Global Crop Insurance Market Report 2023: Sector is Expected to Reach $59.89 Billion by 2030 at a CAGR of 6.1% - ResearchAndMarkets.com
The "Crop Insurance Market by Type by Application, by Distribution Channel - Global Opportunity Analysis and Industry Forecast, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Crop Insurance Market size was valued at USD 37.91 billion in 2022 and is expected to reach USD 59.89 billion by 2030, at a CAGR of 6.1% during the forecast period from 2023 to 2030.
New technologies, including satellites, drones, Internet of Things (IoT), mobile applications, and other web-based platforms, are crucial to the expansion of the crop insurance industry. In addition, favorable initiatives launched by several governments to support the farmers against losses due to crop failure across the world are accelerating the market growth.
However, lack of awareness related to crop insurance as well as reduced availability of arable land for agriculture are expected to hamper the market growth. On the contrary, several value-added services offered by crop insurers through various technologies while entering into strategic partnerships is expected to create ample opportunities for the key players operating in the crop insurance market during the coming decade.
The global crop insurance industry is segmented on the basis of type, end user, and geography.
The North American market is projected to hold the dominant share by 2030
North America dominates the global crop insurance market and is expected to remain dominant in the market throughout the forecast period. Several countries in this region are highly susceptible to drought conditions which results in serious losses to a large number of agricultural products and has a negative impact on farm profitability.
According to the U.S. Drought Monitor, 48.10% of the U.S. and 57.51% of the lower 48 states faced severe drought, where 369.2 million acres of crops were affected, as of November 2022.
Also, various government schemes and insurance programs are being offered by the government to ensure that producers get the best coverage to meet their needs, which further boosts market growth. For instance, in 2019, Mexico's new presidential administration has announced a number of new agricultural support programs that aim to increase rural incomes, improve food security, and create self-sufficiency in certain basic commodities.
These programs focus primarily on supporting marginalized and small farmers, with special emphasis given to small producers in the southern and central states of Mexico.
Key Market Players
The emerging and efficient key players in the crop insurance market include the following:
HDFC ERGO partnered with nurture.farm, one of India's leading agritech startups, to further enhance and expand its insurance solutions. This association aims to get closer to the company's vision of making farmers resilient and delivering sustainable outcomes to the farming community.
Munich Re acquired APINITY GmbH. Through this acquisition, Munich Re will be able to utilize APINITY's application programming interface (API) solutions in the form of software-as-a-service (SaaS) developed for the insurance industry's ecosystem. This will enable insurers to utilize third-party API services, in turn making it possible to transparently manage both third-party and in-house APIs.
For more information about this report visit https://www.researchandmarkets.com/r/eh85nu
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