Preshipment Inspection Market Size – USD 12.29 Billion in 2020, Market Growth – CAGR of 4.9%, Market Trends – Rapid Urbanization in Developing Countries.
NEW YORK, NY, USA, March 7, 2022 /EINPresswire.com/ — Rising demand for good quality foods and standard products in various industries is fueling the market demand.
The global pre-shipment market is expected to reach USD 17.96 billion by 2028, according to a new report from Reports and Data.
Pre-shipment of goods can be done at different stages before shipment, such as quality control or consistency of goods, checking of goods and packing. The pre-shipment process is carried out to reduce the risk of poor quality and nonconforming products, reduce product recalls and reduce costs. When the goods have passed a qualified pre-inspection and received a certificate, the sales of the goods will automatically increase.
It is part of supply chain management and is a quality control method for inspecting the quality of goods. The inspection is performed according to the standard Acceptable Quality Limits (AQLs) associated with the product or customer requirements. The factors causing the Pre-shipment inspection market are an increase in consumer goods, rapid urbanization, and growing piracy and counterfeiting activities.
Prolonged time taken for overseas qualification test inspection becomes counterproductive for importing countries, and their traders hinder market growth. Rising outsourcing of inspection services to third parties creates opportunities for future market growth.
Asia-Pacific has the highest growth rate. Pre-shipment inspection has found a niche in emerging countries like India, China, Japan, etc. China has a large export sector with the rest of the world. It has increased testing, inspection and certification services (ICT services) to comply with the international standard.
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The main participants are SGS, Bureau Veritas, Intertek, TUV SUD, Dekra, TUV Rheinland, UL, Eurofins Scientific, Cotecna, TUV Nord, Applus, ALS, DQS CFS, Asiainspection, among others.
Other key findings from the report suggest
• Internal sourcing type holds the largest market share of 51% in 2020.
• Pre-shipment internal inspection means that the inspection is carried out by the manufacturer’s or company’s inspection team.
• Export goods dominate the segment and are expected to grow with a higher annual growth rate of 5.4% by 2028. This is due to the increasing demand for good quality products in various industries, which increases the request for pre-shipment inspection.
• It is generally mandatory for manufacturers to ensure that the goods have met the quality demanded by the consumer and to ensure their regulatory and technical safety performance.
• The Government of India has introduced mandatory Quality Control and Pre-shipment Inspection for 90% of items exported under either system under the Export (Quality Control and Pre-shipment Inspection) Act 1963 ). Chemicals is one of them, and they held an 11% market share in 2020.
• Construction held a 12% market share in 2020, while oil and gas held an 11% market share in 2020.
• Europe is expected to grow with a CAGR of 5.4% over the forecast period. The presence of prominent players such as Dekra, Intertek, Applus, Eurofins and others are driving the market in the region.
• In August 2020, Intertek Group PLC acquired Alchemy Systems. The acquisition was made to develop safety training for Intertek workers.
To identify key industry trends, click the link below: https://www.reportsanddata.com/report-detail/pre-shipment-inspection-market
For the purposes of this report, the reports and data have segmented the global pre-shipment market on the basis of supply type, EXIM, application and region:
Supply Type Outlook (Revenue, USD Billion; 2020-2028)
EXIM Outlook (Revenue, USD Billion; 2020-2028)
• Export goods
• Import goods
Application Outlook (Revenue, USD Billion; 2020-2028)
• Consumer goods
• Chemical products
• Oil and gas
• Supply chain
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Regional Outlook (Revenue, USD Billion; 2020-2028)
• North America
• Asia Pacific
• Latin America
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