Latin America?€™s Pet Insurance market shows its teeth at an anticipated CAGR of 12%: Actual Market Research
Jun, 17

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Latin America?€™s Pet Insurance market shows its teeth at an anticipated CAGR of 12%: Actual Market Research


Despite some turmoil in the economy, the region has established itself as one of the fast-growing pet markets in the world. The research report titled Latin America Pet Insurance Market Outlook, 2026 by Actual Market Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based animal type, by insurance type, by end-user, based on countries & major companies._x000D_
Overall, there was no compelling evidence to suggest that wealthier consumers were any more or less likely to own a pet than were less wealthy consumers. Similarly, there was no clear or consistent relationship between a person's age and the likelihood of their owning a pet. Still being a weak contributor in the global market, the region contributed to USD 0.18 Billion in 2015. Latin America is the new frontier for the pet industry with a huge population of new pet owners, who are willing to spend heavily on their four-legged friends. _x000D_
However, the people in the region still do hesitate to spend on the third party service for their pets. Yet, with the increasing awareness and change in perception, people are willing to spend more on services like pet insurance and veterinary attention. The accident & illness segment in the region accounted for a share of over 95% in 2020. In addition, certain common pet diseases caused by flying insects may also represent a significant clinical problem to dogs as cats in the region. The accident-only segment is growing in share in the pet insurance market of the region, primarily due to increased instances of pet (especially dogs) accidents and the rising premium has convinced consumers to shift towards the relatively affordable option of pet insurance. _x000D_
Dogs are most popular in the region, where they outnumber cats by a sizeable margin, giving a hike in the dog insurance segment. Pet insurance even in Brazil is far less than the number of pets in the country. This is due to the rich-poor divide, the pet dogs owned by upper-class Brazilians are looked after by their owners. Whereas the pets who grow old or seriously ill- their owners simply abandoned, as the owners either cannot afford to spend after their pets or they do not care enough to-dos so, thus the demand for pet insurance is extremely weak in the country. Columbia has the second largest share in pet insurance, and there is a lot of scope of expansion with rising disposable incomes. Argentina has an unstable economy, with a soaring rate of inflation and almost stagnant income levels. This has decreased the purchasing power of the people to a great extent and pet insurance is a luxury majority of them cannot afford. Argentina?s pet insurance market is under a paradox. On the one hand, it is one of the biggest pet-loving countries in the region; about 78% of households own at least one dog, while 31% have at least one cat. On the other hand, consumers are struggling to look after their pets?€™ necessities as the cost of living rises. However, as Latin American people shifted from pet ownership to pet parenthood, opportunities in every pet care segment have increased for any company that wants to capitalize on it._x000D_