Asia Pacific Pet Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific Pet Insurance market studied is anticipated to grow with a CAGR of nearly 6.5% during the forecast period.

In a pandemic, telemedicine is being used to increase the number of veterinary practices, and precautionary lockdown measures are being implemented, with only critical cases being attended to. COVID-19, on the other hand, is having a slight negative impact on the pet insurance market, as the rates of diagnosis and treatment procedures are decreasing.

Certain factors that are driving the market growth include an increasing number of pet adoption and rising awareness regarding pet insurance in the region. In recent years, there has been a significant increase in the adoption of animals as companion animals, particularly dogs and cats. Dogs and cats are not only the most popular pets, but they are also known to improve human physical and mental health. ​According to the data in China's pet industry report 2019, by online pet forum goumin.com, in the year 2019, around 99.15 million dogs and cats were adopted as pets in China, with dog and cat owners spending a whopping CNY 202 billion (USD 29 billion), up 18.5 percent from the previous year. ​​

Similarly, as per the National Dairy Development Board report published in October 2019, the livestock population in India accounted for 512.1 million in 2012, and it increased to 535.8 million in 2019. This huge increase in seven years suggested that the livestock population in India is continuously increasing over the forecast period.

However, low adoption in emerging countries​ is a significant restraining factor in the region for the pet insurance market growth,

Key Market Trends

Chronic Conditions Shows Lucrative Growth Opportunity in the Asia-Pacific Pet Insurance Market

Over the past years, there has been a significant rise in the prevalence of chronic diseases in pets. Hence, the major factor driving the growth of the chronic condition segment is the increase in the prevalence of various chronic conditions in pet animals. According to an article published in the BMC Veterinary Research 2021 by Dan G. O Neill, Periodontal disease (12.52 %), otitis externa (7.30 %), and obesity (7.07 %) are the most prevalent chronic diseases in dogs in India. Dental disorders (14.10 %), skin disorders (12.58 %), and enteropathy (10.43 %) were the most common disease in dogs in India. Along with the increasing prevalence of chronic diseases in pets, the growing number of pet owners seeking pet insurance is also a major factor driving the market in Asia Pacific pet insurance market.

Moreover, the adoption of pet health insurance is exploding in popularity because of a strong economy, improved consumer awareness, high disposable income, and easier claims processing across the world. The pet health insurance coverage is expected to reimburse the diagnostic testing and imaging (e.g., X-rays, ultrasound, and MRI), and it covers every accident and illness under one policy. Some of the most common diagnostic tests covered by pet insurance are radiographs, ultrasounds, CT scans, and MRIs.

China Dominates the Asia-Pacific Pet Insurance Market

The factors that are driving the market growth in China include an increasing number of pet adoption and rising awareness regarding pet insurance.

Dogs have always been the preferred pets globally and account for a large chunk of the Chinese pet food revenue. China ranks third in terms of dog ownership. According to the State Council of China 2020, around 73.55 million households own a pet, of which 46.1% own dogs and 30.7% have cats. Increasing pet adoption is also a major reason for the increasing pet dog population. In the total pet population, dogs accounted for 34.0%, and cats accounted for 20.0% in 2019. The increasing adoption of dogs by millennials as an asset has boosted pet insurance over the recent period.

Additionally, the growing number of pet owners seeking pet insurance is also a major factor driving the market for pet insurance in China. For instance, According to a 2019 article titled "China's pet insurance market sees bright future," it was found that between 2015 - 2018 there were only 5,000 pet insurance clients in China, but currently, it has risen to 1,60,000 pet insurance clients in the country.

Furthermore, there is also an increase in the entry of new players, including China Continent Insurance and Taikang Insurance group. Thus, the rise in the adoption of pet animals and increasing awareness of pet insurance is expected to boost the growth of the Pet Insurance market over the forecast period.

Competitive Landscape

The Asia-Pacific pet insurance market is competitive and consists of a number of major players. Companies like Anicom Holdings Inc, The New India Assurance Company Limited, Pet Insurance Australia, Rakuten Inc, The People's Insurance Company of China, and Guide Dogs Pet Insurance Australia, among others, hold a substantial market share in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.