IMARC Group, a leading market research company, has recently releases report titled “Livestock Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global livestock insurance market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Livestock Insurance Market?
The global livestock insurance market size reached US$ 3.32 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.27 Billion by 2028, exhibiting a growth rate (CAGR) of 7.7% during 2023-2028.
What are livestock insurance?
Livestock insurance is a financial risk management tool that provides coverage against unforeseen events affecting livestock health and productivity. This type of insurance policy usually offers compensation for losses due to diseases, accidents, natural disasters, and theft, among other challenges that could adversely affect livestock farming operations. These policies are tailored to cover various types of livestock including cattle, poultry, swine, and sheep. By protecting farmers from significant financial setbacks, livestock insurance plays a critical role in ensuring the stability and sustainability of agribusinesses globally.
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What are the growth prospects and trends in the livestock insurance industry?
The global livestock insurance market is driven by the increasing intensity and frequency of extreme weather events, such as droughts, floods, and storms, which make insurance an essential component for risk mitigation in livestock farming. Moreover, as the global population continues to grow, the demand for animal protein is rising, putting more emphasis on the livestock sector and thereby increasing the need for protective financial mechanisms like insurance. Furthermore, technological advancements, including the utilization of data analytics and IoT devices for real-time health monitoring of livestock, are enabling insurance providers to offer more accurate and customized policy options. In addition to these factors, the adoption of livestock insurance is gaining traction due to favorable government policies and subsidies aimed at promoting sustainable agriculture.
Governments are actively participating in public-private partnerships to extend insurance services to small and medium-sized farmers who might otherwise find the premiums unaffordable. Additionally, the expansion of organized retail and the cold chain infrastructure is aiding the livestock industry, thereby making insurance a preferred product for safeguarding investments. Market trends like the inclusion of specialized coverages for specific diseases or conditions and bundling of livestock insurance with other farm-related insurance policies are also shaping the growth trajectory of this market. Additionally, awareness among farmers regarding the importance of insurance as a risk management tool is increasing, often spurred by non-governmental organizations and industry associations. This heightened awareness is reflected in the increasing number of policies being underwritten, not only in developed markets but also in emerging economies. Besides this, advancements in actuarial science have enabled more precise premium calculations, making livestock insurance more appealing to the farming community.
Who are the key players operating in the industry?
The report covers the major market players including:
- AXA XL
- FBL Financial Group, Inc
- Future Generali India Insurance Company Ltd.
- HDFC ERGO General Insurance Company
- Howden Insurance & Reinsurance Brokers (Phil.), Inc.
- HUB International Limited (Hellman & Friedman LLC)
- ICICI Lombard General Insurance Company Limited
- Liberty Mutual Insurance Company (Liberty Mutual Group Inc.)
- Lloyd's
- Nationwide Mutual Insurance Company
- The Hartford
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Coverage:
- Mortality
- Revenue
- Others
Breakup by Distribution Channel:
- Direct
- Agency/Broker
- Bancassurance
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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