Yemisi Izuora
The global crop insurance has been projected to generate as much as $59.89 billion by 2030, according to a new report published by Next Move Strategy Consulting.
The market reportedly generated USD 36.60 billion in 2021 and is projected to garner USD 59.89 billion by 2030, registering a Compound Annual Growth Rate CAGR of 5.2 per cent from 2022 to 2030.
The integration of advanced technologies such as satellites, drones, Internet of Things (IoT), mobile applications, and other web-based platforms that allows to identify crops that are unhealthy, forecast the weather, save data about crops, and obtain micro-level details about the size and condition of land for agricultural harvesting are key to drive the growth of the crop insurance market.
The research offers a detailed analysis of the drivers, restraints, and opportunities prevalent in the market to understand the changing market dynamics. Moreover, the research provides an extensive analysis of major segments and their sub-segments to identify the fastest-growing and highest revenue-generating segments.
Providing a comprehensive analysis of the market, the report will serve as a source of guidance for market players, investors, and startups as they devise strategies for sustainable growth over the next few years. Furthermore, the report highlights the impact of COVID-19 on the global crop insurance industry.
Technological advancements in the field of agricultural insurance accelerates market demand
Favorable government policies in the field of agriculture to augment market growth
Unfavorable climatic shocks demand valuable crop insurance programmes
Rapid increase in crop insurance product line to create impetus market growth
The report identifies driving factors, restraining factors, and opportunities in the market.
The global crop insurance market is growing due to the implementation of various digital initiatives to reduce uncertain risks. However, limited availability of arable land in various regions along with lack of awareness about the benefits of crop insurance among the producers limits the market growth.
Identifying the opportunities that leading players can take leverage to increase their market share, Next Move Strategy Consulting’s Lead Analyst for BFSI commented, “Value added services and solutions provided by crop insurance providers to their customers as well as introduction of new product and service offerings through the application of new technologies and partnership agreements is expected to create future market trends.”
