Japan Pet Insurance Market Size & Outlook, 2023-2030
Japan pet insurance market, 2018-2030 (US$M)
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Japan pet insurance market highlights
- The Japan pet insurance market generated a revenue of USD 844.6 million in 2023 and is expected to reach USD 2,676.3 million by 2030.
- The Japan market is expected to grow at a CAGR of 17.9% 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 844.6 million |
| Market revenue in 2030 | USD 2,676.3 million |
| Growth rate | 17.9% (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, Japan accounted for 7.3% 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 |
|---|
Japan 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 85.05% in 2023. Horizon Databook has segmented the Japan pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
Japan held a dominant share in Asia Pacific pet insurance market in 2023. Rise in companion animal population is the key factor propelling the market growth. Furthermore, healthcare expenditure in the country is high, which improves market value. In addition, the launch of pet insurance products by a significant organization boosts the pet insurance market.
For instance, Aflac and Trupanion formed a joint venture in Japan in November 2022 to fuse Trupanion's specialized knowledge and leadership in pet insurance with Aflac's extensive distribution network, significant brand exposure, and insurance expertise. The first plan called for the introduction of pet insurance products in Japan in second half of 2023.
Japan Animal-Club, Holdings, Inc. and iPet Insurance Co. Ltd. are some of the local market players. Foreign insurance companies are investing in Japan to gain larger market share. For instance, in October 2018, Taiyo Pacific Partners a Washington-based fund management company invested 5% stake in Anicom Holdings, Inc. for expanding insurance-related business.
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Our clientele includes a mix of pet insurance market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Japan pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into Japan pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Japan pet insurance market size, by coverage type, 2018-2030 (US$M)
Japan Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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