What Is The Scope Of The Global Livestock Insurance Market?
Livestock insurance is a type of insurance coverage designed to protect livestock owners against the financial losses that may result from the death or injury of their animals. The insurance provides compensation for various risks, helping to ensure the sustainability and profitability of livestock operations.
Livestock Insurance Global Market Report 2024 provides data on the global livestock insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The livestock insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Livestock Insurance Market Expected To Grow In Size And Annual Rates?
The livestock insurance market has expanded significantly in recent years. It is set to grow from $3.38 billion in 2023 to $3.66 billion in 2024 at a CAGR of 8.1%. The growth in the past has been fueled by agricultural expansion, increasing livestock diseases, risk management practices, regulatory support, and economic stability. The market is expected to reach $5.02 billion by 2028, growing at a CAGR of 8.3%. Key drivers include climate change affecting disease patterns, globalization and animal movement regulations, rising awareness of livestock insurance, economic volatility, and government support. Forecasted trends include technological advancements, data analytics, blockchain for transparency, remote monitoring, and collaborative partnerships.
What Main Forces Are Fueling Expansion In The Livestock Insurance Market?
The surge in livestock diseases is expected to spur growth in the livestock insurance market. Livestock diseases are illnesses affecting animals raised for agricultural, commercial, or personal use. The rise in diseases is due to intensified farming practices, global animal movement, and climate change influencing disease transmission. Livestock insurance helps farmers recover financially by compensating for veterinary costs, income loss, and other expenses incurred from disease outbreaks. For instance, in August 2022, the World Organization for Animal Health reported that over 1.1 million pigs and 36,000 wild boars had been affected by African Swine Fever (ASF) since January 2020, resulting in significant animal losses. As a result, the increasing number of livestock diseases will drive the growth of the livestock insurance market.
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What Are The Primary Segments In The Global Livestock Insurance Market?
The livestock insurance market covered in this report is segmented –
1) By Coverage: Mortality, Revenue, Other Coverage
2) By Animal Type: Bovine, Swine, Sheep And Goats, Poultry, Other Animals
3) By Distribution Channel: Direct, Agency Or Broker, Bancassurance, Other Distribution Channels
4) By End User: Commercial, Individuals
Which Key Trends Are Driving Changes In The Livestock Insurance Market?
Companies in the livestock insurance market are developing more precise insurance products, like parametric heat-stress insurance, to provide better coverage and expand market reach. This type of insurance offers payouts based on predefined weather conditions indicating heat stress, rather than actual losses. For example, in May 2023, NFU Mutual, a UK-based insurer, collaborated with other firms to launch a parametric heat-stress insurance for UK dairy farmers. This product uses satellite and weather station data to monitor conditions, offering financial protection from heat stress in cattle.
What Is The Leading Region In The Livestock Insurance Market?
North America was the largest region in the livestock insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the livestock insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
