Trade Credit Insurance Market to Reach $27.0 Billion, Globally, by 2032 at 11.1% CAGR: Allied Market Research

Wilmington, Delaware, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Trade Credit Insurance Market by Component (Product and Services), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), Coverage (Whole Turnover Coverae and Single Buyer Coverage), Industry Vertical (Food and Beverages, IT and Telecom, Metals and Mining, Healthcare, Energy and Utilities, Automotive and Others), and Application (Domestic and International): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the trade credit insurance market was valued at $10.5 billion in 2023, and is estimated to reach $27.0 billion by 2032, growing at a CAGR of 11.1% from 2024 to 2032.
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Prime determinants of growth 

The notable factors positively affecting the trade credit insurance market include rise in focus toward protecting & mitigating risk and expansion of trade in different regions. However, lack of awareness of credit insurance across the globe and varied & conflicting trade regulations across different jurisdictions are projected to hinder market growth. Furthermore, surge in small & medium-sized enterprises expanding their businesses offer lucrative market opportunities for the market players. 
Report coverage & details:

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The product segment is expected to generate the largest revenue throughout the forecast period

Based on the component, the product segment held the highest market share in 2023. Trade credit insurance products are designed to provide extensive coverage against the risk of non-payment due to buyer insolvency, protracted default, and political risks.

The large enterprises segment is expected to the generate the largest revenue throughout the forecast period

Based on the enterprise size, the large enterprises segment held the highest market share in 2023. This is attributed to the fact that enterprises under this category are involved in bulk trading & huge amount of data. Therefore, this segment emphasizes on the importance of trade credit insurance solutions & services in the market, to protect finances & overcome political & commercial risks.

The whole turnover coverage segment is expected to t generate the largest revenue throughout the forecast period

Based on the coverage, the whole turnover coverage segment held the highest market share in 2023. The whole turnover policy coverage provides cover against the risk of non-payment. Usually, businesses purchase a whole turnover policy to support their credit control management and get coverage against their total debtor book.

The food & beverage segment is expected to generate the largest revenue throughout the forecast period

Based on the industry vertical, the food & beverage segment held the highest market share in 2023. The segment growth can be attributed to increasing demand for trade credit insurance across the food & beverage industry. Low margins, changing consumer expectations such as high-quality ingredients, and volatile agricultural commodity pricing have created a need for protection of cash flows driving trade credit insurances across the food & beverage industry.

The international segment is expected to grow faster throughout the forecast period

Based on the application, the international segment held the highest market share in 2023. The growth of the segment is attributed to advantages, such as significantly reducing payment risks associated with performing business at the international level by providing exporter conditional assurance of making payment if foreign buyer is not able to pay.

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Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed insurance infrastructure is accelerating the adoption of the most recent developments, including trade credit insurance in Europe.

Players: -

• American International Group Inc.
• Aon plc
• Atradius N.V.
• Coface
• Credendo
• EULER HERMES
• Export Development Canada
• QBE Insurance (Australia) Ltd.
• SINOSURE
• Zurich.

The report provides a detailed analysis of these key players in the global trade credit insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 
Recent Industry Development:

• In March 2024, Nuvo partnered with Allianz Trade, this partnership aims to enhance the B2B commerce ecosystem by leveraging technology and data to streamline workflows and improve credit process.
• In May 2023, TreasurUp partnered with TradeCrediTech, in this partnership TCT manages an insurance integration platform through which banks manage the trade credit insurance of their SMB end-users purchased through insurers.

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Key Benefits for Stakeholders 

• This report provides a quantitative analysis of the trade credit insurance industry segments, current trends, estimations, and dynamics of the trade credit insurance market analysis from 2024 to 2032 to identify the prevailing trade credit insurance market opportunity. 
• The trade credit insurance market research is offered along with information related to key drivers, restraints, and opportunities. 
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 
• In-depth analysis of the trade credit insurance segmentation assists to determine the prevailing market opportunities. 
• Major countries in each region are mapped according to their revenue contribution to the global trade credit insurance market statistics. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
• The report includes the analysis of the regional as well as global trade credit insurance market trends, key players, market segments, application areas, and trade credit insurance market growth strategies. 

Trade Credit Insurance Market Key Segments:
By Component

• Product
• Services

By Enterprise Size

• Large Enterprises
• Small and Medium-sized Enterprises

By Coverage

• Whole Turnover Coverae
• Single Buyer Coverage

By Industry Vertical

• Food and Beverages
• IT and Telecom
• Metals and Mining
• Healthcare
• Energy and Utilities
• Automotive
• Others

By Application

• Domestic
• International

By Region

• North America (U.S., Canada)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• Latin America (Argentina, Brazil, Colombia, Rest of Latin America)
• MEA (Saudi Arabia, South Africa, UAE, Rest of MEA)

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