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Shipping Agency Services Market Size

Report ID: GMI7271
Published Date: Nov 2023
Report Format: PDF

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Shipping Agency Services Market Size

Shipping Agency Services Market size was valued at USD 338.2 billion in 2022 and is projected to grow at a CAGR of over 6.2% between 2023 and 2032, attributed to the flourishing international trade and globalization.

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According to UNCTAD, in terms of monetary value, global trade was approximately USD 25 trillion in 2019. However, it experienced a decline of around USD 2.5 trillion in 2020 due to the impact of the COVID-19 pandemic. As economic activity rebounded, trade saw a significant increase of USD 5.5 trillion in 2021, reaching about USD 28 trillion. As a result of this recovery, the proportion of global exports concerning the overall global economic output rose from 29 percent in 2019 to approximately 32 percent in 2021.

Shipping Agency Services Market Report Attributes
Report Attribute	Details
Base Year:	2022
Shipping Agency Services Market Size in 2022:	USD 338.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6%
2032 Value Projection:	USD 702.9 Billion
Historical Data for:	2018 to 2022
No. of Pages:	230
Tables, Charts & Figures:	215
Segments covered:	Service Type, Agency Type
Growth Drivers:	Increase in use of standardized containers and intermodal transportation methods High focus on technological advancements Increase in supply chain optimization Growing E-commerce and retail industry
Pitfalls & Challenges:	Increasing environmental concerns Complex regulatory compliance

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Shipping agencies play a vital role in facilitating and coordinating these international logistics, handling everything from port clearances to vessel scheduling. As economies become increasingly interconnected, the demand for the movement of goods and commodities across borders has risen, contributing to the expansion of the shipping agency services industry.

The overall growth and expansion of the shipping industry, including maritime trade, container shipping, and bulk cargo transportation, are key drivers for shipping agency services industry. Based on UNCTAD estimates, leveraging the increased demand for containerized cargo, global maritime trade experienced a significant resurgence in 2021. Shipments expanded by an estimated 3.2%, reaching 11 billion tons. This marks a notable improvement of 7 percentage points compared to the 3.8% decline observed in 2020. As the volume of goods transported by sea increases, so does the demand for services such as vessel agency, cargo handling, and customs clearance.

However, the evolving technological landscape may significantly impact the overall shipping agency services market dynamics over the next ten years. While technological upgrades can bring efficiency and cost savings to the shipping industry, they can also disrupt traditional business models. Automation, digital platforms, and blockchain technology are changing how shipping operations are managed and coordinated, posing challenges to traditional shipping agency services as they face competition from more tech-savvy alternatives.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of shipping agency services reached USD 338.2 billion in 2022 and is set to record over 6.2% between 2023 and 2032, says this GMI report.

Cargo agency segment share was around 37% in 2022, due to their pivotal role in facilitating the movement of goods and establishing direct relationships with cargo owners, shippers, and consignees, making them key intermediaries in the supply chain.

North America market is expected to record around 5% CAGR from 2023 to 2032, as the region's strong economy, increased consumer demand for imported goods, and the expansion of e-commerce that has fueled international trade.

Hutchison Ports, Kuehne + Nagel, PSA International, Cargotec, CEVA Logistics, CMA CGM Group, DHL Global Forwarding, DP World, Expeditors International, and Flexport.