The Asia Pacific Pet Insurance market studied is anticipated to grow with a CAGR of nearly 6.5%, during the forecast period. certain factors that are driving the market growth include increasing number of pet adoption and rising awareness regarding pet insurance in the region.The past few years have observed a significant rise in the adoption of animals, including dogs and cats as companion animals, Dogs and cats are not only the most preferred pets but are also known to improve the physical and mental health of humans. ?As per the Chinese pet industry 2018 white paper, more than 91.49 million dogs and cats were being raised as pets in urban areas of China, which means 9% of urban population (813.47 million) in 2017 had pets. 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 growth of the chronic condition segment is the increase in prevalence of various chronic conditions in pet animals. According to Indian Veterinary Research Institute (IVRI), canine cancer cases has more than doubled from 94 to 209 in the period between 2006-07 and 2016-17. Along with the Increasing prevalence of the chronic diseases in the pets, the growing number of pet owners seeking pet insurance is also a major factor driving the market in Asia Pacific pet insurance market. For instance, According to a 2019 article titled “China’s pet insurance market sees bright future”, it was found that in between 2015 – 2018 there were only 5,000 pet insurance clients in China but currently it is risen to 1,60,000 pet insurance clients in the country.
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, Guide Dogs Pet Insurance Australia among others, hold the substantial market share in the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support