All updated as on -
At a CAGR of 7.9% between 2023 and 2030, the worldwide livestock insurance market is forecast to expand from its 202 valuation of $3.99 billion. The rising demand for meat, milk, and dairy products; the increasing occurrence of diseases; the necessity for risk management; supportive government actions; and the rising cost of production are all significant causes. FAARMS, an agri-tech startup, teamed up with Reliance General Insurance Company in January 2022 to offer mobile app-based cattle insurance to Indian farmers.
Insurance for livestock protects against financial loss in the event of an animal's untimely demise due to disease or accidental causes like natural disasters or attacks from other animals. The time the animals are put down may also be covered under specific circumstances. However, a medical certificate is required for this. Loss of money and disturbance to the rearing programme are suffered by the farmer due to the death of cattle. Livestock insurance rewards farmers if the loss exceeds a predetermined threshold, allowing them to better manage catastrophic events.
Fire, smoke, and earthquakes are just a few of the many potential dangers to livestock that can be covered by insurance. Therefore, insurance for cattle will pay for these medical procedures. In addition, since the incidence of livestock diseases has increased, more and more farmers and livestock owners are opting to obtain livestock insurance for their animals. Furthermore, liability coverage is provided by livestock insurance in the event that the livestock accidentally damages the property of, or causes bodily injury to, another person. Therefore, some of the forces driving the expansion of the livestock insurance industry are as follows. A major problem in the livestock insurance market is the prohibitive cost of premiums, which prevents many smaller farmers from obtaining coverage. In contrast, the government supports and funds a variety of livestock insurance programmes to safeguard livestock from harm, hence boosting farmers' earnings. Consequently, promising prospects for future growth are anticipated.
The widespread death of animals caused by the COVID-19 epidemic has highlighted the value of risk management and the need for livestock insurance. The financial hazards of disease outbreaks, supply chain disruptions, and market volatility have recently come to the attention of livestock farmers. Livestock prices and the dynamics of the market were affected by lockdowns, limits on gatherings, and decreased customer demand. Livestock insurance provides protection against variations in beef and milk prices, easing the financial burden of price risk and market volatility on producers. Farmers now realise the need of insuring their cattle and the demand for this service has skyrocketed.
Key market drivers include the growing desire to reduce production risks. Diseases, bad weather, theft, and accidents are just a few of the many dangers that farmers of livestock must contend with on a daily basis. The potential monetary losses connected with these hazards are becoming increasingly apparent to farmers and animal owners. The significance of risk management and the need for insurance is thus increasingly being acknowledged. Droughts, floods, and storms, all of which have become more often as a result of climate change, can have devastating effects on cattle farms. The availability of feed, infrastructure, and the welfare of cattle are all threatened by these occurrences. Farmers can reduce their financial risk in the face of climate change by purchasing livestock insurance to cover losses caused by extreme weather.
Livestock insurance will help compensate for any lost animals. Exotic and aquatic species can be covered by these plans in addition to the more familiar farm animals like horses, poultry, and cattle. The cost of replacing animals that have died, been euthanized, or been stolen is covered by these provisions. With the ultimate goal of bettering the quality of livestock and their products, this project seeks to provide farmers and cattle ranchers with a protection mechanism against the loss of their animals due to death, as well as demonstrate the benefits of livestock insurance to the general public and popularise it. Farmers, cooperatives, dairies, and other rural businesses are eligible to get this insurance so that they can protect their indigenous cattle herds. Cattle losses due to natural causes are covered by insurance. disasters that can't be predicted (such as floods, famines, earthquakes, etc.). Surgical procedures, terrorist attacks, strikes, riots, and civil unrest all pose potential dangers.
Artificial insemination and the acquisition of proven indigenous animals are being used by the Department of Animal Husbandry, Dairy, and Fisheries as part of the Centrally Sponsored Scheme of National Project for Cattle and Buffalo Breeding (NPCBB). The NPCBB is enforced by State Implementing Agencies (SIAs), which may include State Livestock Development Boards. This second strategy, designed to increase efficiency between NPCBB and Livestock Insurance, will likewise be put into action via SIAs. Nearly every state has opted for NPCBB. In states without NPCBB or SIAs, the State Animal Husbandry will be responsible for administering the livestock insurance plan. The scheme provides insurance for high-yielding and crossbred cattle and buffalo up to their fair market value. Half of the cost of the insurance premium is covered by the government. All of the subsidy's costs will be covered by the federal government.
Report Coverage
Global Livestock Insurance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Livestock Insurance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Livestock Insurance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Livestock Insurance market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Livestock Insurance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Livestock Insurance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
The Hartford, Shelter Insurance, Lloyd's, Farm Bureau Financial Services, Stockguard, Inc., The Accel Group, Rural Mutual Insurance Company, HDFC ERGO, Nationwide, AXA XL, Howden Insurance & Reinsurance Brokers (Phil.), Inc., Future Generali India Insurance Company Ltd., Liberty, ICICI Lombard General Insurance Company Limited, The Bath State Bank, HUB International Limited, GramCover
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Livestock Insurance market based on the below-mentioned segments:
Global Livestock Insurance Market, By Type
Commercial Mortality Insurance
Non-commercial Mortality Insurance
Global Livestock Insurance market, By Application
Dairy
Cattle
Swine
Others
Global Livestock Insurance Market, By End User
Commercial
Individuals
Global Livestock Insurance market, Regional Analysis
Insurance for livestock protects against financial loss in the event of an animal's untimely demise due to disease or accidental causes like natural disasters or attacks from other animals. The time the animals are put down may also be covered under specific circumstances. However, a medical certificate is required for this. Loss of money and disturbance to the rearing programme are suffered by the farmer due to the death of cattle. Livestock insurance rewards farmers if the loss exceeds a predetermined threshold, allowing them to better manage catastrophic events.
Fire, smoke, and earthquakes are just a few of the many potential dangers to livestock that can be covered by insurance. Therefore, insurance for cattle will pay for these medical procedures. In addition, since the incidence of livestock diseases has increased, more and more farmers and livestock owners are opting to obtain livestock insurance for their animals. Furthermore, liability coverage is provided by livestock insurance in the event that the livestock accidentally damages the property of, or causes bodily injury to, another person. Therefore, some of the forces driving the expansion of the livestock insurance industry are as follows. A major problem in the livestock insurance market is the prohibitive cost of premiums, which prevents many smaller farmers from obtaining coverage. In contrast, the government supports and funds a variety of livestock insurance programmes to safeguard livestock from harm, hence boosting farmers' earnings. Consequently, promising prospects for future growth are anticipated.
The widespread death of animals caused by the COVID-19 epidemic has highlighted the value of risk management and the need for livestock insurance. The financial hazards of disease outbreaks, supply chain disruptions, and market volatility have recently come to the attention of livestock farmers. Livestock prices and the dynamics of the market were affected by lockdowns, limits on gatherings, and decreased customer demand. Livestock insurance provides protection against variations in beef and milk prices, easing the financial burden of price risk and market volatility on producers. Farmers now realise the need of insuring their cattle and the demand for this service has skyrocketed.
Key market drivers include the growing desire to reduce production risks. Diseases, bad weather, theft, and accidents are just a few of the many dangers that farmers of livestock must contend with on a daily basis. The potential monetary losses connected with these hazards are becoming increasingly apparent to farmers and animal owners. The significance of risk management and the need for insurance is thus increasingly being acknowledged. Droughts, floods, and storms, all of which have become more often as a result of climate change, can have devastating effects on cattle farms. The availability of feed, infrastructure, and the welfare of cattle are all threatened by these occurrences. Farmers can reduce their financial risk in the face of climate change by purchasing livestock insurance to cover losses caused by extreme weather.
Livestock insurance will help compensate for any lost animals. Exotic and aquatic species can be covered by these plans in addition to the more familiar farm animals like horses, poultry, and cattle. The cost of replacing animals that have died, been euthanized, or been stolen is covered by these provisions. With the ultimate goal of bettering the quality of livestock and their products, this project seeks to provide farmers and cattle ranchers with a protection mechanism against the loss of their animals due to death, as well as demonstrate the benefits of livestock insurance to the general public and popularise it. Farmers, cooperatives, dairies, and other rural businesses are eligible to get this insurance so that they can protect their indigenous cattle herds. Cattle losses due to natural causes are covered by insurance. disasters that can't be predicted (such as floods, famines, earthquakes, etc.). Surgical procedures, terrorist attacks, strikes, riots, and civil unrest all pose potential dangers.
Artificial insemination and the acquisition of proven indigenous animals are being used by the Department of Animal Husbandry, Dairy, and Fisheries as part of the Centrally Sponsored Scheme of National Project for Cattle and Buffalo Breeding (NPCBB). The NPCBB is enforced by State Implementing Agencies (SIAs), which may include State Livestock Development Boards. This second strategy, designed to increase efficiency between NPCBB and Livestock Insurance, will likewise be put into action via SIAs. Nearly every state has opted for NPCBB. In states without NPCBB or SIAs, the State Animal Husbandry will be responsible for administering the livestock insurance plan. The scheme provides insurance for high-yielding and crossbred cattle and buffalo up to their fair market value. Half of the cost of the insurance premium is covered by the government. All of the subsidy's costs will be covered by the federal government.
Report Coverage
Global Livestock Insurance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Livestock Insurance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Livestock Insurance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Livestock Insurance market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | The Hartford, Shelter Insurance, Lloyd's, Farm Bureau Financial Services, Stockguard, Inc., The Accel Group, Rural Mutual Insurance Company, HDFC ERGO, Nationwide, AXA XL, Howden Insurance & Reinsurance Brokers (Phil.), Inc., Future Generali India Insurance Company Ltd., Liberty, ICICI Lombard General Insurance Company Limited, The Bath State Bank, HUB International Limited, GramCover |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Livestock Insurance Market from 2021 to 2030.
- Market Forecast for Livestock Insurance Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Livestock Insurance competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Livestock Insurance
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Livestock Insurance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Livestock Insurance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
The Hartford, Shelter Insurance, Lloyd's, Farm Bureau Financial Services, Stockguard, Inc., The Accel Group, Rural Mutual Insurance Company, HDFC ERGO, Nationwide, AXA XL, Howden Insurance & Reinsurance Brokers (Phil.), Inc., Future Generali India Insurance Company Ltd., Liberty, ICICI Lombard General Insurance Company Limited, The Bath State Bank, HUB International Limited, GramCover
Primary Target Market
- Market Players of Livestock Insurance
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Livestock Insurance market based on the below-mentioned segments:
Global Livestock Insurance Market, By Type
Commercial Mortality Insurance
Non-commercial Mortality Insurance
Global Livestock Insurance market, By Application
Dairy
Cattle
Swine
Others
Global Livestock Insurance Market, By End User
Commercial
Individuals
Global Livestock Insurance market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive livestock insurance market market research and competitor analysis for your business to help you develop more profound insights into the livestock insurance market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the livestock insurance market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.