The US pet insurance industry, worth slightly more than $1 billion in 2017, will nearly double to $2 billion by 2022, according to a forecast by market research firm Packaged Facts.
The firm predicts that the pet insurance market will grow more than 14% per year, supported by a number of trends – most importantly, increased consumer awareness.
“Consumers are increasingly aware of the available pet insurance plans in the US marketplace. Through marketing efforts and consumer education by pet insurance companies and associations, consumers are learning the benefits that pet insurance can offer when a pet becomes ill or is injured,” said David Sprinkle, research director at Packaged Facts. “For example, pet insurance companies use social media and their websites to grow consumer awareness for their offerings by sharing information on pet health, dog and cat breeds, and how pet insurance works. As market penetration remains low, these efforts are crucial to continued growth in the number of policies in force.”
Packaged Facts also highlighted five other trends that it said would help the pet insurance market grow: