Global Crop Insurance Market to Reach US$ 69.9 Billion by 2032, Stimulated by Changing Environment Conditions

July 24, 2023 | BFSI

According to the latest report by IMARC Group, titled “Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global crop insurance market size reached US$ 43.7 Billion in 2023. Crop insurance refers to a risk management tool designed to protect farmers and agricultural businesses from financial losses resulting from crop damage or failure. It provides a safety net for farmers by offering compensation for losses caused by various perils, including adverse weather conditions, natural disasters, pests, diseases, and other unforeseen events that can significantly impact crop production. Crop insurance policies are typically purchased before the planting season and cover the crops throughout their growth cycle until harvest. Additionally, the coverage amount is determined based on factors, such as crop type, historical yields, and market prices. It plays a crucial role in mitigating the inherent risks and uncertainties faced by farmers, who are highly dependent on weather patterns and other external factors beyond their control. Moreover, crop insurance acts as a crucial tool in safeguarding the interests of farmers, promoting agricultural stability, and ensuring food security for communities and nations.

Global Crop Insurance Market Trends:

The global crop insurance market is witnessing robust growth, driven by the increasing occurrence and intensity of extreme weather events across the globe. Climate change has led to more frequent and severe droughts, floods, heat waves, and storms, posing significant risks to agricultural production. In this scenario, crop insurance plays a critical role in helping farmers recover from losses caused by these climate-related events and adapt to the changing environment. Along with this, the growing global population and the consequent rise in food demand are exerting immense pressure on farmers to enhance their productivity and crop yields. To meet this demand, farmers are increasingly adopting modern agricultural practices, advanced technologies, and genetically modified crops. Additionally, crop insurance provides farmers with the necessary support and financial protection, enabling them to invest confidently in modern farming techniques and technologies, which is positively influencing the demand. In addition, government support and policies are significant contributors to the expansion of the market. Recognizing the crucial role of agriculture in ensuring food security and economic stability, governments have implemented favorable regulations and initiatives to promote crop insurance adoption. Many governments provide subsidies, premium support, and risk-sharing programs to make crop insurance affordable and accessible to farmers, thereby impacting the market favorably. Apart from this, continual innovations in remote sensing, satellite imagery, and data analytics enable more accurate assessment of crop conditions, yield predictions, and damage assessments. Furthermore, digital platforms and mobile applications facilitating easier policy purchase, claims filing, and communication between farmers and insurers are creating a positive market outlook. Looking forward, the market value is projected to reach US$ 69.9 Billion by 2032, expanding at a CAGR of 5.1% during 2024-2032.

Market Summary:

  • Based on the coverage, the market has been segmented into multi-peril crop insurance (MPCI) and crop-hail insurance.
  • On the basis of the distribution channel, the market has been segregated into banks, insurance companies, brokers and agents, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Agriculture Insurance Company of India Limited, Axa S.A., Chubb Limited, Great American Insurance Company (American Financial Group Inc.), ICICI Lombard General Insurance Company Limited (ICICI Bank Limited), Philippine Crop Insurance Corporation, QBE Insurance Group, Santam (Sanlam), Sompo International Holdings Ltd (Sompo Holdings Inc.), Tokio Marine HCC and Zurich American Insurance Company.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Coverage, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Agriculture Insurance Company of India Limited, Axa S.A., Chubb Limited, Great American Insurance Company (American Financial Group Inc.), ICICI Lombard General Insurance Company Limited (ICICI Bank Limited), Philippine Crop Insurance Corporation, QBE Insurance Group, Santam (Sanlam), Sompo International Holdings Ltd (Sompo Holdings Inc.), Tokio Marine HCC and Zurich American Insurance Company
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Crop Insurance Market to Reach US$ 69.9 Billion by 2032, Stimulated by Changing Environment Conditions
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More