Global pet insurance market set to reach $68.91b by 2032

This equates to a CAGR of 18.13%.

The global pet insurance market is expected to grow significantly, reaching $68.91b by 2032 from $15.4b in 2023, according to a new report by SNS Insider. 

The forecast represents a compound annual growth rate (CAGR) of 18.13% from 2024 to 2032, as more pet owners seek financial protection against rising veterinary expenses and advanced medical treatments.

Pet insurance demand is being fuelled by a shift in consumer mindset, with pets increasingly regarded as family members. 

This has heightened expectations for comprehensive health coverage. 

In 2023, accident and illness coverage accounted for 84% of global pet insurance revenue, highlighting a strong preference for comprehensive plans. 

Dogs remained the most insured pet category in 2023, accounting for 61% of the global market. 

Their higher frequency of vet visits, increased risk of accidents, and breed-specific health issues have made canine insurance more prevalent.