Spain Pet Insurance Market Size & Outlook, 2023-2030
Spain pet insurance market, 2018-2030 (US$M)
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Spain pet insurance market highlights
- The Spain pet insurance market generated a revenue of USD 320.6 million in 2023 and is expected to reach USD 918.3 million by 2030.
- The Spain market is expected to grow at a CAGR of 16.2% 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 320.6 million |
| Market revenue in 2030 | USD 918.3 million |
| Growth rate | 16.2% (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, Spain accounted for 2.8% 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 Europe, France pet insurance market is projected to lead the regional market in terms of revenue in 2030.
- Italy is the fastest growing regional market in Europe and is projected to reach USD 984.1 million by 2030.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Spain 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 86.15% in 2023. Horizon Databook has segmented the Spain pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
The market is growing due to the new animal welfare laws in Spain. As per the recent animal welfare law in Spain, which was enacted in September 2023, pet owners will be forced to purchase liability insurance for their furry companions under the new regulations.
The annual payment will be around USD 27.2 to USD 32 and approximately USD 54.5 for dogs assessed to be of a dangerous breed. Dog owners who do not have this insurance as of September 29, 2023 may be subject to fines from USD 545.07 to USD 1,090.1. Pet owners are opting for insurance policies to save extra expenses, which is expected to fuel the market growth in near future.
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Target buyers of Spain 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 Spain pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into Spain pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Spain pet insurance market size, by coverage type, 2018-2030 (US$M)
Spain Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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