South Korea Pet Insurance Market Size & Outlook, 2023-2030
South Korea pet insurance market, 2018-2030 (US$M)
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South Korea pet insurance market highlights
- The South Korea pet insurance market generated a revenue of USD 26.6 million in 2023 and is expected to reach USD 101.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 21% 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 26.6 million |
| Market revenue in 2030 | USD 101.0 million |
| Growth rate | 21% (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, South Korea accounted for 0.2% 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 |
|---|
South Korea 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 85.34% in 2023. Horizon Databook has segmented the South Korea pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
Demand for pet insurance in South Korea is rising due to increase in pet ownership. Increasing government initiatives are further propelling the market growth. On the contrary, lack of awareness among people regarding various insurance plans may limit the growth in future. In August 2018, Korea Insurance Development Institute (KIDI) proposed to develop its first pet insurance product.
Increasing number of veterinary hospitals & clinics is further expected to propel the market growth. In addition, rising number of pet adoptions and growing trend of treating pets as family members have significantly increased the demand for pet insurance. The expansion of available treatments for pets has led to increased healthcare costs. Pet insurance helps mitigate these expenses, encouraging pet owners to seek necessary medical care for their pets.
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Target buyers of South Korea 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 South Korea pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into South Korea pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea pet insurance market size, by coverage type, 2018-2030 (US$M)
South Korea Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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