APAC’s pet insurance market to surge by 18% CAGR through 2033

Globally, the market was valued at $5.21b in 2025.

Asia-Pacific’s pet insurance market is slated for a compound annual growth rate (CAGR) of over 18% through 2033, according to a Market Data Forecast report.

The global pet insurance market was valued at $4.61b in 2024 and is projected to reach $5.21b in 2025. 

By 2033, the global market is expected to grow to $13.77b, registering a CAGR of 12.92% from 2025 to 2033.

Countries such as India and China are seeing a surge in pet adoption, contributing to market expansion.

Comprehensive coverage plans, particularly Accident & Illness policies, dominate the market, holding over 80% share. 

Digital and direct sales channels are gaining traction, with online platforms accounting for over 30% of market share.

In market segmentation, dog insurance held 51.8% of the global market in 2024, driven by high medical costs associated with breed-specific conditions. 

Cat insurance is expected to grow at a CAGR of 7.78% due to rising pet ownership in urban areas. Accident & Illness policies accounted for 82.12% of the market, with accident-only policies serving as a cost-effective alternative for pet owners seeking basic protection.

By sales channel, direct sales dominated with a 42.3% market share, benefiting from increased digital adoption.