The pre-shipment inspection market is expected to increase from USD 11.60 Billion in 2018 to USD 14.83 Billion by 2023, at a CAGR of 5.04% between 2018 and 2023. The growth of this market is mainly driven by 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.
Export goods accounted for a larger share of the pre-shipment inspection market in 2017. There is an increasing demand for pre-shipment inspection services in most applications owing to the rising demand for good-quality and standard products across various industries. Manufacturers are required to ensure the products have met the quality, technical, safety, and performance regulatory standards to increase the marketability of their products.
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 pre-shipment inspection capabilities. In recent years, standards pertaining to human/user safety and environmental safety have increased and become mandatory for certain category of products.
The consumer goods and retail application held the largest share of the pre-shipment inspection market in 2017. Customers in consumer goods and retail markets are more demanding and less predictable than ever before. Therefore, superior consumer understanding and thought leadership play a crucial role in engaging the customers. This factor holds the potential for the increase in the adoption of pre-shipment inspection services worldwide.
In terms of regions, Asia Pacific (APAC) accounted for the largest share of the pre-shipment inspection market in 2017. Industrially advanced countries such as China, Japan, South Korea, and Taiwan possess a significant export capacity. Major industries in these countries include consumer electronics, processed foods, and agriculture. These industries have a significant demand for pre-shipment inspection services, which would help them to comply with international standards.
Pre-shipment inspection increases burdens and costs in international trade and can be counterproductive for the country of importation and its traders, thereby restraining market growth. Pre-shipment inspection companies are subject to local laws and have to abide by the regulations and jurisdiction of each region and country in which they operate, thereby reducing their effectiveness.
SGS (Switzerland) is one of the leading companies in the pre-shipment inspection market, followed by Bureau Veritas with a large contribution to the parent market share and high financial power, and provides a broad service portfolio in the market with strong technical expertise. SGS is highly focused on its continued growth through acquisitions, strategic partnerships, and expansions to gain a competitive advantage. Bureau Veritas is viewed to grow through an aggressive inorganic strategy by means of acquiring small companies.About MarketsandMarkets™
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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