PUBLISHER: Ken Research Private Limited | PRODUCT CODE: 1182283
PUBLISHER: Ken Research Private Limited | PRODUCT CODE: 1182283
The report provides a comprehensive analysis of the potential of Pet Insurance in Spain. The report covers an overview and genesis of the industry, market size in terms of gross written premium.
Its market segmentations include by policy type, by type of animals, by sales channel, by veterinary insurance coverage type and by insurance type; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.
According to Ken Research estimates, the Spain Pet Insurance Market - which grew from approximately EUR ~24 Mn in 2017 to approximately EUR ~88 Mn in 2022 - is forecasted to grow further into EUR ~150 Mn opportunity by 2027F in terms of gross written premium, owing to the New Government Policies, Growth in Adoption of Pets and Entry of New Players in the Market.
In 2019, Spanish households spent 3,721 million euros on products and services for pets.
The number of dogs and cats living in Spain already exceeds 20 million.
Spaniards spend an average of 1,260 euros a year on their pets in 2019, 7.3% more than 2 years ago. That is, €823 in food, €353 in veterinary expenses and €83 in accessories and toys.
Spain Pet Insurance Market is at a growing stage and has a consolidated market with about 5-6 major players capturing large portion of the market. Mapfre is the market leader. The players are competing on the basis of Animals Covered, Coverage Type, % of claim provided, network and Annual max. amount given.
The Spain Pet Insurance Market witnessed significant growth during the period 2017-2022, owing to Pet Tech and Increasing Companion Animal Population.
Growth rate of total pet insured is going to increase over the period as Increase in Online Presence, Spain's new Animal Protection Law and Rise of Pet Tech & Explosion of Data