The market value of pet insurance is expected to reach US$14.9 billion by 2030, according to a recent report by Global Market Insights (GMI).
In 2021, the pet insurance market was valued at around U$7.9 billion. This is estimated to increase by a compound annual growth rate (CAGR) of 7.1% between 2022 and 2023.
Much of this expansion will be driven by the rising costs of veterinary care, as well as the recent surge in demand for pet insurance caused by the growing popularity of pet adoption and the shift from pet ownership to pet parenting, the GMI report explained.
