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Base Year
Historical Year
Forecast Year
The global crop insurance market attained a value of about USD 43.12 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6% to reach nearly USD 73.17 billion by 2032.
Global Crop Insurance Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 43.12 |
Market Size 2032 | USD Billion | 73.17 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 6.0% |
CAGR 2024-2032 - Market by Region | North America | 6.1% |
CAGR 2024-2032 - Market by Country | UK | 9.4% |
CAGR 2024-2032 - Market by Country | Canada | 7.0% |
CAGR 2024-2032 - Market by Coverage | Multiple Peril Crop Insurance (MPCI) | 7.4% |
CAGR 2024-2032 - Market by Distribution Channel | Insurance Companies | 6.6% |
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The commercialisation of farming is leading to higher financial investments in crops, consequently increasing the demand for risk management, therefore augmenting the market growth for crop insurance. Moreover, the increasing prevalence of novel and foreign pests and diseases, which can be fatal to crops, is surging the demand for crop insurance, hence boosting the market growth. In addition, the integration of technologies such as machine learning (ML) in crop management to detect unexpected occurrences in arable land and protect crops is aiding the market growth. The technologies can also predict the yield of crops to highlight the risk and opportunity for both farmers and agri-stakeholders. This is why it is increasingly deployed in crop insurance, which is invigorating the industry growth.
The increasing risk intensiveness of agriculture owing to reduced arable land, climate change, and high labour costs is hindering the growth of the agricultural sector, which is one of the most significant industries in countries such as the United States and India. Therefore, various governments are introducing favourable initiatives to support the agricultural sector, which is aiding the market growth. The promotion of the economic stability of agriculture through crop insurance to raise awareness of farmers to aid them in establishing insurance is propelling the growth of the crop insurance industry. For instance, the government of Canada and Saskatchewan announced enhancements to the 2021 Crop Insurance Program to provide farmers more coverage and ensure that they have the risk management tools for their growth and stability. Such initiatives are augmenting the market growth for crop insurance.
Crop insurance is a protection tool that protects farmers and agri-stakeholders from an unexpected loss that occurred due to unfavourable weather or pest control leading to crop failure by compensating them for preventing huge financial losses. It is crucial to promote sustainable production in the agricultural industry in order to ensure robust growth of the industry to meet growing food demands.
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The major coverages of crop insurance are:
The market can be broadly categorised on the basis of its distribution channels into:
CAGR 2024-2032 - Market by | Country |
UK | 9.4% |
Canada | 7.0% |
USA | 6.1% |
Germany | 5.0% |
France | 4.9% |
Italy | 3.8% |
China | XX% |
Japan | XX% |
India | XX% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
The EMR report looks into the regional markets of crop insurance like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The use of artificial intelligence (AI) solutions to customise crop insurance is propelling the growth of the crop insurance industry. Artificial intelligence can provide various agronomic insights such as water stress and crop health to determine yield and profit while leveraging crop cutting experiments (CCE). For instance, the Indian government leverages artificial intelligence solutions, CropIn’s SmartFarm and SmartRisk, to digitise farm management solutions and enable accurate and efficient execution of CCE to ensure timely clearance of insurance claims under its Pradhan Mantri Fasal Bima Yojana. Such measures are expected to fuel the market growth.
In addition, drones are increasingly used by crop insurers to collect data regarding damaged crops to mitigate the losses of farmers. Drone mapping software can be used to process and visualise the data to analyse crop loss effectively. This is increasing the adoption of drones in crop insurances, which is projected to fuel the market growth. In addition, drones can be employed for soil and field analysis, irrigation, and crop monitoring. Moreover, the rising use of analysis software to quantify results and indicate the damages, which make the process of crop insurance faster, more accurate, and more efficient, is providing further impetus to the growth of the crop insurance industry.
The report presents a detailed analysis of the following key players in the global crop insurance market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Coverage |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global crop insurance market attained a value of nearly USD 43.12 billion.
The market is projected to grow at a CAGR of 6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 73.17 billion by 2032.
The major market drivers include the commercialisation of agriculture, the rising prevalence of various pests and diseases, and the introduction of various governments initiative to raise awareness regarding crop insurance.
The key trends guiding the market growth include the use of artificial intelligence (AI) to customise crop insurance and the rising deployment of drone technology to efficiently analyse losses.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major segments based on the coverage considered in the market report are multiple peril crop insurance (MPCI) and crop-hail insurance.
The significant distribution channels in the market are banks, insurance companies, and brokers/agents, among others.
The major players in the market are Agriculture Insurance Company of India Limited, Great American Insurance Company, ICICI Lombard General Insurance Company Limited, The Philippine Crop Insurance Corporation, and Sompo International Holdings Ltd., among others.
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