China Pet Insurance Market Size & Outlook, 2023-2030
China pet insurance market, 2018-2030 (US$M)
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China pet insurance market highlights
- The China pet insurance market generated a revenue of USD 266.1 million in 2023 and is expected to reach USD 1,014.1 million by 2030.
- The China market is expected to grow at a CAGR of 21.1% 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 266.1 million |
| Market revenue in 2030 | USD 1,014.1 million |
| Growth rate | 21.1% (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, China accounted for 2.3% 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 Asia Pacific, Japan pet insurance market is projected to lead the regional market in terms of revenue in 2030.
- Thailand is the fastest growing regional market in Asia Pacific and is projected to reach USD 19.2 million by 2030.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
China 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 85.61% in 2023. Horizon Databook has segmented the China pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
China has high untapped opportunities and growth potential for pet insurance. Increase in per capita income and rise in pet households are factors boosting the market growth. Furthermore, high veterinary care costs along with increase in awareness about veterinary health is anticipated to drive the market.
In China, there are 93.6 million dogs and 86.9 million cats, and the pet population is expected to grow over the forecast period. Both foreign and local players operate in the country. The Chinese market is also witnessing a rise in the number of startups offering pet insurance.
For instance, OneDegree is a Hong-Kong-based pet insurance startup that received USD 25 million from Hong Kong's Insurance Authority. The company plans to use this investment to market and stabilize insurance reserve.
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Target buyers of China 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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Horizon Databook provides a detailed overview of country-level data and insights on the China pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into China pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China pet insurance market size, by coverage type, 2018-2030 (US$M)
China Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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