Asia Pacific Pet Insurance Market Revenue to Exceed USD 1.8 Billion by 2027
On this note, Asia Pacific pet insurance market revenue is set to cross USD 1.8 billion by 2027. The COVID-19 pandemic created a hike in the number of pet adoptions across Asia Pacific during the first wave. A considerable number of people were working from home due to lockdowns through a major portion of 2020, which created need for companionship. Since dogs and cats can fulfil the need for companionship, especially for the geriatric population, Asia Pacific pet insurance market has been spiralling. Rising awareness regarding pet insurance and importance of pet healthcare, alongside increasing number of pet adoptions are some major market drivers of Asia Pacific pet insurance market. Pet Insurance policies are provided by public as well as private institutions, to cover any unforeseen veterinary costs and to help lessen the overall expenditure on veterinary bills. Around 45% of pet parents spend the same amount of expenditure, if not more, on their pets’ healthcare as their own. ...