Middle East and Africa Pet Insurance Market Size Expands at Significant CAGR of 12.11% to Touch USD 0.81 Billion by 2030

Published | 03 February 2024

Middle East and Africa Pet Insurance Market is expanding rapidly due to rising pet ownership, growing awareness of veterinary care, increased disposable income, and a shift toward preventive healthcare.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Pet Insurance Market size at USD 0.4 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Middle East and Africa Pet Insurance Market size to grow at a CAGR of 12.11% reaching a value of USD 0.81 billion by 2030. The Middle East and Africa Pet Insurance Market is driven by the escalating rate of urbanization in developing nations like South Africa, the increased disposable income of individuals, and a heightened awareness of pet care. The expanding market is further fueled by the rising trend of pet ownership in the region, driven by the growing population of single professionals, empty-nesters, couples delaying parenthood, and families seeking additional guard dogs.

Opportunity – Innovations in veterinary healthcare

Innovations in veterinary medicine, including advanced surgeries, imaging technologies, and specialized treatments, are elevating the standard of pet healthcare. The Middle East and Africa Pet Insurance Market witnesses a surge in adoption as insurance plans empower pet owners to afford these breakthrough treatments, ensuring the well-being of their furry companions without financial concerns.

Impact of COVID-19 on Middle East and Africa Pet Insurance Market

The COVID-19 pandemic significantly impacted the Middle East and Africa Pet Insurance Market, witnessing a surge in demand as pet ownership rises. With increased awareness of pet health, insurance adoption has grown, reflecting a shift in consumer priorities. However, economic uncertainties led to cautious spending, affecting market growth. Insurers are adapting by introducing flexible policies to cater to changing consumer needs, ensuring the market's resilience amidst the pandemic's challenges.

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Middle East and Africa Pet Insurance Market    

Segmental Coverage

Middle East and Africa Pet Insurance Market – By Policy Type

Based on policy type, Middle East and Africa Pet Insurance Market is divided into Lifetime Cover and Non-lifetime Cover segments. The lifetime cover segment is further subdivided into accidental cover and illness cover. Also, the non-lifetime cover segment is further classified into accidental cover and illness cover. The non-lifetime cover is a higher contributor, with further classifications into accidental cover and illness cover. The segment holds a significant share of the market, emphasizing the region's focus on addressing pet insurance needs without lifelong commitment. The detailed breakdown reflects a nuanced market landscape, with the non-lifetime cover segment, particularly its illness cover component, standing out as the largest and potentially most prevalent choice among pet owners in the Middle East and Africa.

Middle East and Africa Pet Insurance Market – By Animal Type

Based on animal type, Middle East and Africa Pet Insurance Market is divided into Cat, Dog, Horse, and Exotic Pets segments. In the Middle East & Africa, the dogs segment holds the highest share, due to a higher susceptibility to illness among dogs in the region, exacerbated by the unsuitable high temperatures.

Competitive Landscape

Middle East and Africa Pet Insurance Market is fiercely competitive. Major companies in the market include Dubai Pet Insurance (DPi), PetAssure, Etiqa UAE Insurance, King Price Pet Insurance, Old Mutual Petcover, Sanlam PetSure, AXA Gulf, Pethealth Inc., and Embrace Pet Insurance Agency. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Middle East and Africa Pet Insurance Market.

Don’t miss the business opportunity Middle East and Africa Pet Insurance Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Pet Insurance Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Middle East and Africa Pet Insurance Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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