The pet insurance market in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of over 18% through 2033, according to a report from Market Data Forecast.
Globally, the pet insurance market was valued at $4.61 billion in 2024 and is expected to increase to $5.21 billion by 2025. By 2033, the market is anticipated to reach $13.77 billion, growing at a CAGR of 12.92% from 2025 to 2033.
Countries such as India and China are driving this expansion, with a significant rise in pet adoption contributing to the market’s growth.
Comprehensive coverage plans, particularly Accident & Illness policies, dominate the pet insurance landscape, accounting for over 80% of the market share. Meanwhile, digital and direct sales channels are gaining popularity, with online platforms now representing more than 30% of the market.
In terms of market segmentation, dog insurance held 51.8% of the global share in 2024, largely due to the high medical costs associated with breed-specific conditions. Cat insurance is expected to grow at a CAGR of 7.78%, driven by rising pet ownership in urban areas. Accident & Illness policies made up 82.12% of the market, with accident-only policies emerging as an affordable option for owners seeking basic coverage.
Direct sales accounted for the largest share of the market, holding 42.3%, benefiting from the increased adoption of digital platforms for purchasing pet insurance.
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