Pet Insurance Market Set to Grow at 11.23% CAGR to Reach USD 29.94 Billion by 2031, Says Mordor Intelligence
Europe held 45.23% of the pet insurance market share in 2025 and the global market is gaining strong traction, driven by escalating veterinary costs outpacing CPI and a surge in pet adoption alongside the growing pet humanization trend, as demand for comprehensive and preventive coverage continues to expand across both mature and emerging markets.
Hyderabad, India, March 30, 2026 (GLOBE NEWSWIRE) — According to Mordor Intelligence’s latest report, the pet insurance market size is witnessing steady expansion, growing from USD 17.59 billion in 2026 to an expected USD 29.94 billion by 2031, growing at a CAGR of 11.23%. Adoption levels vary significantly across regions, with some markets showing high coverage while others remain largely untapped. Rising veterinary costs, which continue to outpace general inflation, are prompting pet owners to seek insurance to manage unexpected expenses. A significant portion of pet-related spending goes toward veterinary care, yet cost concerns often lead owners to delay or skip treatments. This creates a strong opportunity for insurers, as many pets are still uninsured. At the same time, the market is evolving through easier access points such as clinics, retail channels, and employer-supported plans, while advancements in automation and digital technologies are helping insurers improve efficiency and customer experience.
Jayveer V, Senior Research Manager, Mordor Intelligence, says, “The analysis reflects observable shifts in pet ownership, veterinary cost trends, and insurer participation, offering a balanced view of market direction. Its structured triangulation of company disclosures, pricing patterns, and regional adoption provides a dependable basis for strategic planning.”
Pet Insurance Market Share by Region
North America continues to show strong growth in the pet insurance space, supported by increasing awareness and more seamless customer experiences through digital claims and direct payment options. The market is benefiting from improved product clarity, with regulatory developments helping standardize key aspects such as coverage terms and waiting periods, making policies easier to understand and renew. Growth is further supported by expanding distribution channels, including employer-sponsored options and integrations within clinics and retail environments that simplify the buying process. At the same time, insurers are enhancing efficiency and customer satisfaction through faster claims processing, leveraging automation and advanced technologies to deliver quicker and more reliable service.
Europe remains the leading region in the pet insurance market, supported by a strong culture of insurance adoption, high veterinary care costs, and widespread familiarity with policy benefits and claims processes. Markets such as the United Kingdom and Sweden continue to see strong participation, driven by consumer awareness and a long-standing emphasis on responsible pet ownership. Improved product transparency and consumer protection measures have made it easier for pet owners to compare plans and understand coverage details. At the same time, partnerships with clinics and retail networks are enhancing accessibility, allowing insurers to reach customers at key decision points. With well-established regulatory frameworks and growing distribution channels, Europe continues to set the benchmark while expanding into less penetrated segments.
Pet Insurance Market Growth Drivers
Seamless Integration of Coverage Across Pet Care Touchpoints
Pet insurance providers are increasingly embedding coverage options directly into retail, e-commerce, and veterinary care journeys, making it easier for pet owners to enroll at the moment decisions are being made. By integrating insurance into checkout processes and service subscriptions, retailers and clinics are turning enrollment into a natural part of the customer experience rather than a separate step. This approach not only simplifies access but also strengthens connections between insurers, care providers, and pharmacy services, helping streamline claims and improve overall efficiency. Insurers are focusing on these partnerships to expand reach and lower acquisition costs, while also enhancing customer experience through digital tools such as mobile claims and telehealth, creating a more connected and convenient ecosystem.
Evolving Regulatory Frameworks Strengthen Transparency and Trust
Regulatory developments in the United States are bringing greater consistency and clarity to the pet insurance market, with standardized guidelines helping define key aspects such as pre-existing conditions, waiting periods, and wellness coverage. As more states adopt aligned frameworks, insurers are simplifying policy structures, making it easier for consumers to understand and compare offerings. These changes enhance consumer confidence by introducing clearer disclosures, structured review periods, and stronger accountability around exclusions. Insurers that align early with these standards are benefiting from improved customer retention, as greater transparency reduces disputes and builds long-term trust. Additionally, more uniform regulations are supporting better data integration and analytics, enabling faster innovation and more refined product development across the market.
Major Segments Highlighted in the Pet Insurance Market Report
By Policy Type
- Accident & Illness
- Accident-Only
- Wellness / Preventive-Care Add-ons
- Others
By Animal Type
- Dog
- Cat
- Other Pets (Birds, Exotics, Equine)
By Provider Type
- Traditional (Private / Mutual / Cooperative Insurers)
- Insurtech / Digital Providers
- Niche (Government-linked / Public Schemes / Other)
By Sales Channel
- Direct-to-Consumer
- Intermediated
- Embedded
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Peru
- Chile
- Rest of South America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordics (Sweden, Norway, Denmark, Finland)
- Benelux (Belgium, Netherlands, and Luxembourg)
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of the Middle East and Africa
Overview – Office Real Estate Industry
| Study Period | 2020-2031 |
| Market Size in 2026 | USD 17.59 Billion |
| Market Size Forecast 2031 | USD 29.94 Billion |
| Industry Expansion | Growing at a CAGR of 11.23% during 2026-2031 |
| Fastest Growing Market for 2026-2031 | Asia-Pacific projected to record the fastest growth rate |
| Segments Covered | By Policy Type, By Animal Type, By Provider Type, By Sales Channel, and By Geography |
| Regions Covered | North America, Europe, Asia-Pacific, South America, the Middle East, and Africa |
| Customization Scope | Choose tailored purchase options designed to align precisely with your research requirements. |
Pet Insurance Companies: Covers global and market-level overviews, key segments, available financial insights, strategic developments, market share, and positioning of leading companies, along with detailed information on products, services, and recent industry updates.
- Trupanion Inc.
- Nationwide (VPI)
- Anicom Holdings Inc.
- Embrace Pet Insurance Agency LLC
- Figo Pet Insurance LLC
- Hartville Group (ASPCA)
- Healthy Paws Pet Insurance LLC
- Lemonade Inc.
- ManyPets Ltd.
- Agria Djurförsäkring AB
- RSA Group (MORE THAN)
- Petplan (Fetch)
- Pets Best Insurance Services LLC
- MetLife Pet Insurance (PetFirst)
- Dotsure.co.za
- Oneplan (South Africa)
- PetSure (Australia)
- iPet Insurance (Japan)
- Chewy / Trupanion Pet-Partner Plans
- Pumpkin Pet Insurance (Zoetis)
Get in-depth industry insights on the pet insurance market research report: https://www.mordorintelligence.com/industry-reports/pet-insurance-market?utm_source=globenewswire
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