Brazil Pet Insurance Market Size & Outlook, 2023-2030
Brazil pet insurance market, 2018-2030 (US$M)
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Brazil pet insurance market highlights
- The Brazil pet insurance market generated a revenue of USD 299.4 million in 2023 and is expected to reach USD 961.7 million by 2030.
- The Brazil market is expected to grow at a CAGR of 18.1% from 2024 to 2030.
- In terms of segment, accident & illness was the largest revenue generating coverage type in 2023.
- Accident & Illness is the most lucrative coverage type segment registering the fastest growth during the forecast period.
Pet insurance market data book summary
| Market revenue in 2023 | USD 299.4 million |
| Market revenue in 2030 | USD 961.7 million |
| Growth rate | 18.1% (CAGR from 2023 to 2030) |
| Largest segment | Accident & illness |
| Fastest growing segment | Accident & Illness |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Accident & Illness, Accident only |
| Key market players worldwide | Trupanion Inc, Allianz SE, Direct Line Insurance Group PLC, MetLife Inc, Deutsche Familienversicherung, Anicom, Animal Friends Insurance, Figo Pet Insurance, Nationwide Mutual Insurance, Embrace Pet Insurance, Ipet Insurance, Pumpkin Insurance Services |
Other key industry trends
- In terms of revenue, Brazil accounted for 2.6% of the global pet insurance market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Brazil pet insurance market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in Latin America and is projected to reach USD 717.1 million by 2030.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Brazil pet insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pet insurance market will help companies and investors design strategic landscapes.
Accident & illness was the largest segment with a revenue share of 85.6% in 2023. Horizon Databook has segmented the Brazil pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
Brazil pet insurance market is driven by existing high pet population. Brazil's pet population has observed significant growth over the years, with figures from the Pet Brazil Institute (IPB) indicating a rise from 132 million in 2013 to 150 million in 2021.
This suggests that there are nearly two pets per household in Brazil. This increase in pet ownership has led to a surge in the pet insurance industry, driven by the growing trend of pet humanization and ownership rates. Lack of awareness about pet insurance and low purchasing power are factors impeding market growth.
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Target buyers of Brazil pet insurance market databook
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Our clientele includes a mix of pet insurance market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Brazil pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into Brazil pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Brazil pet insurance market size, by coverage type, 2018-2030 (US$M)
Brazil Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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