1. The Spain Pet Insurance Market is expanding as a result of changes in culture and laws, as well as the entry of new players into the market
In the years 2021 and 2022, the Spanish Pet Insurance market grew rapidly. This is primarily due to the unexpected increase in pet population in Spain in 2021 and 2022. The Spanish prefer to have a pet at home rather than a child. This results in a lower birth rate and an increase in pet population. With time, people in Spain are becoming more aware of their pets' health. As more companies enter the Spanish Pet Insurance market with Pet Veterinary Insurance and Pet Insurance products with full comprehensive coverage as their product offering, the supply of this service grows.
2. Major obstacles in the Spanish pet insurance market include limited awareness as well as expensive premium and product costs
The market players are nevertheless dealing with some difficulties despite the sector's steady growth. The biggest problem is that most people are not aware of pet insurance, which prevents them from using these services for their pets and prevents businesses from gaining new clients. Due to these difficulties, market penetration is also limited; when compared to other EU nations, Spain has poor penetration. Additionally, high prices are reducing the number of consumers in the market because some people cannot afford them. Pet care goods are more crucial than pet insurance, but they are also more expensive in Spain, which presents a significant barrier for the market players.
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3. The main growth factors for the Spain Pet Insurance Market include an increase in pet adoption, a preference for pets over children, and the entry of new competitors
According to statistics from the Spanish Network for the Identification of Companion Animals, the practice of acquiring pets is becoming more and more common in Spain, where there are over 13 million registered companion animals, 93% of which are dogs (REIAC). Additionally, the birth rate continues to decline year after year. In 2018, there were around 23,879 fewer births, a 6.1% decrease, and a 13.7% decrease over the previous five years, totaling 58,293 less births. However, the number of pets is growing every year; in fact, it has climbed by 40% over the last five years to reach 13 Mn pets, of which just over 12 Mn are dogs. Additionally, mixed solutions have emerged to support the industry, offering packages that combine civil liability insurance with veterinarian assistance services, guidance, free consultations, and other services. And organizations like Mapfre, AXA, Santa Lucia, or Liberty have particular solutions to cover veterinary costs. In addition, Pet Plan, the industry leader in canine health insurance has entered the market.
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