livestock insurance market scope, livestock insurance market share, livestock insurance market industry analysis, livestock insurance market industry trends, livestock insurance market growth, livestock insurance market trends
What are the latest figures on the livestock insurance market’s size and projected CAGR?
The livestock insurance market size has grown strongly in recent years. It will grow from $3.66 billion in 2024 to $3.96 billion in 2025 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to agricultural expansion and intensification, increased incidences of livestock diseases, adoption of risk management practices in agriculture, regulatory support, and economic stability.
The livestock insurance market size is expected to see strong growth in the next few years. It will grow to $5.43 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to climate change impacts on disease patterns, globalization and animal movement regulations, growing awareness and adoption of livestock insurance, economic volatility, government support. Major trends in the forecast period include technological advancements, data analytics, blockchain for transparency, remote monitoring, collaboration and partnerships.
Get Your Free Sample of The Global Livestock Insurance Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=16466&type=smp
What are the key forces behind the livestock insurance market’s growth in recent years?
A surge in the number of diseases in livestock is expected to propel the growth of the livestock insurance market going forward. Livestock diseases refer to illnesses or health conditions that affect animals raised for agricultural, commercial, or personal purposes. The surge in the number of diseases in livestock is due to the intensification of farming practices, global movement of animals, and climate change impacting disease vectors and transmission patterns. Livestock insurance helps farmers mitigate financial losses from disease outbreaks by providing compensation for veterinary costs, loss of income, and other expenses related to managing and recovering from livestock diseases. For instance, in November 2024, according to the Centers for Disease Control and Prevention (CDC), a US-based national public health organization, 105,197,601 cases of Highly Pathogenic Avian Influenza (HPAI) A(H5) viruses have been detected in U.S. commercial poultry and backyard flocks since January 2022. Additionally, 443 dairy herds have been affected, with outbreaks reported across 14 states. Therefore, the surge in the number of diseases in livestock will drive the growth of the livestock insurance market.
What are the major segments of the livestock insurance market?
The livestock insurance market covered in this report is segmented –
1) By Coverage: Mortality, Revenue, Other Coverage
2) By Animal Type: Bovine, Swine, Sheep And Goats, Poultry, Other Animals
3) By Distribution Channel: Direct, Agency Or Broker, Bancassurance, Other Distribution Channels
4) By End User: Commercial, Individuals
Subsegments:
1) By Mortality: Accidental Mortality, Disease-Related Mortality, Natural Disaster-Related Mortality
2) By Revenue: Market Price Coverage, Income Loss Coverage, Price Guarantee Coverage
3) By Other Coverage: Theft Coverage, Transit Coverage, Emergency Surgery Coverage
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/livestock-insurance-global-market-report
Which companies dominate the livestock insurance market?
Major companies operating in the livestock insurance market are Allianz SE, Munich Reinsurance Company, Nationwide Mutual Insurance Company, Liberty Mutual Insurance Company, Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd., Chubb Limited, Sompo Holdings Inc., The Hartford Financial Services Group Inc., AXA XL, American Family Insurance, QBE Insurance Group Ltd., Shelter Insurance Companies, Lloyd’s of London, ICICI Lombard General Insurance Company Limited, Howden Insurance & Reinsurance Brokers (Philippines) Inc., HDFC ERGO General Insurance Company Limited, Farm Bureau Financial Services, Future Generali India Insurance Company Ltd., FBL Financial Group Inc., Rural Mutual Insurance Company, The Accel Group, Farmers Mutual Hail Insurance Company of Iowa, GramCover, The Bath State Bank.
What major trends will shape the livestock insurance market during the forecast period?
Major companies operating in the livestock insurance market are engaged in developing insurance products with multiple advantages, such as parametric heat-stress insurance, to offer more precise and responsive coverage options and expand market reach. Parametric heat-stress insurance for cattle pays out based on predefined weather conditions that indicate heat stress rather than actual losses experienced by the farmer. For instance, in May 2023, NFU Mutual, a UK-based rural insurer, in collaboration with Skyline Partners, a UK-based insurance company, along with Markel Group, a US-based specialty insurance provider, and Arthur J. Gallagher & Co., a US-based insurance broker, launched a pioneering parametric heat-stress insurance tailored for UK dairy farmers. This innovative coverage utilizes an index-based approach, providing predetermined payouts triggered by specific weather conditions monitored through satellite and weather station data, aiming to safeguard against financial losses due to heat stress in cattle.
What are the key regional dynamics of the livestock insurance market, and which region leads in market share?
North America was the largest region in the livestock insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the livestock insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Livestock Insurance Market Report 2025 Offer?
The livestock insurance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Livestock insurance is a type of insurance coverage designed to protect livestock owners against the financial losses that may result from the death or injury of their animals. The insurance provides compensation for various risks, helping to ensure the sustainability and profitability of livestock operations.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=16466
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
