Sea Freight Forwarding Market

Market Overview:

The global sea freight forwarding market size reached US$ 81.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 105.2 Billion by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032. The growing number of global and domestic trade activities, increasing demand for safe and fast delivery cargo, and rising cross-border e-commerce activities represent some of the key factors driving the market.

Sea freight forwarding comprises the transportation of a large number of goods by sea through cargo ships from the point of origin to a destination. It is transported through various containers, such as full container load (FCL) and less-than container load (LCL). It is cost-effective and safe to transport hazardous cargo as compared to other modes of transportation. It is environment-friendly and consumes less fuel as carbon emission is very low in this transportation. It can easily transport a heavy load over long distances and has fewer restrictions on transporting goods. It assists in improving security and simplifying sea freight logistics planning, execution, and management. Besides this, it aids in maintaining transparency throughout each stage of a shipment and increasing the profitability of a business. As a result, sea freight forwarding is employed in the automotive, electronics, agriculture, healthcare, textile, and manufacturing industries around the world.

Sea Freight Forwarding Market Trends:

At present, the increasing number of global and domestic trade activities across the globe represents one of the major factors impelling the growth of the market. In addition, the rising demand for sea freight forwarding due to the lesser restrictions as compared to other modes of transportation is propelling the growth of the market. Besides this, the increasing demand for low-cost cargo transportation methods is contributing to the growth of the market. Moreover, the rising demand for sea freight forwarding due to the increasing awareness about reducing the carbon footprint across the globe is offering lucrative growth opportunities to industry investors. Apart from this, the growing adoption of sea freight forwarding due to the rising demand for safe and fast delivery cargo around the world is offering a positive market outlook. Additionally, the increasing cross-border e-commerce due to the popularity of buying numerous goods online is strengthening the growth of the market. In line with this, the rising integration of artificial intelligence (AI), a global positioning system (GPS), and the internet of things (IoT) in the sea freight supply chain for tracking shipments in real-time is supporting the growth of the market. Furthermore, the growing demand for the transportation of cargo through seaways due to the rising air freight charges worldwide is positively influencing the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global sea freight forwarding market report, along with forecasts at the global, regional, and country level from 2024-2032. Our report has categorized the market based on type, services, and vertical.

Type Insights:

• Full Container Load (FCL)
• Less-than Container Load (LCL)
• Others
   

The report has provided a detailed breakup and analysis of the sea freight forwarding market based on the type. This includes full container load (FCL), less-than container load (LCL), and others. According to the report, less-than container load (LCL) represented the largest segment.

Services Insights:

• Packaging and Labeling
• Documentation and PO Management
• Charter Services
• Transportation and Warehousing
• Others
   

A detailed breakup and analysis of the sea freight forwarding market based on the services has also been provided in the report. This includes packaging and labeling, documentation and PO management, charter services, transportation and warehousing, and others. According to the report, transportation and warehousing accounted for the largest market share.

Vertical Insights:

• Retail and FMCG
• Manufacturing
• Consumer Appliances
• Healthcare
• Textile
• Others
   

A detailed breakup and analysis of the sea freight forwarding market based on the services has also been provided in the report. This includes Retail and FMCG, manufacturing, consumer appliances, healthcare, textile, and others. According to the report, manufacturing accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for sea freight forwarding. Some of the factors driving the Asia Pacific sea freight forwarding market included the growing number of import and export activities, introduction of online freight booking applications, thriving e-commerce industry, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global sea freight forwarding market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the sea freight forwarding market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global sea freight forwarding market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the sea freight forwarding industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.