Asia-Pacific leads livestock insurance market with 39.7% share

Globally, the market is projected to grow to $8.5b by 2034.

Asia-Pacific dominated the global livestock insurance market with a 39.7% share in 2024, according to Global Market Insights.

Globally, the market is projected to grow from $4.5b in 2025 to $8.5b by 2034, posting a CAGR of 7.4%, according to recent industry data. The market was valued at $4.2b in 2024.

Livestock insurance covers financial risks arising from accidents or disease affecting animals such as cattle, poultry, swine, and aquaculture. 

Mortality coverage accounted for the largest share in 2024, generating $2.5b in revenue. By animal type, bovine coverage led the market with a 31.2% share.

APAC’s growth will be driven by rising demand for financial risk protection in countries like China, India, and Australia. 

China, in particular, has a strong livestock sector and is supported by government subsidies and insurance adoption initiatives. 

Its livestock insurance market grew from $440.9m in 2021 to $486.2m in 2023.