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The global livestock insurance market size was approximately USD 3.9 billion in 2023. The market is assessed to grow at a CAGR of 7.4% between 2024 and 2032, reaching a value of USD 7.49 billion by 2032.
Several factors contribute to the livestock insurance market growth, including the widespread practice of dairy farming especially in rural areas, growth of the agriculture sector, and the reliance of individuals on livestock for various purposes.
As per the global livestock insurance market analysis, bovine leads the market as they provide essential food products like milk, meat, and eggs to people and serve as a means of transportation. They also supplement farmers’ income who depend on environmental conditions for a good crop harvest. Since, there is a lack of awareness among farmers in developing countries, livestock insurance companies will have to design their marketing strategies in accordance with the literacy and understanding level of these farmers to achieve commercial success. There is huge potential for insuring animals in developing countries given their cultural and economic significance.
The Asia Pacific region significantly contributes to the livestock insurance market share due to the large cattle populations in countries like India and China. In China, livestock insurance premium makes up 25% of the total agriculture premium, highlighting the importance of livestock risk management in the sector. In India, the success of livestock insurance schemes depends on policy premium rates and the economic conditions of the country. The government is working towards expanding the coverage of the scheme to include more cattle, further creating awareness among small farmers, who represent a large part of India's farming community.
Global Livestock Insurance Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Animal Type
Market Breakup by Coverage
Market Breakup by End-User
Market Breakup by Distribution Channel
Market Breakup by Region
The market participants are placing an emphasis on spreading awareness about livestock insurance and educating farmers, especially small-scale farmers to help them understand its benefits.
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 Animal Type |
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Breakup by Coverage |
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Breakup by End-User |
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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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*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 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Livestock Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Livestock Insurance Historical Market (2018-2023)
8.3 Global Livestock Insurance Market Forecast (2024-2032)
8.4 Global Livestock Insurance Market by Animal Type
8.4.1 Bovine
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Swine
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Sheep and Goats
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Poultry
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Livestock Insurance Market by Coverage
8.5.1 Mortality
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Revenue
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Livestock Insurance Market by End-User
8.6.1 Commercial
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Individuals
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Livestock Insurance Market by Distribution Channel
8.7.1 Direct
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Agency/Broker
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Bancassurance
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Others
8.8 Global Livestock Insurance Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Livestock 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 Livestock 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 Livestock 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 Livestock 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 Livestock 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 AXA SA
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 Reliance Capital Limited
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 HCC Insurance Holdings, Inc. (Pro Ag Management, Inc.)
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 Nationwide Mutual Insurance Company
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 The Hartford Financial Services Group, Inc.
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 ICICI Bank Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Royal Sundaram General Insurance Co. Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 HDFC ERGO General Insurance Co. Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 FBL Financial Group, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Bath Insurance Group
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Livestock Insurance Market: Key Industry Highlights, 2018 and 2032
2. Global Livestock Insurance Historical Market: Breakup by Animal Type (USD Billion), 2018-2023
3. Global Livestock Insurance Market Forecast: Breakup by Animal Type (USD Billion), 2024-2032
4. Global Livestock Insurance Historical Market: Breakup by Coverage (USD Billion), 2018-2023
5. Global Livestock Insurance Market Forecast: Breakup by Coverage (USD Billion), 2024-2032
6. Global Livestock Insurance Historical Market: Breakup by End-User (USD Billion), 2018-2023
7. Global Livestock Insurance Market Forecast: Breakup by End-User (USD Billion), 2024-2032
8. Global Livestock Insurance Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
9. Global Livestock Insurance Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
10. Global Livestock Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Livestock Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Livestock Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Livestock Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Livestock Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Livestock Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Livestock Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Livestock Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Livestock Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Livestock Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Livestock Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Livestock Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Livestock Insurance Market Structure
In 2023, the market reached an approximate value of USD 3.9 billion.
The market is estimated to grow at a CAGR of 7.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 7.49 billion by 2032.
The market is supported by the significance of livestock in boosting farm income, the growing incidences of communicable diseases among farm animals, and the increasing focus on improving management practices of livestock.
The key trends aiding the market expansion include the prevalence of dairy farming in rural households and the increasing focus on educating farmers regarding the benefits of livestock insurance.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
A farmer can take livestock insurance for bovine, swine, sheep and goats, and poultry, among others.
The major players in the market are AXA SA, Reliance Capital Limited, HCC Insurance Holdings, Inc. (Pro Ag Management, Inc.), Nationwide Mutual Insurance Company, The Hartford Financial Services Group, Inc., ICICI Bank Ltd., Royal Sundaram General Insurance Co. Limited, HDFC ERGO General Insurance Co. Ltd., FBL Financial Group, Inc., and Bath Insurance Group, among others.
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