New York, NY -- (SBWIRE) -- 01/15/2021 -- The rise in demand for good quality food products across various industries is fueling the market demand. Market Size – USD 11.47 Billion in 2019, Market Growth - CAGR of 4.9%, Market Trends – Rapid urbanization in developing nations.

It is estimated that the global Pre-Shipment Market size will hit USD 17 billion by 2027. Pre-shipment of products, such as quality control or performance of goods, product testing and packaging, may be carried out at various stages before shipment. To minimize the risk of low quality and non-compliance products, reduce product recalls and to decrease costs, the pre-shipment process is carried out. When items have qualified for pre-inspection and have received a certificate, the sales of goods are expected to automatically increase.

It is part of the management of the supply chain and is a form of quality control to inspect the quality of products. Inspection is carried out according to the usual Acceptable Quality Limits (AQL) related to the specifications of the product or consumer. A rise in consumer products, rapid urbanization and increasing piracy and counterfeiting operations are the factors driving the pre-shipment inspection market.

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The prolonged time needed for the inspection of overseas certification tests is becoming counterproductive for importing countries and is hampering market growth for traders. The increase in third-party outsourcing of inspection services is generating opportunities for more business growth.

Asia Pacific pre-shipment inspection market has the highest rate of growth. In developing nations like India, China, and Japan, etc., pre-shipment inspection has found a niche. China, along with the rest of the world, has a major export market. The Testing, Inspection and Certification Services (TIC Services) have been improved to comply with international standards.

Further key findings from the report suggest:
The larger market share of 51% was held by the in-house sourcing type in 2019. In-house pre-shipment inspection indicates that the inspection is carried out by the inspection team of the suppliers or businesses themselves.
Import products dominate the EXIM segment and are expected to rise by 2027, with a higher annual growth rate of 5.4%. This is because of the growing demand across different industries for high-quality goods, which raises the demand for pre-shipment inspection.

It is usually mandatory for manufacturers to ensure that the products meet the customer's requested standard and ensure regulatory and technical safety efficiency.

In compliance with the Export (Quality Control & Pre-Shipment Inspection) Act, 1963, the Government of India has implemented mandatory quality control and pre-shipment inspection for nearly 90% of export products under one or another scheme. One of them is chemicals, and in 2019 they held a market share of around 11%.
Construction held a 12% share in the industry in 2019, while oil and gas held an 11% share.

Europe pre-shipment inspection market is forecast to grow with a CAGR of 5.4% in the forecast duration. The presence of leading players in the region drives the market. These companies include Dekra, Intertek, Applus, Eurofins, and others.

Key participants include Applus, Bureau Veritas, SGS, Intertek, Dekra, TUV SUD, TUV Rheinland, UL, Cotecna, Eurofins Scientific, TUV Nord, DQS CFS, ALS, and Asiainspection, among others.

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For the purpose of this report, the Global Pre-Shipment Market is segmented on the basis of sourcing type, EXIM, application, and region:

Sourcing Type Outlook (Revenue, USD Billion; 2017-2027)
In-House
Outsourced

EXIM Outlook (Revenue, USD Billion; 2017-2027)
Export Goods
Import Goods

Application Outlook (Revenue, USD Billion; 2017-2027)
Consumer Goods
Chemicals
Agriculture
Construction
Manufacturing
Medical
Mining
Oil and Gas
Transportation
Supply Chain

Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
S.
Europe
K.
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa

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Key Highlights of the Report:
The market report comprises a broad segmentation of the global Pre-Shipment market on the basis of product type, application gamut, end-use landscape, regional landscape, and competitive scenario.
The report lists the key business expansion strategies undertaken by the leading market competitors, such as mergers & acquisitions, collaborations, R&D investments, and product innovations, technological upgradation, etc.

The report exhaustively assesses the present market situation, downstream buyers, and upstream feedstock.
Additionally, the report gauges the significant impact of modern technologies, such as artificial intelligence and big data analytics, and social media platforms, on the Pre-Shipment market development in the near future.

Table of Content of the Report:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Preshipment Segmentation & Impact Analysis
Continued….

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