Growth in seafreight to last until 2027
In a recent study, Dublin-based analyst Research and Markets reported that the global market for seafreight forwarding, estimated at 64 million teu in the year 2020, is projected to reach a revised size of 72 million teu by 2027. Packaging, one of the segments analysed in the report, is projected to record a 1.6% compound annual growth rate (CAGR) and reach 30.3 million teu by the end of the analysis period.
In the global transportation & warehousing segment, USA, Canada, Japan, China and Europe will drive the 1.7% CAGR estimated for this segment. These regional markets accounted for a combined market size of 10.6 million teu in 2020 and will reach a projected size of 11.9 million teu by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India and South Korea, the Asia-Pacific market is forecast to reach 9.6 million teu by 2027, while Latin America will expand at a 2.8% CAGR through the analysis period.(sh)