Global Sea Freight Forwarding Market to Reach US$ 95.5 Billion by 2028, Driven by the Increasing International Trade

According to the latest report by IMARC Group, titled “Sea Freight Forwarding Market by Type (Full Container Load (FCL), Less-than Container Load (LCL), and Others), Services (Packaging and Labeling, Documentation and PO Management, Charter Services, Transportation and Warehousing, and Others), Vertical (Retail and FMCG, Manufacturing, Consumer Appliances, Healthcare, Textile, and Others), and Region 2023-2028,” the global sea freight forwarding market size reached US$ 78.6 Billion in 2022. Sea freight forwarding, also known as ocean freight forwarding or maritime logistics, refers to the process of arranging the shipment and transportation of goods by sea from one location to another. It involves coordinating the movement of cargo between shippers and consignees, ensuring efficient and timely delivery. The sea freight forwarding process involves careful planning and coordination to optimize cargo loading, routing, and scheduling. Sea freight forwarding encompasses a range of services, including booking cargo space on vessels, handling documentation and customs clearance, arranging inland transportation to and from ports, and tracking the shipment until its destination. Freight forwarders act as intermediaries between shippers and carriers, leveraging their expertise in logistics, shipping regulations, and international trade to facilitate smooth and cost-effective transportation. Sea freight forwarding plays a vital role in global trade, enabling the transportation of goods in large quantities across long distances. It provides businesses with a cost-effective and reliable option for international shipping, connecting markets, and facilitating the movement of goods between different countries.

Global Sea Freight Forwarding Market Trends:

The widespread adoption of containerization represents one of the key factors driving the growth of the market across the globe. This is primarily attributed to the expanding shipping industry, which is driving the growth of the market. In line with this, intermodal transport, which combines different modes of transportation seamlessly, including sea, rail, and trucking, further enhances the efficiency and competitiveness of sea freight forwarding, thus contributing to the growth of the market. The market is also driven by expanding international trade leading to higher import and export volumes. This is driving the need for efficient and reliable sea freight forwarding services, which, in turn, is contributing to the market growth. In addition to this, the increasing investments in port infrastructure and logistics facilities are contributing to the market growth. Apart from this, infrastructure development initiatives, such as port expansion projects and improvements in surroundings connectivity, which is attracting more trade and enhance the competitiveness of sea freight forwarding, are driving the growth of the market. Government policies, regulations, and trade agreements, along with measures reducing barriers to international trade and promoting the movement of goods by sea are further facilitating the growth of the market. Moreover, the increasing globalization and the growing trend of outsourcing of production, the rising of e-commerce and cross-border online retail, the increasing popularity of online shopping, the rising demand for fast and affordable international shipping, and the increasing awareness regarding the carbon footprint associated with shipping, are some of the other factors creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach US$ 95.5 Billion by 2028, expanding at a CAGR of 3.1 % during 2023-2028.

Market Summary:

• Based on type, the market has been classified into full container load (FCL), less-than container load (LCL), and others. Currently, less-than container load (LCL) holds the largest market share worldwide.
• On the basis of the service, the market has been segmented into packaging and labeling, documentation and PO management, charter services, transportation and warehousing, and others. Currently, transportation and warehousing is dominating the market across the globe.
• Based on vertical, the market has been segregated into retail and FMCG, manufacturing, consumer appliances, healthcare, textile, and others. Presently, manufacturing is holding the largest market share worldwide.
• On a geographical front, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Presently, Asia Pacific is dominating the market across the world.
• The competitive landscape of the market has also been examined with some of the key players being Agility Logistics, Bolloré Logistcs, C.H. Robinson Worldwide Inc., CEVA Logistics, Deutsche Bahn AG, Deutsche Post AG, Expeditors International, Geodis, Hellmann Worldwide Logistics SE & Co. KG, Kerry Logistics Network Limited, Kuehne + Nagel, Sinotrans Limited, United Parcel Service Inc., Yusen Logistics Co. Ltd., etc.

Report Scope:

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