Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Latin America Customs Brokerage Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Latin America Customs Brokerage market is poised for significant growth, with projections indicating an expansion from USD 2.92 billion in 2023 to USD 3.44 billion by 2028. This growth is expected to be fueled by a Compound Annual Growth Rate (CAGR) of 3.31% during the forecast period of 2023 to 2028.
Key Highlights
The projected growth from USD 2.92 billion to USD 3.44 billion within the Latin America Customs Brokerage market, coupled with a compelling CAGR of 3.31%, highlights the substantial potential of the industry.
Market Drivers
Several key factors are driving the growth of the Latin America Customs Brokerage market:
- Streamlining Clearance for Essential Goods: The urgency to clear and release essential goods during the pandemic prompted countries like Peru, Panama, Colombia, and Chile to suspend deadlines and procedures. This quick action prevented goods from falling into legal abandonment and showcased the importance of efficient customs processes.
- Adoption of Technology for Efficiency: Companies in the logistics sector are actively embracing technology and software platforms to streamline customs processes, enhance documentation, and expedite customs clearance. This adoption of technology is contributing to improved operational efficiency.
- Last-Mile Deliveries and E-commerce Growth: The rise in last-mile deliveries and the demand for seamless, fast, end-to-end deliveries are driving the growth of specialized customs brokerage services. As e-commerce expands, the need for efficient customs processes becomes paramount.
Trends and Influences
Emerging trends and influences are shaping the Latin America Customs Brokerage market:
- Combating Bureaucracy: Bureaucracy and outdated clearance practices often lead to customs delays and corruption. Many customs officials are known to request bribes to expedite clearance, highlighting the need for streamlined customs procedures.
- Technology Adoption: The growing adoption of Internet of Things (IoT)-enabled devices and technology-driven logistics services is contributing to market growth. The development of the e-commerce industry and increased reverse logistics operations are also boosting the market.
Segmentation
The Latin America Customs Brokerage market is segmented based on mode of transport, end user, and country.
Mode of Transport:
- Ocean
- Air
- Cross-border Land Transport
End User:
- Automotive
- Chemicals
- FMCG (Fast-moving Consumer Goods)
- Retail (Hypermarkets, Supermarkets, Convenience Stores, E-commerce)
- Fashion and Lifestyle (Apparel, Footwear)
- Reefer (Fruits, Vegetables, Pharmaceuticals, Meat, Seafood)
- Technology (Consumer Electronics, Home Appliances)
- Other End Users
Country:
- Mexico
- Brazil
- Chile
- Colombia
- Panama
- Rest of Latin America
Conclusion
The Latin America Customs Brokerage market is set for substantial growth, driven by streamlined clearance processes, technology adoption, and the expansion of e-commerce. As countries continue to enhance customs efficiency and adopt technology-driven solutions, the market is positioned for transformative expansion.
Competitive Profile
- Grupo Ei
- Livingston International
- Farrow
- Rota Brasil
- Ibercondor Forwarding SA de CV
- Elemar
- Grupo Coex
- Servicios de Aduanas Jimenez
- Aduana Cordero
- Deutsche Post DHL Group
- DSV Panalpina AS
- Expeditors International
For more information about this report visit https://www.researchandmarkets.com/r/yjeehe
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