The global Ocean Freight Services market reached a value of about 161 million TEU in 2021. The industry is projected to grow at a CAGR of around 5% in the forecast period of 2022-2027 to reach a value of about 216 million TEU by 2027.
The global Ocean Freight Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. With the rising need to transport goods globally due to growing globalisation, the market will witness growth. The Asia Pacific is the highest category spender by region, driving the demand for the Ocean Freight Services industry.
Ocean freight means transporting vast amounts of merchandise into big containers and loading them onto ships to convey to the target country. The Ocean Freight Services industry report comprises segments by end-use (FMCG, F&B, Consumer Electronics, Pharmaceuticals) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
Asia Pacific region holds the largest share in the market due to the growing popularity of online shopping. As a result, domestic and cross-border e-commerce in areas like China, India, and Indonesia is propelling the industry. As developing nations transition from manufacturing for export to higher consumption levels by expanding middle classes, e-commerce growth is closely linked to consumption growth in the region.
The market is being driven by the rise in e-commerce activity across the globe. The increase in internet penetration, rise in disposable incomes, purchasing power parity, infrastructure development, and strong demand for services tailored to the e-commerce industry drive the market's growth. Freight forwarders also provide other integrated services such as packing, insurance, and documentation in addition to cargo transportation. As a result, the availability of a wide range of services boosts the market's expansion. Furthermore, an increase in the number of heavy cargoes for transportation increased international trade, and increased demand for low-cost cargo transportation techniques might contribute to the industry's development.
However, an increase in cargo delays due to bad weather conditions and an increase in ship maintenance costs are likely to hamper the industry's growth.
The global Ocean Freight Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Ocean Freight Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Infrastructure is required for a port to successfully convey and receive cargo: docks, bollards, pilings, cranes, bulk cargo handling equipment, and so on - equipment and organisation that supports the role of the facilities. The transport can be accomplished over any distance, including oceans and lakes, canals, and rivers, by boat, ship, sailboat, or barge. Shipping is used for various reasons, including business, recreation, and military purposes. While large inland shipping is no longer as crucial as it once was, the world's major waterways, including many canals, remain vital to global economies. Water may transport any material, but water transport becomes impracticable when material delivery is time-critical, such as certain types of perishable produce. Still, sea transport is very cost-effective for frequent schedulable cargoes like the trans-oceanic shipment of consumer goods – and especially for big loads or bulk cargoes like coal, coke, ores, or grains.
The technological advancements in the sector are propelling the market. Improvements and increased digitalisation by businesses are anticipated to provide market opportunities. Several maritime freight forwarding companies use blockchain to increase their overall operational efficiency. The efficiency of ocean freight forwarding is predicted to improve due to this trend. In addition, increased digitalisation by businesses is anticipated to provide market opportunities.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The market for sea freight forwarding is highly competitive and fragmented, with many companies. The best service providers have a global footprint. Many new firms have entered the industry since ocean freight volume has tripled. The focus is on lowering fuel costs and increasing ship utilisation rates.
1. Executive Summary
2. Ocean Freight Services Market Snapshot
2.1. Ocean Freight Services Market Outlook
2.2. Ocean Freight Services Industry Analysis By Major End-Use
2.2.3. Consumer Electronics
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Ocean Freight Services Value Chain Analysis
5. Ocean Freight Services Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Ocean Freight Services Cost Structure
9. Ocean Freight Services Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Ocean Freight Services Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. A.P. Moller – Maersk
14.2. China Ocean Shipping Company, Limited
14.3. Hapag-Lloyd AG
14.4. Mediterranean Shipping Company S.A. (MSC)
14.5. ZIM Integrated Shipping Services Ltd.
The global Ocean Freight Services market size was valued at 161 million TEU in 2021.
As per the end-use provided, the F&B segment is anticipated to lead the market between 2022 and 2027.
The significant demand for services to transport goods across the globe is one of the essential drivers of the Ocean Freight Services market growth.
Maesrk A/S, Hapang-Lloyd AG, Mediterranean Shipping Company S.A., and ZIM Integrated Shipping Services are some of the leading companies in the market.
The Asia Pacific region of the Ocean Freight Services industry holds a significant share in the market.
The global Ocean Freight Services market attained a value of 161 million TEU in 2021, driven by worldwide e-commerce activity. Aided by the growing technological advancements and increased digitalisation by businesses, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 5%. The market is projected to reach 216 million TEU by 2027. Some of the leading players in the industry are Maesrk A/S, Hapang-Lloyd AG, Mediterranean Shipping Company S.A., and ZIM Integrated Shipping Services.
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