New York, March 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the Crop Insurance Market generated USD 36.60 billion in 2021 and is projected to garner USD 59.89 billion by 2030, registering a CAGR of 5.2% from 2022 to 2030.
The research offers a detailed analysis of the drivers, restraints, and opportunities prevalent in the market to understand the changing market dynamics. Moreover, the research provides an extensive analysis of major segments and their sub-segments to identify the fastest-growing and highest revenue-generating segments.
Providing a comprehensive analysis of the market across 213 pages, accompanied by 150 tables and 130 figures, this report will serve as a source of guidance for market players, investors, and startups as they devise strategies for sustainable growth over the next few years. Furthermore, the report highlights the impact of COVID-19 on the global crop insurance industry.
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| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | USD 36.60 Billion |
| Market Size in 2030 | USD 59.89 Billion |
| CAGR | 5.2% |
| No. of Pages | 213 |
| Tables | 150 |
| Figures | 130 |
| Segments Covered | Type, Applications, Distribution Channel and Region |
| Drivers | Technological advancements in the field of agricultural insurance accelerates market demand |
| Favorable government policies in the field of agriculture to augment market growth | |
| Unfavorable climatic shocks demand valuable crop insurance programmes | |
| Opportunities | Rapid increase in crop insurance product line to create impetus market growth |
The report identifies driving factors, restraining factors, and opportunities in the market. The global crop insurance market is growing due to the implementation of various digital initiatives to reduce uncertain risks. However, limited availability of arable land in various regions along with lack of awareness about the benefits of crop insurance among the producers limits the market growth.
Identifying the opportunities that leading players can take leverage to increase their market share, Next Move Strategy Consulting’s Lead Analyst for BFSI commented, “Value added services and solutions provided by crop insurance providers to their customers as well as introduction of new product and service offerings through the application of new technologies and partnership agreements is expected to create future market trends.”
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North America is accounted for the highest share in 2021 and is expected to remain dominant throughout the forecast period. This is attributed to the various schemes and insurance policies by various federal governments in this region to ensure safeguard to the agricultural industry. It offers reimbursement to the private insurance providers to cover operating and administrative expenses that farmers would have otherwise paid as part of their premium. On the other hand, Asia Pacific is estimated to witness a substantial growth during the forecast period due to factors such as various pilot insurance programmes that are introduced by the insurers to support for sector development and make up for the potential consumer loss. In addition, severe climatic conditions including flood, typhoon and heavy rain in this region, particularly in countries such as China, India and Japan are driving the demand for crop insurance in this region.
The study analyzes each region and its countries by segments and their sub-segments to outline the steps to take to consolidate their presence in the crop insurance market. Furthermore, this analysis helps determine the fastest-growing segments and the highest-revenue-generating segments to take the next step accordingly.
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The report offers an extensive analysis of the competitive landscape of the global crop insurance market. Some of the major market players in the crop insurance market are ADM, Sompo Holdings Inc, AXA XL, Chubb Limited, HDFC Ergo, Munich Re Group, Odyssey Group, QBE Insurance Group Limited, Tokio Marine Holdings, Inc, and Zurich Insurance Group.
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