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Livestock Insurance Market

Livestock Insurance Market Size, Share & Trends Analysis Report by Coverage (Mortality, Revenue), By Animal Type (Bovine, Swine, Sheep & Goats, Poultry), By Distribution Channel (Direct, Agency/Broker, Bancassurance), Region And Segment Forecasts, 2023-2031

Report ID : 1869 | Published : 2024-05-17 | Pages: 180 | Format: PDF/EXCEL

The Global Livestock Insurance Market Size is valued at 3.49 billion in 2022 and is predicted to reach 6.29 billion by the year 2031 at a 6.83% CAGR during the forecast period for 2023-2031.

Key Industry Insights & Findings from the Report:

  • The increasing prevalence of diseases in livestock animals, such as flu, ringworms, and fever, is driving the demand for insurance coverage to protect against these risks.
  • The growing demand for livestock products is driving the need for risk management solutions, such as livestock insurance. 
  • North America dominated the market and accounted for a global revenue share in 2023.
  • The high cost of premiums poses a significant challenge for the livestock insurance market.

Livestock Insurance Market

Farmers and livestock owners now require insurance at greater rates due to the rise in diseases in livestock animals, such as the flu, ringworms, and fever. Their protection against unforeseen risks like fire, smoke, earthquakes, and other dangers is provided by this insurance coverage. Liability protection for accidental property damage or bodily injury to third parties is another benefit of livestock insurance. Moreover, the market for livestock insurance is expanding as a result of these causes.

For small-scale farmers in rural areas who might be unable to afford it, the high premium rates connected with livestock insurance provide a considerable barrier. On the other hand, many governments offer subsidies for livestock insurance to reduce risks and dangers encountered by the livestock business, realizing the significance of the livestock sector in the economy. Due to this government backing, the future growth potential for the livestock insurance sector is anticipated to be lucrative. 

Competitive Landscape:

Some of the Livestock Insurance market players are:

  • Nationwide Mutual Insurance Company;
  • AXA SA
  • FBL Financial Group, Inc
  • HDFC ERGO General Insurance Company Limited
  • ICICI Lombard General Insurance Company Limited
  • ProAg (Tokio Marine HCC group of companies)
  • The Hartford
  • Reliance General Insurance Company Limited (part of Reliance Capital)
  • Sunderland Marine (NorthStandard Limited)
  • Royal Sundaram General Insurance Co. Limited 

Market Segmentation:

The Livestock Insurance market is segmented based on coverage, animal type, and distributional channel. The market is segmented by coverage as mortality, revenue and other coverage based on coverage. The Livestock Insurance market is segmented by animal type into bovine, swine, sheep & goats, poultry and other animals. Based on the distributional channel, the market is segmented as follows. The market is segmented by distributional channel into direct, agency/broker, bancassurance and others.

Based On Coverage, The Alcohol Segment Is A Major Contributor To The Livestock Insurance Market

The mortality category is expected to hold a major share in the global Livestock Insurance market in 2022 due to the large number and variety of insurance companies offering livestock mortality insurance. For instance, well-known insurance businesses use their standing, resources, and underwriting knowledge to attract clients. Livestock insurance is a service provided by companies specializing in agricultural insurance, such as crop insurers. These insurers enter the market by utilizing their current infrastructure, distribution networks, and knowledge of agricultural risk management.

The Bovine Segment Witnessed Growth At A Rapid Rate

The bovine segment is projected to grow rapidly in the global Livestock Insurance market. The use of bovine insurance plans to reduce production risks and rising awareness of them is to blame for this. Bovine insurance covers livestock losses brought on by unfavorable weather, such as death, injury, or productivity loss owing to a lack of feed or infrastructure. Additionally, it provides defense against market turbulence and price risk, giving some degree of financial security for cattle and dairy producers. By covering cattle mortality, medical costs, and biosecurity measures, bovine insurance is essential in reducing financial losses brought on by disease outbreaks. It is anticipated that these advantages will aid in the segment's expansion.

The North American Livestock Insurance Market Holds A Significant Regional Revenue Share

The North American Livestock Insurance market is expected to register the highest market share. The agricultural landscape in North America is diversified, and the market for livestock insurance is essential to the expansion and stability of the livestock sector. The industry is fueled by elements like the desire for financial security against probable losses, the rising understanding of risk management among livestock farmers, and improvements in insurance technology.

In addition, Asia Pacific is projected to grow rapidly in the global Livestock Insurance market. Market dynamics may be impacted by shifting climatic trends, developing diseases, and changing regulatory frameworks. However, the potential for the market to grow and develop in the area is boosted by government backing, technical developments, and the increasing importance of livestock farming.

Recent Developments:

  • In April 2024, HDFC ERGO General Insurance launched Paws n Claws, a comprehensive insurance policy specifically tailored for pet dogs and cats. The policy is highly flexible, including a 'Make Your Plan' feature that enables consumers to tailor their coverage to their specific needs for injuries, illnesses, and procedures. 

Livestock Insurance Market Report Scope:

Report Attribute

Specifications

Market size value in 2022

USD 3.49 Bn

Revenue forecast in 2031

USD 6.29 Bn

Growth rate CAGR

CAGR of 6.83 % from 2023 to 2031

Quantitative units

Representation of revenue in US$ Billion, and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Deployment Mode, Application, End-User

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Nationwide Mutual Insurance Company; AXA SA; FBL Financial Group, Inc; HDFC ERGO General Insurance Company Limited; ICICI Lombard General Insurance Company Limited; ProAg (Tokio Marine HCC group of companies); The Hartford; Reliance General Insurance Company Limited (part of Reliance Capital); Sunderland Marine (NorthStandard Limited); Royal Sundaram General Insurance Co. Limited

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Livestock Insurance Market Snapshot

Chapter 4. Global Livestock Insurance Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis of Metaverse Industry
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. COVID-19 Impact on Metaverse Industry

Chapter 5. Market Segmentation 1: By Coverage Estimates & Trend Analysis
5.1. By Coverage & Market Share, 2019-2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Coverage:

5.2.1. Mortality
5.2.2. Revenue
5.2.3. Other Coverage

Chapter 6. Market Segmentation 2: By Animal Type Estimates & Trend Analysis
6.1. By Animal Type & Market Share, 2019-2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following Animal Type:

6.2.1. Bovine
6.2.2. Swine
6.2.3. Sheep & Goats
6.2.4. Poultry
6.2.5. Other Animals

Chapter 7. Market Segmentation 3: By Distribution Channel Estimates & Trend Analysis
7.1. By Animal Type & Market Share, 2019-2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following Distribution Channel:

7.2.1. Direct
7.2.2. Agency/Broker
7.2.3. Bancassurance
7.2.4. Others

Chapter 8. Livestock Insurance Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Coverage, 2023-2031
8.1.2. North America Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Animal Type, 2023-2031
8.1.3. North America Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Distribution Channel, 2023-2031
8.1.4. North America Livestock Insurance Market revenue (US$ Million) estimates and forecasts by country, 2023-2031

8.1.4.1. U.S.
8.1.4.2. Canada

8.2. Europe

8.2.1. Europe Livestock Insurance Market revenue (US$ Million) By Coverage, 2023-2031
8.2.2. Europe Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Animal Type, 2023-2031
8.2.3. Europe Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Distribution Channel, 2023-2031
8.2.4. Europe Livestock Insurance Market revenue (US$ Million) by country, 2023-2031

8.2.4.1. Germany
8.2.4.2. Poland
8.2.4.3. France
8.2.4.4. Italy
8.2.4.5. Spain
8.2.4.6. UK
8.2.4.7. Rest of Europe

8.3. Asia Pacific

8.3.1. Asia Pacific Livestock Insurance Market revenue (US$ Million) By Coverage, 2023-2031
8.3.2. Asia Pacific Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Animal Type, 2023-2031
8.3.3. Asia Pacific Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Distribution Channel, 2023-2031
8.3.4. Asia Pacific Livestock Insurance Market revenue (US$ Million) by country, 2023-2031

8.3.4.1. China
8.3.4.2. India
8.3.4.3. Japan
8.3.4.4. Australia
8.3.4.5. Rest of Asia Pacific


8.4. Latin America

8.4.1. Latin America Livestock Insurance Market revenue (US$ Million) By Coverage, 2023-2031
8.4.2. Latin America Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Animal Type, 2023-2031
8.4.3. Latin America Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Distribution Channel, 2023-2031
8.4.4. Latin America Livestock Insurance Market revenue (US$ Million) by country, (US$ Million) 2023-2031

8.4.4.1. Brazil

8.4.4.2. Rest of Latin America

8.5. Middle East & Africa

8.5.1. Middle East & Africa Livestock Insurance Market revenue (US$ Million) By Coverage, (US$ Million)
8.5.2. Middle East & Africa Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Animal Type, 2023-2031
8.5.3. Middle East & Africa Livestock Insurance Market revenue (US$ Million) estimates and forecasts By Distribution Channel, 2023-2031
8.5.4. Middle East & Africa Livestock Insurance Market revenue (US$ Million) by country, (US$ Million) 2023-2031

8.5.4.1. South Africa
8.5.4.2. GCC Countries
8.5.4.3. Rest of MEA

Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles

9.2.1. Nationwide Mutual Insurance Company
9.2.2. AXA SA
9.2.3. FBL Financial Group, Inc
9.2.4. HDFC ERGO General Insurance Company Limited
9.2.5. ICICI Lombard General Insurance Company Limited
9.2.6. ProAg (Tokio Marine HCC group of companies)
9.2.7. The Hartford
9.2.8. Reliance General Insurance Company Limited (part of Reliance Capital)
9.2.9. Sunderland Marine (NorthStandard Limited)
9.2.10. Royal Sundaram General Insurance Co.Limited, Inc.

Segmentation of Livestock Insurance Market-

Livestock Insurance Market By Coverage

  • Mortality
  • Revenue
  • Other Coverage

Livestock Insurance Market

Livestock Insurance Market By Animal Type

  • Bovine
  • Swine
  • Sheep & Goats
  • Poultry
  • Other Animals

Livestock Insurance Market By Distribution Channel

  • Direct
  • Agency/Broker
  • Bancassurance
  • Others

Livestock Insurance Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

 InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Livestock Insurance Market?

Livestock Insurance Market expected to grow at a 6.83% CAGR during the forecast period for 2023-2031

Nationwide Mutual Insurance Company; AXA SA; FBL Financial Group, Inc; HDFC ERGO General Insurance Company Limited; ICICI Lombard General Insurance Co

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