Crop Insurance Market Sees Strong Growth
The global crop insurance market is forecast to reach USD 98.26 billion by 2031, according to a new report from Mordor Intelligence. Growth is driven by expanding government subsidy programs, climate-related agricultural losses, and the use of digital underwriting to reduce loss ratios. Public-private partnerships in the sector are reportedly growing at a 12.31% compound annual growth rate.
- Global rice trade is projected to reach a record 62.8 million tons in 2026, with strong demand from African nations being a key driver of this growth. While global production is stable, prices for Thai and Vietnamese rice have firmed up due to tighter supplies, whereas India's rice remains highly competitive. - Vietnam is strategically shifting its rice export focus from volume to quality, aiming to reduce exports from 8 million tons to 7 million in 2026, with a long-term goal of 4 million tons by 2030. The country plans for high-quality and fragrant rice varieties to constitute approximately 75% of its total export volume, targeting premium markets in the EU and the US. - India, which accounts for over 40% of world rice exports, ordered a halt to its largest export category, non-basmati white rice, in early February 2026 to ensure domestic availability and curb price increases. This move is expected to impact African buyers the most and could inflate global food prices, which are already at an 11-year high. - The demand for premium and specialty rice, such as Basmati and Jasmine, is growing in Europe, driven by health consciousness and the increasing popularity of ethnic cuisines. The European basmati rice market, in particular, is projected to grow, with Indian varieties currently dominating demand. - Forecasts for the Thai Baht to Euro (THB/EUR) exchange rate in 2026 show some variation, with projections suggesting a potential range between approximately €0.0251 and €0.02872. One forecast indicates the rate could reach €0.0255 by the end of the year. - To facilitate trade with Europe, India has temporarily waived the requirement for a mandatory Certificate of Inspection for rice exports to most European countries until April 2, 2026. However, this certificate is still required for shipments to EU member states, the UK, and a few other European nations. - European buyers are increasingly prioritizing sustainability, requiring compliance with standards for pesticide residues and mycotoxins. Certifications such as FSSC 22000 for food safety and the Sustainable Rice Platform (SRP) label are gaining importance for market access. - Recent trade agreements are set to influence rice markets, including a Memorandum of Understanding between Singapore and Vietnam to ensure stable rice trade. Additionally, the U.S. has secured agreements to lower tariff barriers for its rice in Malaysia and Cambodia and has established trade frameworks with Thailand and Vietnam.
