Report ID: SQMIG35A2659
Report ID:
SQMIG35A2659 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|
Tables:
87 |
Figures:
76
Global Crop Insurance Market size was valued at USD 39.10 billion in 2022 and is poised to grow from USD 42.50 billion in 2023 to USD 82.84 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).
The global crop insurance market is witnessing significant growth during the forecasted period, driven by increasing demand from farmers and agricultural producers seeking protection against unforeseen setbacks for their crops.
The expansion of agricultural risks is crucial for the market's growth as agriculture plays a vital role in every economy, and the rising demand for food security is expected to lead to increased insurance policy sales.
The commercialization of agriculture is also contributing to the growth of the crop insurance market, as it necessitates risk analysis and drives demand for insurance coverage.
Moreover, the emergence of new and harmful insects and viruses affecting crops is further boosting the market. Governments' initiatives to support the agriculture industry are fostering market expansion by raising farmer awareness about crop insurance and enhancing agricultural financial stability.
Challenges faced by the agriculture sector, such as declining arable land, environmental concerns, and high labor costs, are hindering its growth. However, sustainable farming and greenhouse practices are gaining popularity globally. Greenhouses, in particular, offer more sustainable practices and higher returns per unit area, making them attractive alternatives to traditional agriculture. The adoption of sustainable and greenhouse farming practices presents new growth opportunities for the crop insurance market.
Technology, including satellites, remotely sensed data, and artificial intelligence, is facilitating crucial aspects of crop insurance, such as farmer information and location enrollment, premium collection, and claims payment. These technological advancements are expected to create profitable opportunities for the market's expansion.
However, certain challenges, such as limited availability, lack of awareness, and higher insurance premiums, may restrict the market's growth. Insufficient information about crop insurance policies and claim benefits could also impede the market's progress during the forecasted period.
US Crop Insurance Market is poised to grow at a sustainable CAGR for the next forecast year.
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Report ID: SQMIG35A2659