Latin America Pet Insurance Market Outlook -2030
The Latin America pet insurance market was valued at $0.28 billion in 2020, and is projected to reach $1.27 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030.
Pet insurance is an insurance policy bought by the pet owner to pay partly or in total for the veterinary treatment of the insured pet’s illness or injury. Some policies also cover pet death, pet loss or theft. Moreover, the growing medical expenses in veterinary medicine and employing of expensive medical techniques and drugs is boosting the demand of pet insurance in Latin America.
Increased demand for pet insurance policies and rise in need for financial safety in case of surge in uncertainties boost the growth of the Latin America pet insurance market. In addition, surge in number of veterinary centers positively impacts the growth of the market. However, lack of awareness regarding pet insurance policy and high premium cost hampers the market growth. On the contrary, implementation of technologies in existing products and service lines, and government initiatives regarding pet insurance policies are expected to offer remunerative opportunities for expansion of the Latin America pet insurance market outlook during the forecast period.
By policy coverage, the accident & illness segment is expected to garner a significant share during the forecast period owing to surge in acceptance of pet insurance and increase in cost of treatments and medication fees. In addition, Rise in adoption of digital recruitment among the industries to reduce time and energy wastage drives the growth of the market.
Country wise, the Latin America pet insurance market was dominated by Brazil, and is expected to retain its position during the forecast period, owing to Brazilians are increasingly viewing pets as family members, leading them to spend more on services such as dog insurance, cat insurance and medical care. Furthermore, Brazil's pet industry has grown as a result of the country's strong economic growth and people's increased disposable income to spend on their pets.
The report focuses on growth prospects, restraints, and trends of the Latin America pet insurance market growth. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the Latin America pet insurance market share.
Segment Review
The Latin America pet insurance market is segmented on the basis of policy coverage, animal type, sales channel, and country. By policy coverage, the market is segmented into accident & illness, accident only and others. By animal type, it is segregated into dogs, cats and others. By sales channel, the market is divided into agency, broker and others. Country wise, it is analyzed across Brazil, Mexico, Argentina, Columbia, Chile, Peru, and Rest of Latin America.
The key players profiled in the Latin America pet insurance market analysis are Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA) and Trupanion. These players have adopted various strategies to increase their market penetration and strengthen their position in the Latin America pet insurance industry.
Covid-19 Impact Analysis
The Latin America pet insurance market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a sudden decline in 2020. This is attributed to majority of the diagnosis and veterinary centers being closed due to lockdown implemented by the government. In addition, COVID-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. Various pet associated companies are taking extraordinary care of pets during pandemic times. Insurance companies are trying to innovate and modify the policy coverage and policies depending upon the incidences of health conditions. Companies are focusing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. Moreover, with higher disposable incomes in developing countries of Latin America such as Columbia, Chile, Peru and others, more people are now willing to spend on additional things like pets and their healthcare.
By Policy Coverage
Accident & Illness segment accounted for the highest market share in 2020.
Top Impacting Factors
Increased demand for pet insurance policies
There is an increase in the demand for pet insurance policies owing to rise in pet ownership in Latin America. In addition, surge in popularity of pet humanization concept is increasing the demand for pet grooming and care products. Owners, especially millennial, are willing to spend more on their animals to ensure a healthy and secure life. Moreover, countries across Latin America 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.
In addition, pet insurance companies in Latin America are offering customized policies with the changing customer demand such as multi-pet insurance and many other. They focus on the packages as per pet lifetime and per incident. Furthermore, with the rise in number of pet owners, many insurers are introducing new pet insurance, which in turn is driving the growth of the Latin America pet insurance market.
Rise In Need For Financial Safety In Case Of Increasing Uncertainties
By Sales Channel
Agency segment accounted for the highest market share in 2020.
The demand for quality veterinary accident only is growing with the rise in number of pets, which in turn is driving the cost of veterinary accident only insurance policy. Thus, the demand for pet insurance is increasing tremendously in the market. Moreover, the policy covers blood tests, urinalysis, X-rays, MRIs, labwork, CT scans and ultrasounds as well as outpatient, specialty & emergency care procedures, along with hospitalization and surgery.
In addition, with the rise in medical costs, pet owners can also get an extended accident and illness package that goes beyond the initial coverage of accidental road accidents and poisonings, and a variety illness. Furthermore, majority of the pets are considered as family for the pet owners in Latin America, which is making them spend increasing amount on their yearly checkup, due to growing problems arising from cross breed pets. Thus, majority of pet insurance comes with an optional wellness package as well, which provides savings for routine stuff such as an annual physical checkup, heartworm tests, fecal tests, annual parasite evaluation tests, blood work and vaccines. Therefore, pet insurance saves the pet’s parents from growing number of medical complications in pets.
By Country
Argentina would exhibit the highest CAGR of xx% during 2021-2030
Key Benefits For Stakeholders
- The study provides in-depth analysis of the Latin America pet insurance market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the Latin America pet insurance market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Latin America pet insurance industry.
- An extensive analysis of the key segments of the industry helps to understand the Latin America pet insurance market trends.
- The quantitative analysis of the Latin America pet insurance market forecast from 2021 to 2030 is provided to determine the market potential.
Latin America Pet Insurance Market Report Highlights
| Aspects | Details |
 By Policy Coverage |
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 By Animal Type |
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 By Sales Channel |
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 By Country |
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 By Key Market Players |
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Analyst Review
Pet insurance industry plays a major role in providing financial protection to pet owners by offsetting the overall cost of their animal’s medical bills. For instance, across all countries surveyed, pet ownership is highest in Latin America, with 80% of the online population in both Argentina and Mexico owning a pet, together with three quarters (75%) in Brazil. Therefore, with increasing pet ownership, pet owners are increasingly purchasing pet insurance in Latin America. In addition, the cost and coverage vary based on many factors that include the animal’s age, health profile, and level of care insured. Some pet insurance policies also cover alternative therapies, behavioral modification, hospital boarding, lost pet advertising/reward, nursing/whelping, chiropractic, acupuncture, and hydrotherapy.
Key providers of accident only coverage such as Nationwide Mutual Insurance Company, Trupanion, MetLife Accident Only and Solutions, LLC, account for a significant share in the market. Increase in adoption of pet insurance in the Latin America region is driven by surge in awareness about pet health safety, which leads to increase in acquisition, collaboration, partnership, and business expansion. The pet care industry in countries such as Columbia, Peru, and Chile among others has boomed over the past several years. From Chewy’s IPO to the various veterinarian startups that have sprung up, VC money (and consumer cash) is flowing into the space. Moreover, Eurmonitor states that Brazil is one of the top five pet care markets in the world and other countries in Lain America are also growing at a significant rate for pet adoption. In addition, many pet insurance startups are coming up in Latin America. For instance, Pet goods startup Zee.Dog closed $18.8 million on July 2021. Over in Colombia, LAIKA closed a seed round for $5.0 million to strengthen its foothold in Mexico. Therefore, these factors will provide major lucrative opportunities for the growth of the Latin America pet insurance market.
Some of the key players profiled in the report include Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA) and Trupanion. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The Latin America Pet Insurance Market is estimated to grow at a CAGR of 16.4% from 2021 to 2030.
The Latin America Pet Insurance Market is projected to reach $1.27 billion by 2030.
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Significant factors that impact the growth of the Latin America Pet Insurance industry include bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers.
The key players profiled in the report include LLC, Figo Pet Insurance LLC, Hartville Group and many more.
On the basis of top growing big corporations, we select top 10 players.
The Latin America Pet Insurance Market is segmented intopolicy coverage, animal type, sales channel, and country.
The report focuses on growth prospects, restraints, and trends of the Latin America pet insurance market growth
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