Market Overview:
The global farm and ranch insurance market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for agricultural insurance products due to the rising frequency of natural disasters, such as floods and droughts, across the globe. In addition, the increasing awareness about risk management among farmers is also propelling the growth of this market. On the basis of type, farm insurance accounted for a larger share of the global farm and ranch insurance market in 2017. This segment is expected to grow at a CAGR of 5.8% during 2018-2030 owing to its wide applicability in various farming applications such as crop production, livestock farming, and orchard farming.
Product Definition:
Farm and Ranch insurance is a type of property and casualty insurance that covers physical damage to, or loss of, agricultural land, livestock, crops, buildings and other farm-related structures. The policy may also provide coverage for certain risks associated with farming operations such as fire, theft and vandalism. Farm and Ranch Insurance is important because it helps protect one of the most important aspects of our economy - agriculture.
For Farm:
For farm, it's a type of insurance that helps protect crops and livestock from natural disasters such as floods, earthquakes, hurricanes or any other act of God. For instance; if there is a drought in the area where the crops are supposed to be irrigated and water is supposed to be provided by some means then chances are high that the crop will fail due to lack of water.
For Ranch:
For ranch and it's usage in farm and ranch insurance market, see For Ranch & Herds.
It is a type of livestock policy that provides coverage for property damage caused by livestock or animals. It also covers losses incurred from the destruction of fences, crops, etc., caused by roaming livestock. The policyholder is required to pay an initial premium which depends on the value of the insured asset(s).
Application Insights:
The personal farm and ranch insurance application segment accounted for the largest revenue share of over 60% in 2017. The growing trend of spending vacations at a destination resort or cabin on a farm or ranch is expected to boost the demand for this product. Enterprise-level coverage is preferred by large farmers, ranchers and agriculturalists as it offers more protection with respect to third party risks involved in farming activities.
Rising awareness among consumers regarding crop damage caused due to natural disasters such as floods, droughts, cyclones along with increasing per capita income levels are anticipated to drive the demand for enterprise level coverages over the forecast period. Furthermore, an increase in investments made by governments across various regions coupled with favorable government policies promoting tourism will augment industry growth during the forecast period.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to continue its dominance over the forecast period as well. This can be attributed to several factors such as high adoption of technology, favorable government policies and availability of a large number of insurance companies in North America that offer farm and ranch insurance products. Moreover, increasing demand for meat from consumers across this region is anticipated to drive the demand for these products further.
Asia Pacific is expected to grow at a lucrative rate over the forecast period owing to various macro-economic factors such as rapid urbanization, growing population.
Growth Factors:
- Increasing demand for food due to population growth and changing dietary habits in developing countries.
- Rising income levels and growing consumer awareness about the benefits of insurance products.
- Proliferation of new farming technologies and practices that improve yields and reduce wastage.
- Implementation of stringent food safety regulations by governments worldwide.
Scope Of The Report
Report Attributes
Report Details
Report Title
Farm and Ranch Insurance Market Research Report
By Type
For Farm, For Ranch
By Application
Personal, Enterprise
By Companies
GEICO, Liberty Mutual, Allstate, Farmers Insurance, State Farm, MetLife, USAA, Erie Insurance, American Family Insurance, Travelers Insurance, AIG, AXA, Allianz
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
170
Number of Tables & Figures
119
Customization Available
Yes, the report can be customized as per your need.
Global Farm and Ranch Insurance Market Report Segments:
The global Farm and Ranch Insurance market is segmented on the basis of:
Types
For Farm, For Ranch
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Personal, Enterprise
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- GEICO
- Liberty Mutual
- Allstate
- Farmers Insurance
- State Farm
- MetLife
- USAA
- Erie Insurance
- American Family Insurance
- Travelers Insurance
- AIG
- AXA
- Allianz
Highlights of The Farm and Ranch Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- For Farm
- For Ranch
- By Application:
- Personal
- Enterprise
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Farm and Ranch Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Farm and ranch insurance is a type of insurance that helps protect farmers and ranchers from financial losses caused by natural disasters, such as floods or hurricanes. The policy typically covers crops, livestock, equipment, and other property on the farm or ranch.
Some of the major companies in the farm and ranch insurance market are GEICO, Liberty Mutual, Allstate, Farmers Insurance, State Farm, MetLife, USAA, Erie Insurance, American Family Insurance, Travelers Insurance, AIG, AXA, Allianz.
The farm and ranch insurance market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Farm and Ranch Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Farm and Ranch Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Farm and Ranch Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Farm and Ranch Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Farm and Ranch Insurance Market Size & Forecast, 2020-2028
4.5.1 Farm and Ranch Insurance Market Size and Y-o-Y Growth
4.5.2 Farm and Ranch Insurance Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 For Farm
5.2.2 For Ranch
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Personal
6.2.2 Enterprise
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Farm and Ranch Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Farm and Ranch Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 For Farm
9.6.2 For Ranch
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Personal
9.10.2 Enterprise
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 For Farm
10.6.2 For Ranch
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Personal
10.10.2 Enterprise
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 For Farm
11.6.2 For Ranch
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Personal
11.10.2 Enterprise
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 For Farm
12.6.2 For Ranch
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Personal
12.10.2 Enterprise
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 For Farm
13.6.2 For Ranch
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Personal
13.10.2 Enterprise
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Farm and Ranch Insurance Market: Competitive Dashboard
14.2 Global Farm and Ranch Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 GEICO
14.3.2 Liberty Mutual
14.3.3 Allstate
14.3.4 Farmers Insurance
14.3.5 State Farm
14.3.6 MetLife
14.3.7 USAA
14.3.8 Erie Insurance
14.3.9 American Family Insurance
14.3.10 Travelers Insurance
14.3.11 AIG
14.3.12 AXA
14.3.13 Allianz
