According to the new research report "Pre-Shipment Inspection Market by Sourcing Type (In-House and Outsourced), EXIM (Export Goods, Import Goods), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023", the pre-shipment inspection market is expected to reach USD 14.83 Billion by 2023 from USD 11.60 Billion in 2018, growing 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.
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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.
Asia Pacific (APAC) accounted for the largest share of the pre-shipment inspection market in 2017
In the APAC region, China is a prominent exporter to several countries around the world; this factor has led to a rise in TIC services in the country to ensure compliance with international standards. The rising dominance of emerging Asian countries such as China and India in international trade would require them to produce goods complying with internationally accepted standards.
SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), and Cotecna (Switzerland) are the major players included in the report with their market share analysis. The report also covers various innovators involved in this market. Cayley Aerospace (US), Guangdong Inspection (China), Asia Quality Focus (Hong Kong), Solarbuyer (US), AIM Control Group (Vietnam) are a few innovators in the market.
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