the burden of the cost of availing veterinary services. The policies are offered by various European public and private providers for different animals such as dogs and cats, horses, and others. The Pet Insurance company offers customized policies following tech people's preferences. They focus on the packages as per pet lifetime and per incident. The owner needs to submit a claim to the company regarding treatment activities the pet has received, and then the tech company will reimburse according to the policy.

An increasing number of pet animals being adopted widely for companionship across the European region has increased significantly in the past decade. Pets are largely adopted by people for companionship and there has been a shift in trend from pet owners to pet parents which indicates that pets are considered a part of the family these days.

Surging adoption of pets, soaring veterinary cost, availability of numerous insurance policy options for pets, and rising awareness about the same are expanding Europe pet insurance industry size. Moreover, innovative pet insurance offerings by companies coupled with introduction of beneficial rules and regulations through partnerships between insurance providers and veterinarians are also enhancing the market growth.

The Europe Pet Insurance Market was negatively impacted by COVID-19 . The coronavirus pandemic impacted the proper functioning of various industries in various regions. It affected Europe Pet Insurance Market, Pet Insurance Market, Insurance Market very badly. Many veterinary hospitals and clinics remained close due to lockdown and restriction on movement. Insurance companies are trying to innovate and modify the policy coverages and policies depending upon the incidences of health conditions. Companies were focussing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. Also, Various companies were taking steps to ensure that pet gets extraordinary care during the COVID-19 outbreak. Also, the companies are innovating multiple solution for their pet owners to enhance their policy process.

Europe Pet Insurance Market Trends

Increase in Adoption of Pets Witnessing the Strengthening of Europe Pet Insurance Market

In the last ten years, there has been a big increase in the number of people in Europe who get pets as companions. People usually get pets because they want company, and the term "pet owner" has been replaced by "pet parent," which shows that pets are now seen as part of the family. According to the European Pet Food Industry statistics, there were around 89 million pet-owning homes in Europe, accounting for 103.8 million cats and 85.2 million dogs throughout all of Europe. Also, this number increased yearly from 80 to 85 million households owning pets and was further raised to 89 million households in Europe owning at least one pet. Thus, increasing social acceptance of pets has stimulated demand across the region.

High Per Capita Spending on Pet Witnessing Rise in Pet care and Pet Insurance market

There has been a change in the number of new pet food product launches in the European Union (EU), from 2017 to 2021, by country. During this period, the biggest change for new pet food product launches took place in Germany, at 47.67%, followed by Spain, France, Poland, and other countries in bringing out new products for the pet, and hence there was a rise in per capita spending in these different countries on pets from Europe, where the Netherlands is leading the way in per capita spending on their pets, followed by France, Germany, Italy, Spain, and others. We are witnessing an upward trend in the pet insurance market across Europe.

Europe Pet Insurance Industry Overview

The European pet insurance market is very competitive and growing across the different countries of Europe owing to increasing pet adoption among the populace and the rising availability of lucrative insurance schemes in countries like Italy, Sweden, France, Germany, Russia, and Poland households at a faster pace. Based on the provider, the market is bifurcated into public providers and private providers, among which the public insurance providers offer innovative medical plans as well as unique insurance schemes and multi-pet insurance policies. Companies are involved in various strategies, such as the launch of new policies, mergers and acquisitions, and regional expansion, to capture a larger share of the market. The European pet insurance market is competitive and consists of a number of major national and international players like PetPlan Insurance, Embrace Pet Insurance Agency, LLC, Royal & Sun Alliance, PetHealth Inc., and PetFirst Healthcare.

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