The global livestock insurance market revenue was around US$ 3.2 billion in 2023 and is estimated to reach US$ 6.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2024 to 2032.
Livestock insurance offers coverage if a livestock animal dies from illness or accident, including natural disasters and animal-related fatalities. In certain cases, cover may also extend to when the animal is put down. However, this will have to be included in a doctor’s certification.
Market Driving Factors
An increase in the number of illnesses in livestock propels the market growth. Infectious disorders of livestock are a major hazard to global animal health and welfare. In addition, their adequate control is essential for agronomic health, protecting and securing international and national food supplies, and helping rural poverty in developing nations. Additionally, the price for injections and medicines for these rare disorders are typically high which is challenging for an average farmer to pay the price. Thus, farmers tend to buy livestock insurance which covers the price of such high medicines and medical procedures to cure the animals to offer the most suitable medical facilities for the livestock.
Increasing climate changes globally drive the market expansion. Climate change and its effect on weather patterns surge the frequency and severity of harsh weather events, which pose substantial threats to livestock farmers. In addition, floods, droughts, storms, and other weather-related disasters can cause significant losses in the form of livestock mortality, decreased productivity, and harmed infrastructure. As a result, livestock insurance aids mitigate these threats by offering economic support to farmers for the loss of livestock owing to weather-related dangers.
The erratic nature of animals sometimes results in high premium rates for livestock insurance. This limits the market growth.
Regional Analysis
In 2023, North America dominated the market in terms of the rate. This can be largely attributed to the adoption of livestock insurance has broadly surged in the region as ranchers and farmers in the region strive to sustain & improve animal by products such as eggs, beef meat, and dairy products by profiting from main livestock price insurance coverage. Additionally, insurers are expanding existing offerings & providing details to livestock owners to improve maximum protection of the livestock by offering medical claims, and coverage for accidental casualties and permanent disability.
Asia-Pacific is estimated to dominate the market in terms of the fastest growth rate. This is because of the increasing demand for livestock products owing to its surging population and increasing incomes. Furthermore, in the region, the rising incidence of livestock illnesses is boosting the requirement for livestock insurance. Disorders such as avian influenza, foot-and-mouth disease, and African swine fever are major worries for the livestock industry in the region. Therefore, governments in the region are offering support for the livestock industry via programs such as tax incentives, subsidies, and insurance programs.
Segmentation Insights
Type Insight
The commercial mortality insurance segment dominates the market in terms of the rate. This is mainly owing to that it is utilized in industries in which animals are an essential revenue-generating asset, such as zoos, dairy farming, professional horse stables, and aquariums. Commercial mortality insurance only covers casualties by non-natural causes, such as those owing to traffic accidents, accidental shootings, or intense weather events.
Application Insight
The dairy segment is the fastest-growing in the market. This is owing to the price of dairy farming is high and their losses can push farmers to go into debt. Furthermore, with the aid of livestock insurance, farmers can have extensive protection against dairy animal injury.
Distribution Channel Insight
The direct sales segment is predicted to dominate the market in terms of shares. This is due to the firms adopting omnichannel marketing methods such as online renewals, and direct company sales agents, among others. For instance, ICICI Lombard General Insurance Company Limited allows its clients to buy and renew policies online.
Prominent Companies
Segmentation Outline
The global livestock insurance market segmentation focuses on Type, Application, Distribution Channel, End User, and Region.
By Type
By Application
By Distribution Channel
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL LIVESTOCK INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: LIVESTOCK INSURANCE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL LIVESTOCK INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL LIVESTOCK INSURANCE MARKET, BY TYPE
5.1 OVERVIEW
5.2 COMMERCIAL MORTALITY INSURANCE
5.3 NON-COMMERCIAL MORTALITY INSURANCE
6 GLOBAL LIVESTOCK INSURANCE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 DAIRY
6.3 CATTLE
6.4 SWINE
6.5 OTHERS
7 GLOBAL LIVESTOCK INSURANCE MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 DIRECT SALES
7.3 BANCASSURANCE
7.4 AGENTS AND BROKERS
8 GLOBAL LIVESTOCK INSURANCE MARKET, BY END USER
8.1 OVERVIEW
8.2 COMMERCIAL
8.2.1 DAIRY FARMERS
8.2.2 GROUPS
8.3 INDIVIDUALS
9 GLOBAL LIVESTOCK INSURANCE MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL LIVESTOCK INSURANCE MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 STOCKGUARD INC.
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 NATIONWIDE
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 FUTURE GENERALI INDIA INSURANCE COMPANY LTD.
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 SHELTER INSURANCE
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 LLOYD'S
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 THE BATH STATE BANK
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 AXA XL
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 HOWDEN INSURANCE & REINSURANCE BROKERS (PHIL.) INC.
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 HDFC ERGO
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 GRAMCOVER
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 LIBERTY
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 RURAL MUTUAL INSURANCE COMPANY
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 THE HARTFORD
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 FARM BUREAU FINANCIAL SERVICES
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 HUB INTERNATIONAL LIMITED
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 THE ACCEL GROUP
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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