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“Pre-shipment inspection market is projected to grow at a CAGR of 5.04% between 2018 and 2023”
The pre-shipment inspection market is estimated to grow from USD 11.60 billion in 2018 to USD 14.83 billion by 2023, at a CAGR of 5.04% between 2018 and 2023. Some of the drivers for this market are the growing consumer spending and ongoing rapid urbanization in emerging markets, increasing incidents of product recalls across the world, and surging counterfeiting and piracy activities. The main restraint for this market growth is that pre-shipment inspection becomes counterproductive for import countries and their traders.
“In-house sourcing type accounted for a larger share of the pre-shipment inspection market in 2017”
Earlier, manufacturers and organizations had to adhere to limited standards and regulations; hence, it was possible for companies to build their in-house inspection capabilities. In recent years, standards pertaining to human/user safety and environmental safety have increased and become mandatory for certain category of products. However, this trend is shifting to the increase in outsourcing pre-shipment inspection services to specialized third-party service providers as they drastically reduce the operational expenditure for manufacturers.
“Pre-shipment inspection market for agriculture and food application to grow at the highest CAGR during the forecast period”
Increasing mandates to ensure the quality and improve the productivity of companies that supply food products (packaged and unpackaged) and changing regulations in the agriculture space across the world would drive the adoption of pre-shipment inspection services by manufacturers of agricultural equipment.
“APAC is expected to be the fastest-growing market for pre-shipment inspection services during the forecast period”
Many economically advanced countries have their manufacturing units in the developing economies of Asia Pacific (APAC), especially in China and India. These units are required to manufacture products in compliance with internationally accepted standards. Moreover, domestic markets in APAC are growing rapidly because of the rising per capita income among the middle class.
Breakdown of the profile of primary participants:
- By Company: Tier 1 – 52 %, Tier 2 – 14%, and Tier 3 – 34%
- By Designation: C-Level Executives – 49%, Directors – 28%, and Others – 23%
- By Region: North America – 42%, Europe – 32%, APAC – 21%, and RoW – 5%
Major players profiled in this report are as follows:
• SGS (Switzerland)
• Bureau Veritas (France)
• Intertek (UK)
• DEKRA (Germany)
• T?V S?D (Germany)
• Eurofins Scientific (UK)
• T?V Rheinland (Germany)
• Applus (Spain)
• ALS (Australia)
• T?V Nord (Germany)
• UL (US)
• Cotecna (Switzerland)
• CIS Commodity Inspection Services (Netherlands)
• DQS CFS (Germany)
• Asiainspection (Hong Kong)
The study segments the pre-shipment inspection market report into sourcing type (in-house and outsourced), and EXIM (export goods and import goods). The study also covers applications and provides the geographic forecast of the market size for various segments with regard to four main regions?North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To Buy the Report
The report would help the market leaders/new entrants in this market in the following ways:
- This report segments the pre-shipment inspection market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
- The report provides the detailed analysis of the testing, inspection, and certification market with the help of competitive leadership mapping, and value chain analysis including key companies in the market and their relations in the ecosystem.
- The report helps stakeholders to understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders to understand their competitors better and gain insights to enhance their position in the business.
- The competitive landscape section includes the competitor ecosystem, service developments, partnerships, and mergers and acquisitions in the pre-shipment inspection market.