Pet insurance market slated for 15.7% CAGR through 2030

Cat ownership is making the insured segment the fastest-growing.

The global pet insurance market is projected to reach $29.80b by 2030, expanding at a compound annual growth rate (CAGR) of 15.7% from 2025 to 2030, according to MarketsandMarkets.

Growth is being driven by rising pet ownership, higher veterinary care costs, and wider adoption of digital technologies in the insurance industry. 

Consumers increasingly view pets as family members, prompting stronger demand for comprehensive coverage, including accident, illness, and preventive care. 

Expanding availability of pet insurance in employee benefit programs and emerging markets is also supporting uptake.

Cats represent the fastest-growing insured segment, driven by higher ownership in urban households and rising awareness of preventive healthcare.