According to a new report published by Allied Market Research, titled, “Livestock Insurance Market Share,” The livestock insurance market size was valued at $2.79 billion in 2021, and is estimated to reach $5.77 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
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Many government organizations offer various schemes to offer livestock insurance for poor farmers in the developing countries where livestock, cattle farming, and agriculture are considered an important factor for the growth of the economy. For instance, National Livestock Mission (NLM) launched in financial year 2014-15 seeks to ensure quantitative and qualitative improvement in livestock production systems and capacity building of all stakeholders in India. The scheme is being implemented as a sub scheme of White Revolution – Rashtriya Pashudhan Vikas Yojana since April 2019. Under the scheme, the crossbred and high yielding cattle and buffaloes are being insured at maximum of their current market price. The premium of the insurance is subsidized to the tune of 50%. The entire cost of the subsidy is being borne by the central government of India. The benefit of subsidy is being provided to a maximum of two animals per beneficiary for a policy of maximum of three years. The scheme is being implemented in all states except Goa through the State Livestock Development Boards of respective states. The scheme is proposed to be extended to 100 old districts covered during pilot period and more species of livestock including indigenous cattle, yak & mithun.
On the basis of application, the dairy segment is the highest growing segment. This is attributed to the fact that the cost of dairy farming is high and their losses can force farmers to go into debts. With the help of livestock insurance, farmers can have comprehensive protection against dairy animal damage. Moreover, many small and medium sized farms ensure their animals are under the livestock insurance market trends.
Based on region, North America attained the highest livestock insurance market growth in 2021. This is attributed to the fact that the adoption for livestock price insurance has widely increased in the region as farmers and ranchers in the region strive to sustain & enhance animal byproducts such as beef meat, eggs, and dairy products by availing prominent livestock insurance coverage. In addition, insurers are developing existing offerings & providing knowledge to livestock owners to enhance maximum safety of the livestock by providing medical claims, coverage for accidental deaths and permanent disability.
The COVID-19 had a moderate impact on the livestock insurance market, since the demand for livestock products were decreased during the lockdown period due to supply chain fluctuations, many small farmers could not afford to purchase livestock insurance for their animals. However, cattle insurance owners took the insurance policies to provide cover for the medical bills of their livestock. Therefore, the COVID-19 had a moderate impact on the livestock insurance market.
Key findings of the study
- By distribution channel, the direct sales segment led the livestock insurance market in terms of revenue in 2021.
- By end user, the commercial segment accounted for the highest livestock insurance market share in 2021.
- By region, North America generated the highest revenue in 2021.
The key players profiled in the livestock insurance market analysis are AXA SA, Farm Bureau Financial Services, Future Generali India Insurance Company Ltd, GramCover, HDFC ERGO General Insurance Company Limited, HUB International Limited, Howden Insurance & Reinsurance Brokers (Phil.), Inc, ICICI Lombard General Insurance Company Limited, Lloyd’s, Liberty Specialty Markets, Nationwide Mutual Insurance Company, Rural Mutual Insurance Company, Stockguard, Inc., Shelter Mutual Insurance Company, The Hartford, The Accel Group, and The Bath State Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the livestock insurance industry.
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