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Global Crop Insurance Market Size, Report: By Coverage: Multiple Peril Crop Insurance (MPCI), Crop-hail Insurance; By Distribution Channel: Banks, Insurance Companies, Brokers/Agents, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
Global Crop Insurance Market Outlook
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.
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Rising Investments in Crops and the Surging Prevalence of Various Pest Attacks Boosting the Market for Crop Insurance
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.
Introduction of Various Favourable Governments’ Initiatives to Augment the Crop Insurance Industry
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: Market Segmentation
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:
- Multiple Peril Crop Insurance (MPCI)
- Crop-hail Insurance
The market can be broadly categorised on the basis of its distribution channels into:
- Banks
- Insurance Companies
- Brokers/Agents
- Others
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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Growing Use of Artificial Intelligence and Drones in Crop Management to Bolster the Growth of the Crop Insurance Industry
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.
Key Industry Players in the Global Crop Insurance Market
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:
- Agriculture Insurance Company of India Limited
- Great American Insurance Company
- ICICI Lombard General Insurance Company Limited
- The Philippine Crop Insurance Corporation
- Sompo International Holdings Ltd.
- Others
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.
Key Highlights of the Report
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Crop Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Crop Insurance Historical Market (2018-2023)
8.3 Global Crop Insurance Market Forecast (2024-2032)
8.4 Global Crop Insurance Market by Coverage
8.4.1 Multiple Peril Crop Insurance (MPCI)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Crop-hail Insurance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Crop Insurance Market by Distribution Channel
8.5.1 Banks
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Insurance Companies
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Brokers/Agents
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Crop Insurance Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Crop Insurance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Crop Insurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Crop Insurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Crop Insurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Crop Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Agriculture Insurance Company of India Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Great American Insurance Company
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 ICICI Lombard General Insurance Company Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 The Philippine Crop Insurance Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Sompo International Holdings Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Crop Insurance Market: Key Industry Highlights, 2018 and 2032
2. Global Crop Insurance Historical Market: Breakup by Coverage (USD Million), 2018-2023
3. Global Crop Insurance Market Forecast: Breakup by Coverage (USD Million), 2024-2032
4. Global Crop Insurance Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
5. Global Crop Insurance Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
6. Global Crop Insurance Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Crop Insurance Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Crop Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Crop Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Crop Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Crop Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Crop Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Crop Insurance Market Structure
Key Questions Answered in the Report
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.
Analyst Review
The global crop insurance market attained a value of nearly USD 43.12 billion in 2023, driven by the increasing financial investments owing to the commercialisation of agriculture. Aided by the use of the latest technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6%. The market is projected to reach about USD 73.17 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its coverages, the crop insurance industry can be segmented into multiple peril crop insurance (MPCI) and crop-hail insurance. On the basis of distribution channels, the industry is divided into banks, insurance companies, and brokers/agents, among others. The major regional markets for crop insurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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