Crop Insurance Market Size to Grow $53.02 Billion, Globally, by 2027 at 6.1% CAGR: Allied Market Research

Crop Insurance Market Size to Grow $53.02 Billion, Globally, by 2027 at 6.1% CAGR: Allied Market Research

PR Newswire

PORTLAND, Ore., Sept. 2, 2020

Rise in digital initiatives for crop insurance and supportive government initiatives such as subsidies drive the growth of the global crop insurance market

PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global crop insurance industry generated $34.05 billion in 2019, and is estimated to generate $53.02 billion by 2027, registering a CAGR of 6.1% from 2020 to 2027.

Allied Market Research Logo

Drivers, restraints, and opportunities

Rise in digital initiatives for crop insurance and supportive government initiatives such as subsidies drive the growth of the global crop insurance market. However, high cost of premiums and lack of awareness among farmers hinder the market growth. On the other hand, untapped potential in emerging countries and expansion of services create new opportunities in the coming years.

Get Instant Access – Download Free PDF Brochure: https://www.alliedmarketresearch.com/request-sample/7156

Covid-19 Scenario

The multiple peril crop insurance (MPCI) segment to maintain its leadership status by 2027

Based on coverage, the multiple peril crop insurance (MPCI) segment contributed to the largest share in 2019, accounting for more than two-thirds of the global crop insurance market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 7.1% from 2020 to 2027. This is due to its offering of a combination product along with perils covered by the standard loss of yield coverage under the crop insurance policy. The report also analyzes the crop-hail insurance segment.

The insurance companies segment to maintain its dominance during the forecast period

Based on distribution channel, the insurance companies segment accounted for nearly half of the global crop insurance market in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to the innovative & attractive range of distribution techniques and utilization of multiple channels for distribution of its crop insurance services. However, the brokers/agents segment would witness the highest CAGR of 8.6% from 2020 to 2027. This is due to multiple options & alternatives for crop insurance provided by them.

Connect With Us For More Details: https://www.alliedmarketresearch.com/purchase-enquiry/7156

North America to continue its lead status by 2027

Based on region, North America accounted for the largest share of more than two-fifths of the global crop insurance market in 2019, and is expected to continue its lead status by 2027. This is due to farmers & ranchers in the U.S. striving to maintain economical crop production by acquiring crop insurance coverage. However, Asia-Pacific is expected to witness the highest CAGR of 7.9% from 2020 to 2027, owing to rise in agricultural production activity and adoption of advanced technologies in the region.

Leading Market Players

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) @ https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Similar Reports:

Vertical Farming Market Size Expected to Grow $12.77 Billion by 2026

North America Aeroponics Farming Market to Reach $759.4 Million by 2025

Smart Greenhouse Market Size Expected to Grow $3.23 Billion By 2027

U.S. Surplus Lines Insurance Market Expected to Reach $125.9 Billion by 2027

Aeroponics Market Size Expected to Garner $3.53 Billion by 2026

Pre-Book Now with 10% Discount:

Life Reinsurance Market: Future Trends, Growth Analysis and Forecast by 2027

Policy Management Software Market: Future Trends, Growth Analysis and Forecast by 2027

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): 
1-800-792-5285, 1-503-894-6022, 1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com 
Follow Us on LinkedIn and Twitter

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg  

Voltar noticias em Inglês