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(IT-NEWSWIRE.COM, September 07, 2019 ) The global pre-shipment inspection market is expected to increase from USD 11.60 Billion in 2018 to USD 14.83 Billion by 2023, at a CAGR of 5.04% between 2018 and 2023. Some of the key factors driving this market are the growing consumer spending and ongoing rapid urbanization in emerging markets, increasing incidents of product recalls across the world, and surging counterfeiting and piracy activities.
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Key players in the pre-shipment inspection market include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), and Cotecna (Switzerland), among others. Some of the major strategies adopted by these market players to compete in the pre-shipment inspection market were expansions, contracts, partnerships, and mergers and acquisitions. This market is evolving globally with the increasing competition to offer niche pre-shipment inspection services.
Leading players in the pre-shipment inspection market are as follows:
SGS Group is a Switzerland-based company that offers inspection, verification, testing, and certification services in APAC, the Americas, Europe, Africa, and the Middle East. The company operates in sectors including agricultural, minerals, oil and gas, and chemicals; life sciences; consumer testing; systems and services certification; industrials; environmental; automotive; and government and institution services. The company generated maximum revenue, which was nearly 44%, from the European, African, and the Middle Eastern regions as of 2016. Its strategically balanced portfolio reduces the business risks and enables it to tap opportunities in new and existing markets. In terms of key business strategies, SGS Group adopted the acquisition strategy in the pre-shipment inspection services. For instance, in July 2017, SGS announced the completion of its acquisition of Central Illinois Grain Inspection, Inc. (CIGI), a USDA-licensed agency inspecting grains and bi-products for export and domestic quality settlements with growers.
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Bureau Veritas is a France-based company that delivers high-quality service solutions to companies in sectors such as oil and gas, food, and consumer goods to meet the growing challenges in terms of quality, safety, and environment protection. The company operates in regions such as Europe, APAC, and the Americas. The company adopted the strategy of service expansion. For instance, in May 2015, exporters have reconfirmed Bureau Veritas for 3 years for the delivery of verification services to Tanzania. Since May 1, Bureau Veritas provides PVOC services under this new phase of the program.
Export goods held a larger share of the pre-shipment inspection market in 2017
There has been an increase in the number of product recalls due to faulty components and parts. Such incidents are on the rise than ever before due to use of sub-standard parts and materials. Moreover, the electronics, capital goods, and luxury goods industries have to adhere to stringent quality standards, thereby increasing the need for pre-shipment inspection for export goods.
Pre-shipment inspection market for outsourced services is expected to grow at the highest CAGR during the forecast period
Many large firms are increasingly outsourcing pre-shipment inspection services because the increased regulations make it costly to conduct test in-house, thereby helping the firms to reduce the overall cost of inspection. The demand for outsourcing pre-shipment inspection services to third-party vendors is increasing for applications such as consumer goods and manufacturing owing to the capital-intensive nature of in-house pre-shipment inspection activities.
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Consumer goods and retail application held the largest share of the pre-shipment inspection market in 2017
In the current highly regulated marketplace, manufacturing and retailing is no longer limited to producing and selling goods but also ensuring that the product follows thoroughly standardized processes and comply with international standards. Customers in the consumer goods and retail markets are more demanding and less predictable than ever before. Therefore, superior consumer understanding and thought leadership play a crucial role in engaging the customers.
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