The Latin America Pet Insurance market is projected to value at USD 433.29 million in 2022. It is expected to grow at a CAGR of 11.1% to reach USD 733.41 million by 2027.
The growing pet ownership across the Latin American region is majorly driving the Latin American pet insurance market growth. Small families and people living alone are increasingly showing interest in pet adoption. The adoption rate has increased during the COVID-19 pandemic period to the loneliness felt from the absence or loss of loved ones in the family. Dogs and cats are the most adopted pet in the region. Brazil ranks in second position in the adoption of dogs, and in Chile, nearly fifty percent of households have a pet in their houses.
The growing pet healthcare costs and an increasing number of veterinary policy companies in the Latin American market are boosting the growth of the Latin American pet insurance market. The costs associated the pet maintenance is growing gradually over the last few years and are becoming unaffordable to many people in Latin America. To such people, pet insurance is an effective solution to escape from the unexpected medical expenses of their pets. Most pets suffer from gum diseases that need regular check-ups. Some other disorders pets face are joint issues while playing and jumping and the bites of street dogs when wandering in the streets. All these issues need veterinary consultation for treatment. To reduce the massive investment for veterinary treatments, pet insurance is the best way to reduce the cost of the treatment and provides some of the equipment for the dog's safety.
Increasing support from the Latin American governments in favor of pet insurance and an increasing number of pet insurance policy schemes are further favoring the market’s growth rate in this region. Insurance companies provide several schemes for pets, such as death, missing, injuries, and some chronic diseases. In addition, manufacturers are developing online software with advanced technologies to make it easy to take pet insurance by pet owners with fewer instructions. All these factors support the Latin American pet insurance market.
On the other hand, the high cost per insurance premium is the primary factor that hampers the market growth. In addition, the lack of awareness regarding pet insurance policies among the population and the presence of fraud insurance companies not recognized by the government are the other factors restraining the market growth.
This research report on the Latin American pet insurance market has been segmented based on the policy, policy type and country.
Latin America Pet Insurance Market – By Policy:
Based on policy, the dog insurance segment is predicted to hold a major share of the Latin American pet insurance market during the forecast period, followed by cat insurance segment.
Latin America Pet Insurance Market – By Policy Type:
Based on the policy type, the lifetime cover segment is predicted to occupy the leading share of the Latin American pet insurance market during the forecast period.
Latin America Pet Insurance Market – By Country:
The Latin American market held a moderate share of the worldwide market during the forecast period owing to factors such as the growing awareness about pet insurance policies for their pet and livestock and growing number of advertisements about pet insurance groups by the market participants and the increasing number of startup companies for pet insurance policies.
Brazil and Mexico accounted for the major share of the Latin American market in 2021 and the same trend is estimated to continue throughout the forecast period due to the increasing number of veterinary hospitals and clinics for pet care. In Mexico, nearly 8 out of 10 families have pets, which provides opportunities for the insurance market in the country. In addition, increasing pet adoption programs in Mexico and improving veterinary healthcare infrastructure in the region also help with market growth.
The pet insurance market in Chile is picking up the pace and is anticipated to hold a considerable share of the Latin American market during the forecast period. Most of the pet owners in this region are spending monthly expenditures on veterinary services to keep their pets healthy. Regular checks for their pet may increase the investment in pet treatment, which may burden their lifestyle. Due to this, people prefer to take pet insurance which helps reduce the cost of the treatment for pets and helps the demand of the market growth.
KEY MARKET PLAYERS:
Petplan Pet Insurance, Embrace Pet Insurance Agency, Royal & Sun Alliance (RSA), Pethealth Inc., Agria Pet Insurance, Petfirst Healthcare, Nationwide Pet Insurance, PetSure Pty Ltd., Petsecure Pet Health Insurance, Hartville Group.
The Latin American pet insurance market is anticipated to reach USD 733 million by 2027.
Factors such as increasing pet ownership, a growing middle class, urbanization, and a growing awareness of the importance of pet health and wellness are majorly driving the pet insurance market in Latin America.
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