Dublin, July 03, 2023 (GLOBE NEWSWIRE) -- The "Livestock Insurance Market Size, Share & Trends Analysis Report By Coverage (Mortality, Revenue), By Animal Type, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global livestock insurance market size is expected to reach USD 7.24 billion by 2030, registering a CAGR of 7.9% over the forecast period.
The market is driven by increasing uptake of livestock insurance, supportive initiatives by the public and private sectors, demand for animal protein, and technological advancements. According to FAO-OECD estimates, for example, cow milk accounted for about 80% of the global milk production during 2020-29. In terms of country, India and Pakistan, are estimated to contribute to more than 30% of global milk production by 2029. This is expected to drive the adoption of livestock insurance to mitigate production risks.
The COVID-19 pandemic exposed vulnerabilities in global supply chains, including those related to livestock products. Disruptions in transportation, processing, and distribution have affected the livestock industry, leading to challenges in moving and selling livestock products. Livestock insurance can cover losses caused by supply chain disruptions, such as delays, spoilage, or damage during transportation thus propelling its demand and adoption.
The pandemic also highlighted the need to reassess and adapt risk management strategies in the livestock industry. Insurers and farmers have become more cognizant of emerging risks, including the potential for zoonotic disease transmission and the importance of biosecurity measures. Such factos are expected to drive the market going forward.
Advances in technology, such as satellite imagery, remote sensing, and data analytics, have improved risk assessment and underwriting processes in the livestock insurance sector. These technologies enable insurers to better evaluate risks, provide accurate pricing, and enhance overall efficiency in managing livestock insurance policies.
The pandemic has accelerated the adoption of digital technologies and remote services in the insurance industry. Insurers have increasingly leveraged online platforms and digital tools for underwriting, claims processing, and customer interactions. This digital transformation has enhanced the efficiency and accessibility of livestock insurance services, enabling farmers to obtain coverage and manage their policies remotely thus contributing to the market growth.
Companies Mentioned
- Nationwide Mutual Insurance Company
- AXA SA
- FBL Financial Group, Inc
- HDFC ERGO General Insurance Company Limited
- ICICI Lombard General Insurance Company Limited
- ProAg (Tokio Marine HCC group of companies)
- The Hartford
- Reliance General Insurance Company Limited (part of Reliance Capital)
- Sunderland Marine (NorthStandard Limited)
- Royal Sundaram General Insurance Co.Limited
Livestock Insurance Market Report Highlights
- By coverage, the mortality segment dominated the market in 2022 with a share of over 40%. The others segment on the other hand, is projected to grow at the fastest CAGR of over 9% in the near future
- As the global population continues to grow, there is a rising demand for livestock products such as meat, dairy, and eggs. This increased demand creates a need to protect livestock from various risks, including disease outbreaks, natural disasters, and accidents, leading to an increased demand for livestock insurance
- In terms of animal type, the bovine segment held the largest market share in 2022 while the other animals segment is estimated to grow at the highest rate of over 9% in the coming years
- Rising income levels and urbanization lead to changing dietary preferences, with an increased demand for animal-based products. This trend is expected to drive the expansion of livestock production, creating a larger market for livestock insurance
- By distribution channel, the direct segment accounted for the largest market share of over 30% in 2022. The others segments is expected to expand at the fastest CAGR of about 8% during the forecast period
- By region, Asia Pacific dominated the market with a share of about 40% in 2022. Latin America is projected to grow at the fastest rate of over 9% from 2023 to 2030
- In some regions, smaller regional or local insurance companies cater to the specific needs of local livestock farmers. These insurers have a better understanding of the local agricultural practices, climate conditions, and livestock disease risks. They may also provide more personalized services and build stronger relationships with their customers thus attributing to the regional growth
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.95 Billion |
| Forecasted Market Value (USD) by 2030 | $7.24 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Livestock Insurance Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Increasing need for risk management
3.2.1.2. Increasing prevalence of diseases
3.2.1.3. Supportive government initiatives
3.2.1.4. Increasing demand for meat, milk, and dairy products
3.2.2. Market Restraint Analysis
3.2.2.1. Lack of awareness
3.2.2.2. High premium
3.2.3. Market Opportunity Analysis
3.2.4. Market Challenge Analysis
3.3. Livestock Insurance Market Analysis Tools
Chapter 4. Livestock Insurance Market: Coverage Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Livestock Insurance Market: Coverage Movement Analysis, 2022 & 2030 (USD Million)
4.3. Mortality
4.3.1. Mortality Market Revenue Estimates and Forecasts,
4.4. Revenue
4.4.1. Revenue Market Revenue Estimates and Forecasts,
4.5. Other Coverage
4.5.1. Other Coverage Market Revenue Estimates and Forecasts,
Chapter 5. Livestock Insurance Market: Animal Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Livestock Insurance Market: Animal Type Movement Analysis, 2022 & 2030 (USD Million)
5.2.1. Bovine
5.2.1.1. Bovine Market Revenue Estimates and Forecasts,
5.2.2. Swine
5.2.2.1. Swine Market Revenue Estimates and Forecasts,
5.2.3. Sheep & Goats
5.2.3.1. Sheep & Goats Market Revenue Estimates and Forecasts,
5.2.4. Poultry
5.2.4.1. Poultry Market Revenue Estimates and Forecasts,
5.2.5. Other Animals
5.2.5.1. Other Animals Market Revenue Estimates and Forecasts,
Chapter 6. Livestock Insurance Market: Distribution Channel Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Livestock Insurance Market: Distribution Channel Movement Analysis, 2022 & 2030 (USD Million)
6.3. Direct
6.3.1. Direct Market Revenue Estimates and Forecasts,
6.4. Agency/Broker
6.4.1. Agency/Broker Market Revenue Estimates and Forecasts,
6.5. Bancassurance
6.5.1. Bancassurance Market Revenue Estimates and Forecasts,
6.6. Others
6.6.1. Others Market Revenue Estimates and Forecasts,
Chapter 7. Livestock Insurance Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/sl6h2a
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