Ocean Freight Services Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Ocean Freight Services market reached a value of about 161 million TEU in 2021. The industry is projected to grow at a CAGR of around 5% in the forecast period of 2022-2027 to reach a value of about 216 million TEU by 2027.

The global Ocean Freight Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. With the rising need to transport goods globally due to growing globalisation, the market will witness growth. The Asia Pacific is the highest category spender by region, driving the demand for the Ocean Freight Services industry.

Industry Definition and Segmentation

Ocean freight means transporting vast amounts of merchandise into big containers and loading them onto ships to convey to the target country. The Ocean Freight Services industry report comprises segments by end-use (FMCG, F&B, Consumer Electronics, Pharmaceuticals) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

The Asia Pacific Region is Driving the Growth of the Industry

Asia Pacific region holds the largest share in the market due to the growing popularity of online shopping. As a result, domestic and cross-border e-commerce in areas like China, India, and Indonesia is propelling the industry. As developing nations transition from manufacturing for export to higher consumption levels by expanding middle classes, e-commerce growth is closely linked to consumption growth in the region.

The market is being driven by the rise in e-commerce activity across the globe. The increase in internet penetration, rise in disposable incomes, purchasing power parity, infrastructure development, and strong demand for services tailored to the e-commerce industry drive the market's growth. Freight forwarders also provide other integrated services such as packing, insurance, and documentation in addition to cargo transportation. As a result, the availability of a wide range of services boosts the market's expansion. Furthermore, an increase in the number of heavy cargoes for transportation increased international trade, and increased demand for low-cost cargo transportation techniques might contribute to the industry's development.

However, an increase in cargo delays due to bad weather conditions and an increase in ship maintenance costs are likely to hamper the industry's growth.

Best Procurement Practices

The global Ocean Freight Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Ocean Freight Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Infrastructure is required for a port to successfully convey and receive cargo: docks, bollards, pilings, cranes, bulk cargo handling equipment, and so on - equipment and organisation that supports the role of the facilities. The transport can be accomplished over any distance, including oceans and lakes, canals, and rivers, by boat, ship, sailboat, or barge. Shipping is used for various reasons, including business, recreation, and military purposes. While large inland shipping is no longer as crucial as it once was, the world's major waterways, including many canals, remain vital to global economies. Water may transport any material, but water transport becomes impracticable when material delivery is time-critical, such as certain types of perishable produce. Still, sea transport is very cost-effective for frequent schedulable cargoes like the trans-oceanic shipment of consumer goods – and especially for big loads or bulk cargoes like coal, coke, ores, or grains.

Technological Developments, Further Driving the Ocean Freight Services Market

The technological advancements in the sector are propelling the market. Improvements and increased digitalisation by businesses are anticipated to provide market opportunities. Several maritime freight forwarding companies use blockchain to increase their overall operational efficiency. The efficiency of ocean freight forwarding is predicted to improve due to this trend. In addition, increased digitalisation by businesses is anticipated to provide market opportunities.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Ocean Freight Services Industry Report

• A.P. Moller – Maersk
• China Ocean Shipping Company, Limited
• HapagLloyd AG
• Mediterranean Shipping Company S.A. (MSC)
• ZIM Integrated Shipping Services Ltd.

Market Landscape

The market for sea freight forwarding is highly competitive and fragmented, with many companies. The best service providers have a global footprint. Many new firms have entered the industry since ocean freight volume has tripled. The focus is on lowering fuel costs and increasing ship utilisation rates.

Key Initiatives by Companies

• A.P. Moller – Karachi Maersk's (Maersk) strong commitment to Pakistani exporters is paying off, as seen by Maersk's (Maersk) robust export increase in the first quarter of 2022. Following a drop in exports in 2021 due to the global pandemic's numerous obstacles, local exporters have moved about 33 percent more containers out of the country on Maersk vessels between January and March this year than during the same period last year. Maersk's initiatives to ensure access to empty containers and vessel space have made a significant difference in the recent quarter.
• April 24, 2022, HAIFA, Israel — ZIM Integrated Shipping Services (NYSE: ZIM) announced today that the transatlantic ZIM Container Turkey service (ZCT) would become a weekly service starting in mid-May 2022, offering better connectivity between Turkey and the U.S. East Coast.