Cargo inspection services include the quality and quantity check of any commodity. It also includes the physical testing of a cargo or container that includes cargo condition survey, cleanliness inspection, loading & discharging supervision, tank calibration, draft survey, and general cargo survey. The aim of these services to assure the product or commodity is satisfying the national and international regulations and standards. The cargo inspection market is expected to grow from an estimated USD 2.38 billion in 2018 to USD 2.85 billion by 2023, at a CAGR of 3.66% between 2018 and 2023. This market has the presence of many small and mid-size companies that primarily serve local markets. Companies such as SGS Group (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), and Cotecna Inspection SA (Switzerland) serve the global market with its various offices worldwide.
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Transporting cargos by various modes involves cost factor, time, and flexibility. Cargos are transported through sea, road, and railways. Majority of international trade are carried out by sea as it is relatively less costly than other types of shipping modes.
The agriculture industry is estimated to grow at the highest CAGR during the forecast period. The changing regulations, especially in the agriculture space, across the world would drive the adoption of inspection services. A few major inspection services in the agriculture sector include quality and quantity inspection, fertilizer testing, and seed testing. These services ensure the quality and quantity of the supplied agriculture commodities. Cargo inspection services in agriculture carries out highly specialized cargo surveys of commodities to assess their condition. It includes the grain test for moisture, density, percentage of damaged grains, and infestation.
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APAC is estimated to capture the largest share of the cargo inspection market. Owing to the emerging economical countries such as China and India, the growth of the cargo inspection market is expected to increase in the near future. Moreover, there is a growing consumer awareness about the importance of quality. China is one of the largest exporters of the agro-commodity among other Asian countries. Singapore is the trading hub and most of the traders are handling their trade business from Singapore. Thus, major cargo inspection companies such as SGS Group (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), ALS Limited (Australia), and Cotecna Inspection SA (Switzerland) have their offices in Singapore. India is one of the growing markets for agro-commodities.