United Kingdom Pet Insurance Market Size Booming at Significant CAGR of 7.09% to Touch USD 730 Million by 2030

Published | 05 April 2024

United Kingdom Pet Insurance Market is flourishing because of the growing pet population in the country and escalating costs of veterinary care.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the United Kingdom Pet Insurance Market size at USD 387.17 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the United Kingdom Pet Insurance Market size to expand at a CAGR of 7.09% reaching a value of USD 729.91 million by 2030. High regional pet ownership rates and rising veterinary care expenses are key growth drivers for the United Kingdom Pet Insurance Market. Pet insurance sales in the United Kingdom are also expected to have substantial growth potential over the period in analysis, due to the humanization of pets and the increased frequency of illnesses among them.

Opportunity: Escalating veterinary care costs

The need for pet insurance is rising as a result of the need to reduce costs related to major medical problems including illness and accidental injuries among pets. It is also anticipated that the spike in demand for veterinary healthcare facilities would boost the adoption of pet insurance, as these services frequently need considerable capital investment, specialists, and specialized diagnostic equipment, which results in greater treatment costs for pet owners.

United Kingdom Pet Insurance Market

Segmental Coverage

United Kingdom Pet Insurance Market – By Animal

Based on animal, the United Kingdom Pet Insurance Market is segmented into dogs, cats, horses, exotic pets, and others. The dogs segment accounts for the highest market share, followed by cats. Based on data from UK Pet Food, dogs are the most popular animal in the country, with a population of 12 million and a presence in 31% of British households. With 26% of homes owning one or more cats, cats remain the second most popular pets in the nation. However, rabbits are anticipated to register the highest growth rate over the period in analysis.

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United Kingdom Pet Insurance Market – By Country

The in-depth research report on the United Kingdom Pet Insurance Market covers the following country-specific markets: England, Scotland, Wales, and Northern Ireland. England dominates the United Kingdom Pet Insurance Market owing to the high rate of pet ownership in the country. Around 38 million pets inhabit UK households, or approximately 57% of all households (16.2 million), according to the data by Veterinary Practice. With a high pet ownership rate in the United Kingdom, many industry players are launching new insurance products into the market, driving pet insurance market growth.

Competitive Landscape

Major players operating in the United Kingdom Pet Insurance Market include Pet Cover UK, ManyPets, PDSA Pet Insurance, Aviva, Agria Pet Insurance Ltd, Petplan Limited, Petsure, Direct Line Insurance Group Plc, Healthy Pets Insurance, RSPCA, Tedaisy Insurance Group, and Protectapet.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the United Kingdom 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 the United Kingdom Pet Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United Kingdom Pet Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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