Pre-Shipment Inspection Market By Type, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Global Pre-Shipment Inspection Market is valued to reach USD 14.98 Billion by 2023, exhibiting a healthy CAGR of 5.2% over the forecast period 2020–2026. Key factors such as rapid urbanization, rising product recalls coupled with surging piracy and counterfeiting activities are augmenting the market growth.

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Pre-shipment inspection (PSI) is based on identification of goods and correct value assessment. The term is of a high relevance across packaging industry wherein a package undergoes multi-stage scanning for its quality and authenticity. As the scope of international trade expands, the counterfeit products have summed up as a multi-billion dollar economy. Therefore, to counter any malpractices while packaging, a pre-shipment inspection has become a mandate activity in the EXIM and IMEX business.

PSI continues to remain an inseparable part of international trade for years in a row. Originally, the concept was introduced as a part of custom procedure to ensure quality and genuineness of the imported goods. Within, the scope of PSI, inspection agencies are allowed to carry random checks on behalf of importing country. Upon completion of inspection, the goods are allowed to move ahead to the consignee. PSI practices have now gained a worldwide traction and forms as a holistic industry demonstrating competence for quality control. The market for pre-shipment inspection witness a huge rise as it receives a high adoption by international organizations. For instance, General Agreement on Trade (GATT) and World Trade Organization (WTO) have highly adopted pre-shipment inspection practices.

Globalisation of trade, reduction in duty rate and legitimate policies followed by novel methods of control PSI gains a high importance in international trade. On contrary, PSI practices increase burden and overheads in the international trade and turn as counter-productive activity for traders as a part of long term strategy. However, there are policies to avoid delays and also perform effective checks over goods that are imported/exported.

Pre-Shipment Inspection Market Trends, Drivers and Opportunities:

The pre-shipment inspection market is significantly driven by frequent incidence and occurrence of counterfeit products. Additionally, surging costs to counter piracy and a rising trend of outsourcing inspection activities to external vendors is somehow restraining the market growth. On contrary, the market witness growing demand for quality packaging which in turn stimulates the market growth throughout the forecast period. Opportunities such as use of digital devices and bar-codes are creating new avenues for market development in the near future. However, delays and long-procedure audit based methods are somehow evident that are causing hindrance in the global market scenarios.