Home > Automotive > Automotive Logistics > Freight Logistics > Shipping Agency Services Market

Shipping Agency Services Market Trends

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

Download Free Sample

Shipping Agency Services Market Trends

The shipping industry is highly regulated, with numerous legal and regulatory requirements related to customs, safety, environmental standards, and security. Shipping agencies provide expertise in navigating these complex regulations and ensure that vessels and cargo comply with all necessary documentation and requirements. As regulations become more stringent and complex, the need for professional shipping agency services grows.

For instance, in September 2023, the Tanzania Shipping Agencies (Shipping Agents) Regulations of 2018, which oversee the activities and criteria for shipping agents in the nation, have undergone modifications through the Tanzania Shipping Agencies (Shipping Agents) (Amendments) Regulations of 2023. These amendments to the Regulations are designed to improve transparency, professionalism, and accountability within the shipping agent industry, with the ultimate goal of benefiting both businesses and consumers engaged in the shipping sector.

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.