Ocean Freight Forwarding Market by Type (Full Container Load, Less than Container Load), Service (Charter Services, Documentation & PO Management, Packaging & Labeling), End-User - Global Forecast 2024-2030

Ocean Freight Forwarding Market by Type (Full Container Load, Less than Container Load), Service (Charter Services, Documentation & PO Management, Packaging & Labeling), End-User - Global Forecast 2024-2030

The Ocean Freight Forwarding Market size was estimated at USD 75.64 billion in 2023 and expected to reach USD 79.22 billion in 2024, at a CAGR 5.05% to reach USD 106.86 billion by 2030.

Ocean freight forwarding encompasses the range of services provided by logistics companies to facilitate international trade via sea transportation. These services include the booking of cargo space on ships, cargo consolidation, warehousing, cargo insurance, documentation, and customs clearance. Ocean freight forwarding is an essential component of global trade, facilitating the transport of large volumes of goods across continents. Increases in international trade agreements and economic cooperation between countries contribute to the growth of the market. The rising trend of online shopping has led to increased demand for international shipping services, subsequently driving the growth of the market. Expanding investments in port facilities and shipping technologies that improve handling capabilities are driving the market growth. The high cost of navigating the complex web of international trade laws hampers the growth of the ocean freight forwarding market. The growing development of sustainable shipping practices to reduce the carbon footprint of maritime transport and platforms for better tracking and transparency across the entire supply chain is expected to create opportunities for market growth.

Regional Insights

In the Americas, the demand for ocean freight forwarding is driven by both imports and exports of goods, inclduing consumer electronics, automotive parts, and commodities. The customer purchasing behavior shows a penchant for reliable and timely deliveries, often with an emphasis on advanced tracking features and cost efficiency. Major ports such as Los Angeles, Long Beach, and New York play a critical role in handling cargo volumes. The EU region exhibits diverse consumer needs influenced by strict regulations, environmental considerations, and a focus on supply chain resilience. Market players emphasize efficiency, integrated logistics services, and digitalization in response to customer expectations. The Middle East has been rapidly growing as a logistics hub due to its strategic location and investment in port infrastructure, including the Jebel Ali Port in Dubai. Africa's ocean freight forwarding market is emerging, with infrastructure developments and increased trade. The customer base is cost-sensitive, requiring economical options without compromising on the transit times. Asia-Pacific, as a major global exporter, contributes significantly to the ocean freight forwarding industry. The Asia-Pacific market demands high efficiency, fast shipping times, and robust logistics networks, reflected in the capabilities of ports such as Shanghai and Shenzhen. There is a trend toward a more digitalized and automated supply chain management approach.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Ocean Freight Forwarding Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Expansion of offshore oil & gas industries across economies
Growing maritime trades and demand for safe & fast cargo delivery
Increasing number of ports and commercial sea vessels

Market Restraints

Surging crude oil prices and rise in shipment costs

Market Opportunities

Introduction of marine batteries for naval vessels
Rapid surge in cross-border e-commerce activities

Market Challenges

Environmental issues associated with ship maintenance activities

Market Segmentation Analysis

Type: Growing usage of less than container load offers a greater degree of flexibility and is more accessible for smaller businesses
Service: Rising potential of charter services for high-volume shipments and non-standard cargo size
End-User: Significant usage of ocean freight forwarding in the manufacturing sector as they seek bulk shipping options

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Ocean Freight Forwarding Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Ocean Freight Forwarding Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Yamato Transport to Launch Quick Small-parcel Ocean Freight Forwarding Service for Cross-border EC Operators

Yamato Transport Co., Ltd. expanded small-parcel ocean freight forwarding by launching its service for cross-border e-commerce businesses. This service drastically reduces delivery times, enabling products from South Korea and China to reach Japanese consumers in a few days, respectively. Leveraging its proprietary Ocean B2C Operating System (OBOS) and its status as an Authorized Economic Operator (AEO), Yamato Transport aims to meet the growing demand in a growing cross-border e-commerce market.

Freight Forwarder Europa Air & Sea Announces India's Entry

Europa Air & Sea, a division of the internationally recognized Europa Worldwide Group, strategically expanded its global footprint by opening a new office in Delhi, India. With operational bases already established in key locations such as Hong Kong, Shanghai, and Dubai and an upcoming facility in Shenzhen, Europa Air & Sea is steadily fortifying its network to adequately serve global logistics demands.

Nippon Express buys European logistics firm Cargo-Partner

Nippon Express has acquired European logistics expert Cargo-Partner to considerably amplify its logistics presence in Europe, with a special focus on the dynamic manufacturing regions of Central and Eastern Europe. The addition is expected to substantially enhance the company's ocean and air freight capabilities.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Ocean Freight Forwarding Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Ocean Freight Forwarding Market, highlighting leading vendors and their innovative profiles. These include A.P. Moller - Maersk, AFM LOGISTICS PVT. LTD., Agility Logistics, Asiana USA, Bolloré Logistics, C.H. Robinson Worldwide, Inc., CEVA Logistics SA, China Merchants Group Limited, Crane Worldwide Logistics LLC, DB Schenker, Deutsche Post AG, DSV A/S, Expeditors International of Washington, Inc., Freightos Limited, GEODIS, Hellmann Worldwide Logistics SE & Co. KG, Kerry Logistics Network Limited, Kuehne+Nagel, LOGISTEED, Ltd., LX International Corp, Nippon Express CO., LTD., Ocean-Air Freight Ltd, Sarvam Logistics, United Parcel Service, Inc., and YUSEN LOGISTICS CO., LTD.

Market Segmentation & Coverage

This research report categorizes the Ocean Freight Forwarding Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Full Container Load
Less than Container Load
Service
Charter Services
Documentation & PO Management
Packaging & Labeling
Transportation & Warehousing
End-User
Consumer Appliances
Healthcare
Manufacturing
Oil & Gas
Retail & FMCG
Textile
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year