The global livestock insurance market was valued at USD 3.95 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030. This growth is driven by rising demand for meat, milk, and dairy products, the increasing need for risk management, supportive government initiatives, and the continued prevalence of livestock diseases. In January 2022, the agri-tech start-up FAARMS partnered with Reliance General Insurance Company to offer cattle insurance to livestock farmers in India via its mobile application.
The COVID-19 pandemic underscored the critical importance of risk management in the livestock industry, increasing the awareness and necessity of insurance coverage. Farmers have become more conscious of the financial risks posed by disease outbreaks, market volatility, and disruptions in the supply chain. Lockdowns, restrictions, and reduced consumer demand negatively impacted livestock prices and market dynamics. Livestock insurance provides crucial support in these scenarios by covering price fluctuations in beef and milk, thereby helping farmers stabilize income and safeguard their livelihoods. This heightened awareness has contributed to the rising demand for livestock insurance.
Coverage Insights
In terms of coverage, the mortality segment held the largest revenue share, accounting for over 40% of the market in 2022. The growth of this segment is supported by the wide availability of mortality insurance from numerous insurers. Established companies leverage their financial strength, underwriting expertise, and experience to attract and retain clients. Additionally, many agricultural insurance providers, including crop insurers, have expanded their portfolios to include livestock coverage, utilizing existing infrastructure, distribution channels, and agricultural risk management expertise to penetrate the market.
Animal Type Insights
Based on animal type, the bovine segment — which includes cattle and buffaloes — led the market with a share of approximately 35% in 2022. This dominance is attributed to growing awareness and adoption of bovine insurance to mitigate production risks. Such insurance covers losses due to adverse weather, including livestock death, injury, or production decline caused by feed shortages or infrastructure damage. It also protects against market volatility and price fluctuations, ensuring income stability for beef and dairy producers. Moreover, bovine insurance helps offset financial losses from disease outbreaks by covering mortality, treatment costs, and biosecurity measures, further fueling segment growth.
Get a preview of the latest developments in the Global Livestock Insurance Market! Download your FREE sample PDF today and explore key data and trends
Distribution Channel Insights
By distribution channel, direct sales accounted for over 30% of the market share in 2022. This was supported by companies employing omnichannel strategies, including direct sales agents and online policy renewals. For instance, ICICI Lombard General Insurance Company Limited enables customers to purchase and renew policies online. Alternative channels such as dairy cooperatives and microfinance institutions are expected to expand at the fastest rate, exceeding 8% CAGR in the upcoming years.
Regional Insights
Asia Pacific led the global market with a revenue share of over 40% in 2022, driven by a large livestock population, rising disposable income, and increased awareness among farmers about mitigating production risks through insurance. According to FAO and internal estimates by GVR, China alone accounted for nearly half of the global pig population, with an estimated 410 million pigs in 2022. Meanwhile, Latin America is anticipated to be the fastest-growing region, with a projected growth rate of around 9%.
Key Market Players
Prominent companies operating in the global livestock insurance market include:
Gather more insights about the market drivers, restrains and growth of the Livestock Insurance Market
