Global Livestock Insurance Market: Trends, Growth, and Forecast Analysis 2023-2030
The global livestock insurance market size is expected to reach USD 7.24 billion by 2030, registering a CAGR of 7.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by increasing uptake of livestock insurance, supportive initiatives by the public and private sectors, demand for animal protein, and technological advancements. According to FAO-OECD estimates, for example, cow milk accounted for about 80% of the global milk production during 2020-29. In terms of country, India and Pakistan, are estimated to contribute to more than 30% of global milk production by 2029. This is expected to drive the adoption of livestock insurance to mitigate production risks. The COVID-19 pandemic exposed vulnerabilities in global supply chains, including those related to livestock products. Disruptions in transportation, processing, and distribution have affected the livestock industry, leading to challenges in moving and selling liv...