Pet Insurance Sector in India- Poised to Reach $1,932.6 million by 2030

pet insurance

According to Decipher Market Research Agency, the pet insurance industry in India is experiencing rapid growth, with an estimated CAGR of 16.5%, making it one of the fastest-growing in the world. The Economic Times reports that its market size could reach $1,932.6 million by 2030.

This market includes food, toys and accessories, grooming, and, of course, pet insurance, especially for dogs and cats, as they are the most common pets in Indian households. Although pet food is the primary driver of this growth in market value, pet insurance is fast coming up.

While it’s still an early-stage industry compared to more developed markets like the U.S., the Indian pet insurance sector shows promising potential. This is due to the rise in pet ownership in India, especially after the COVID-19 pandemic, and this trend is expected to continue growing.

Also, factors such as increased disposable income, changing lifestyles, and shifting attitudes toward pets as integral family members have contributed to the rapid expansion of India’s pet industry.

Let’s take a closer look at the key trends and market dynamics of the Indian pet insurance industry.

Pet Insurance– A Growing Market

Source: Statista


As per Statista, India’s pet population was 34.96 million in 2022. Dogs constitute a significant portion of this population, with over 31 million in 2023, followed by cats contributing nearly three million to the total count. The total pet population in India is expected to exceed 50 million in 2026. Thus, the Indian pet insurance sector could leverage this population increase to grow further.

Before the pandemic, only about 18 million people in India owned pets. During the 2019 pandemic, the number grew to 24 million. Now, post-pandemic, over 34 million people are pet owners in India, steadily rising at an annual rate of 11%. Quoting Mordor Intelligence, the Times of India reported that 600,000 pets are adopted in India each year. With the surge in pet ownership due to the pandemic’s unique circumstances, it’s only natural for awareness about pet insurance to grow.

Post-pandemic, more people began to spend more time on their pets as they started to see pets as official family members. In an interview with the Times of India, Ashok Jaipuria, chairman and M.D. of the pet care brand Zigly, said that wealthy households typically spend between Rs 4,500 –  5,000 monthly for their pets, while others tend to spend a minimum of Rs 1,000 – 1,500 per month.

Also, pet food expenditures exceed $310 million annually, with owners spending roughly INR 4,000 monthly ($52.00). Meanwhile, the Indian veterinary healthcare industry, currently valued at $169 million, is projected to reach $186 million by 2027. These expenses necessitate buying pet insurance to reduce the financial burden.

Why Pet Insurance is an Emerging Category in India

The COVID-19 pandemic triggered notable shifts in people’s lifestyles, especially in their work dynamics. With many transitioning to remote work setups, the newfound flexibility grew a desire for companionship and deeper connections. As a result, there was a significant surge in pet adoption, especially dogs, as individuals seek solace and companionship during uncertain times.

This rise in pet ownership, coupled with the escalating costs of pet care, grooming, and medical expenses, spurred the emergence of pet insurance as a booming sector in India. According to the Hindu Business Line, it sold nearly 25,000 pet insurance policies in three months in 2022.

Furthermore, there has been an increase in disposable income in Indian households. According to the compilation of the latest minimum wages in India by Simpliance Technologies Pvt. Ltd, nearly all the Indian states and territories have signed new minimum wages since the pandemic. This has helped many pet parents in India to budget for pet insurance for the welfare of their beloved pets.

Top Pet Insurers in India

According to Forbes, the top pet insurers in India include the following:

Other insurers include:

Key Trends in the Indian Pet Insurance Industry

  1. Growing Competition

The increasing fondness for pets and recognition of their value drive a surge in the need for pet insurance, sparking heightened competition and innovation among insurance providers. Established companies such as Bajaj Allianz and Future Generali are now accompanied by newcomers like Go Digit, which provides a range of policy options and propels market expansion.

  1. Product Diversification

The Indian pet insurance industry is evolving beyond conventional offerings like accident and illness coverage. Now, it encompasses preventive care, behavioral therapy, and even alternative therapies.

  1. Integration of Technology

Pet insurance companies are harnessing technology to facilitate online policy buying, streamline claim processing, and develop apps for monitoring pet health.

  1. Catering for Different Income Classes

Acknowledging the importance of affordability, pet insurance providers are introducing a range of plans featuring customizable coverage options and premium arrangements to cater to price-sensitive consumers.

  1. Increasing Awareness

Educational programs and campaigns focused on pet health have helped to enlighten pet parents about the advantages of investing in pet insurance. As per the Economic Times, many Indian startups, like Dozee, Powerplay, and Swiggy, now embrace pet-friendly policies and practices to accommodate employees who are pet owners.  These include pet insurance plans, special leave for pet care, adoption drives, employee rescue groups, and work leave to mourn for dead pets.

Challenges of Pet Insurance in India

  1. In 2022, the Times of India reported over 19 million insured pets in India. However, this number indicates that millions of pets are still uninsured. Thus, there’s still limited penetration of pet insurance in India.
  2. Most pet insurance companies serve major urban cities, with minimal presence in smaller towns and rural regions.
  3. Most pet insurance policies cover dogs and cats only, with limited coverage for other pets, such as birds and exotic animals.

Future Outlook of Pet Insurance in India

The Indian pet insurance sector is growing steadily and is poised for significant growth, fueled by a surge in pet ownership, increased disposable incomes, and more recognition of its benefits. According to Actual Market Research, the industry is expected to record a Compound Annual Growth Rate (CAGR) of 13% by 2027.

Key factors influencing this trend include improved regulations, product innovation, expansion beyond the metro cities, and more technological adoptions.


Pet insurance in India is emerging, with insurers eyeing untapped potential. Expected to boom due to rising awareness, among other factors, it offers opportunities for both pet owners and insurers. Addressing challenges and trends can ensure the well-being of millions of pets in India, shaping the future of the insurance market.

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