Crop Insurance Market to reach USD 59.89 billion by 2030
Increased unusual climatic changes as well as favorable government initiatives to support the farmers against crop failures have been very significant for the growth of the crop insurance industry.
According to a new research report by Next Move Strategy Consulting, the crop insurance market 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.
The growth of the crop insurance sector is being fueled by the promotion of the economic stability of agriculture through crop insurance to increase farmer knowledge and help them establish insurance. In addition, with artificial intelligence (AI) used to customize policies, the crop insurance market is booming. Artificial intelligence can use crop-cutting experiments (CCE) to forecast yield and profit, as well as provide ecological information, including water stress and crop health.
Moreover, there are various digital initiatives being implemented to facilitate the prediction of weather and climatic conditions, data-storage for crops, and micro level information about the land for harvesting crops and reduce uncertain risks.
On the contrary, decline in arable land and the acquisition of land from the farmers owing to rapid urbanization, rise in smart city projects, and the number of commercial and residential projects being built, particularly in developing countries hinder the market growth. However, value-added services that crop insurance providers offers to their customers and the creation of new product and service offerings through the application of new technologies and partnership agreements creates opportunities for the crop insurance market.
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According to the report, leading players in the crop insurance market include ADM, Sompo Holdings Inc, AXA XL, Chubb Limited, HDFC Ergo, Munich Re Group, Odyssey Group, QBE Insurance Group Limited, Tokio Marine Holdings, Inc, and Zurich Insurance Group.
Key Insights from the Crop Insurance Market Report:
Information related to key drivers, restraints, and opportunities and their impact on the crop insurance market is provided in the report.
Value chain analysis in the market study provides a clear picture of the role of each stakeholder.
The market share of the players in the global crop insurance market along with their competitive analysis is provided in the report.