Portland, OR, April 12, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Canada 3PL market was pegged at $1.58 billion in 2019, and is projected to reach $3.01 billion by 2027, growing at a CAGR of 9.0% from 2020 to 2027.
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Increase in focus of manufacturers and retailers on core competencies and advancements of the e-commerce industry drive the growth of the Canada 3PL market. However, risk toward goodwill of manufacturers and dearth of control of manufacturers on logistics services hinder the market growth. On the contrary, rise in use of IT solutions & software, cost-cutting & lead time reduction owing to adoption of multi-mode system, and entering into a strategic partnership with end user are expected to open new opportunities for the market players in the future.
Covid-19 scenario:
- The Covid-19 pandemic and followed lockdown drastically affected the supply chain and liquidity & cash management and created logistical challenges.
- The 3PL industry in Canada was severely affected due to commute restrictions and weak financial performance of the market players.
- The overall production activities of several industries such as health & nutrition products, home décor products, pet accessories, among others declined due to limited workforce and insufficient health safety measures.
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The Canada 3PL market is segmented on the basis of mode of transportation and type. Based on type, the health and nutrition segment held the largest share in 2019, accounting for nearly half of the market. However, the beauty and cosmetics segment are estimated to manifest the highest CAGR of 10.3% during the forecast period.
On the basis of mode of transportation, the roadways segment held the lion’s share in 2019, contributing to nearly half of the market. However, the airways segment would portray the highest CAGR of 11.1% during the forecast period.
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The Canada 3PL market report includes a detailed study of major market players such as Bollore Logistics, A.P. Moller-Maersk, FedEx Corporation, C.H. Robinson Worldwide, Inc., Nippon Express, Penske Logistics, Inc., Kintetsu World Express, Inc., SCI Group, Purolator Inc., and United Parcel Service.
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