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Cargo Insurance Market Worth $106 Billion by 2032 at 4.1% CAGR
Legal compliance issued across several countries is anticipated to drive the growth of the global cargo insurance industry during the forecast period from 2023 to 2032. The Europe region gathered the majority of market share in 2022.
PORTLAND, Ore., July 10, 2023 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Cargo Insurance Market
by Insurance Type (Air Cargo, Land Cargo, Marine Cargo), by Distribution Channel (Direct Sales, Indirect Sales), by End User (Traders, Cargo Owners, Ship Owners, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global cargo insurance market generated $71.4 billion in 2022, and is anticipated to generate $106 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.
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Prime Determinants of Growth
Over the years, there has been an increase in legal compliance issued across several countries requiring businesses to have cargo insurance. As a result, there has been an increase in demand for cargo insurance which is predicted to be one of the important factors driving the growth of the global cargo insurance market in the forecast timeframe. However, lack of technical expertise may hamper the cargo insurance market growth in the coming period. On the contrary, the growing expanse of e-commerce industry has led to a surge in demand for cargo insurance which is expected to offer remunerative opportunities for expansion of the cargo insurance market in the 2023-2032 forecast period.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period  |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$71.4 billion |
|
Market Size in 2032 |
$106 billion |
|
CAGR |
4.1 % |
|
No. of Pages in Report |
290 |
|
Segments covered |
Insurance Type, Distribution Channel, End User, and Region |
|
Drivers |
Increasing legal compliance issued by various countries requiring businesses to have cargo insurance The growing expanse of the global e-commerce industry |
|
Opportunities |
The growing demand for cargo insurance due to its ability to offer protection from financial loss due to the loss of damaged cargo The rise in international trade and logistics, with an increase in the volume of cargo being shipped via airplanes, ships, trains, or trucks |
|
Restraints |
Lack of technical expertise who can understand cargo insurance coverage |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global cargo insurance market. The lockdowns and travel restrictions hampered the global supply chains which brought down the volume of international trade substantially. This reduced the demand for cargo insurance, thereby reducing the growth rate of the market
- Also, during the pandemic, there were higher number of insurance claims and increased loss ratios in the cargo insurance sector. As a result, the overall profitability of companies in the cargo insurance market reduced.
- The cargo insurance market is, however, projected to show steady growth in the future due to opening up of global economies and rising volume of international trade.
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Insurance Type: Land Cargo Sub-segment Projected to be Highly Dominant During the Forecast Period
The land cargo sub-segment accounted for the highest cargo insurance market share in 2022 and is expected to continue to maintain its dominance during the forecast period. Under cargo insurance, cargo insurance providers often collaborate with transporters, logistics providers, and other stakeholders which help insurance customers to understand the risks and challenges involved in land transportation. This advantage of land cargo insurance is predicted to boost the sub-segment’s growth by 2032.
Distribution Channel: Direct Sales Sub-segment to Garner Huge Market Share
The direct sales sub-segment accounted for the highest cargo insurance market share in 2022 and is expected to grow at a high CAGR of 4.3% during the forecast period. Direct sales generate valuable data and insights for insurance companies which help insurers gain a deeper understanding of customer behavior, preferences, and risks. This benefit of direct sales is predicted to boost the sub-segment’s growth by 2032.
End User: Cargo Owners Sub-segment to be Flourish Immensely by 2032
The cargo owners sub-segment generated the highest market share in 2022 and is predicted to hold the majority of market share by 2032. There has been an increasing demand for cargo insurance from owners as they prefer safe and timely delivery of the goods and seek insurance coverage to mitigate the risks associated with transportation. This increase in demand for cargo insurance is predicted to boost the sub-segment’s growth by 2032.
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Region: Europe Market to be One of the Fastest Growing by 2032
The Europe region accounted for the highest share in the global cargo insurance market in 2022 and is expected to continue its growth during the forecast period. The increasing expanse of the marine industry has led to growing demand for marine cargo insurance which is expected to be the main growth driver of the market in the Europe region by 2032.
Leading Players in the Cargo Insurance Market:
- Allianz
- Arthur J. Gallagher & Co.
- Marsh LLC
- AXA
- Chubb
- Zurich Insurance Group Ltd
- Aon PLC
- Lloyd’s
- Lockton Companies
- American International Group Inc
The report provides a detailed analysis of the key players of the global cargo insurance market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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ewpartners Announces $50 Million Strategic Investment in Leshines to Localize Manufacturing in the Middle East
- Leshines is the supply chain solution provider of Lenovo Group, which ranks among the top ten on Gartner’s prestigious Top 25 supply chain list.
- The move reinforces ewpartners’ and Leshine’s commitment to fostering local industrial growth and empowering enterprises in Saudi Arabia.
RIYADH, Saudi Arabia, Nov. 5, 2024 /PRNewswire/ — ewpartners (formerly eWTP Arabia Capital), the first international investment firm to establish a Saudi-Asia cross border platform, has announced a USD $50 million investment in Leshines, the supply chain solutions arm of Chinese multinational tech company Lenovo at The Future Investment Initiative (FII), a premier global platform that drives transformative investments and fosters international partnerships for sustainable economic growth.
The investment accelerates the localization of Leshines capabilities in Saudi Arabia, further strengthening the Kingdom’s position as a vital player in sustainable global trade networks and supply chain operations.
Five months ago, Lenovo and PIF-backed company Alat announced a strategic collaboration, including a proposed US$2 billion investment. Today, this partnership is set to advance to the next step.
Leshines is also exploring the option of entering the KSA-Sino Logistics Special Economic Zone at King Salman International Airport in Riyadh, an initiative which was announced by the Saudi Ministry of Transport and Logistics earlier this month. Managed by ewpartners, the Zone will cover a total area of 4 square kilometres and consist of a logistics industrial park, an international commercial and business park, and corresponding living space and facilities. It will enable international companies to manufacture locally in Saudi and then springboard their distribution to other markets worldwide. It is expected to attract over 3,000 wholesalers and retailers and around 200 light industrial manufacturers from China and Asia.
Jerry Li, Founder and Managing Partner at ewpartners said the following on the announcement:
“This investment is a significant step towards building the future of Saudi Arabia that we all envision, and we are actively working to establish this goal. Our investment in Leshines underscores our commitment to this project and our determination to foster local industrial growth and the development of Saudi enterprises. By partnering with Leshines to bring advanced supply chain solutions to Saudi Arabia and the MENA markets, we further assist Chinese companies in exploring localized production and empower local enterprises, aligning with the Kingdom’s Vision 2030.”
Alan Zhou, COO of Leshines, commented on the announcement:
As Lenovo’s smart supply chain solution platform, Leshines will take this opportunity to establish roots in Saudi Arabia, focusing on the MENA region, and build the foundational strategic capabilities of an advanced digital supply chain. As a globally leading strategic fund, ewpartners’ strategic resources and unique advantages in KSA, the Middle East, and emerging markets perfectly match Leshines’ strategic vision and development roadmap. With solid support and a strong partnership with ewpartners, we are confident that Saudi Arabia will become an important node in the Smart Supply Chain Platform, contributing to the Kingdom’s Vision 2030.
The investment in Leshines marks the first transaction for ewpartners Fund II. Amid the growing synergy between China and the Middle East, ewpartners’ investment model has garnered recognition from key stakeholders in the region. Supported by Saudi Arabia’s sovereign wealth fund, ewpartners has also recently secured commitments from other GCC sovereign wealth funds, including USD 150 million from the Oman Investment Authority.
About ewpartners
ewpartners (formerly eWTP Arabia Capital) is an international investment firm specialising in cross-border investments between Asia and the MENA region. Backed by the Public Investment Fund (PIF), the firm has been active in Saudi Arabia since 2017 and was the first investment firm to launch a cross-border platform between the Kingdom and China.
Headquartered in Riyadh, ewpartners focuses on building value across borders by establishing strategic partnerships with exceptional companies. Our team’s expertise in shaping innovative conducive policy frameworks can support governments in fostering economic transformation and diversification driven by innovation and technology.
ewpartners is committed to investing in, supporting, and growing successful businesses across the Asia and MENA regions, with a focus on key industries and themes such as digital infrastructure & solutions, advanced manufacturing & energy transition, and logistics & consumer enablement.
About Leshines:
Lenovo Group is a global tech giant. For three consecutive years, Lenovo has ranked among the top ten on Gartner’s prestigious Top 25 supply chain list. As the strategic empowerment platform of Lenovo Global Supply Chain, Leshines is tasked with the important mission of driving supply chain transformation and upgrading through technological innovation. Drawing on Lenovo’s global industry strengths and management expertise, Leshines delivers digital international supply chain solutions tailored to the evolving needs of Chinese manufacturers expanding overseas.
About the KSA-Sino Logistics Special Economic Zone
The Special Economic Zone is a collaboration between ewpartners and the King Salman International Airport Development Company (KSIADC) and was announced on 13th of October 2024. The initiative is supported by the Ministry of Transport and Logistics and is one of several recently announced initiatives designed to strengthen supply chains and streamline trade, e-commerce and investment in line with the Kingdom’s Vision 2030. The project aims to create an integrated ecosystem that will encompass global enterprises, logistic facilities, supply chains, and high-end manufacturing, significantly bolstering Saudi Arabia’s regional and global distribution capabilities. International companies will establish manufacturing capabilities within the Zone and collaborate with Saudi enterprises to produce locally for distribution to markets around the world.
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Xypex Chemical Corporation Expands Global Operations Acquires Xypex Australia and National Concrete Solutions
VANCOUVER, BC, Nov. 5, 2024 /PRNewswire/ — Xypex Chemical Corporation is pleased to announce that, effective November 1, 2024, Concrete Waterproofing Manufacturing Pty. Ltd. (CWM), trading as Xypex Australia, which also includes CWM’s subsidiary XMS (Thailand), and, National Concrete Solutions (NCS) will become wholly owned subsidiaries of Xypex Chemical Corporation, headquartered in Vancouver, Canada.
“This marks a significant step for Xypex in expanding and strengthening our global footprint,” said Mike Hardman – CEO of XCC. It will drive further growth and create more value for our customers, employees, and stakeholders. The new combined business will enhance our operations to deliver quality products and solutions to customers while optimizing costs and future investments.
About Xypex Chemical Corporation:
Xypex Chemical Corporation is a world leader in innovative waterproofing technology. For over 50 years, Xypex has developed advanced crystalline solutions for concrete waterproofing and protection. Xypex’s products are used in a wide range of applications, including infrastructure, and commercial construction projects in over 100 countries. www.xypex.com
For media inquiries, please contact: Chantell Segal, Marketing Director, Xypex Chemical Corporation, [email protected], 604-273-5265, www.xypex.com
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Peritus Capital Secures Term Loan for Oberland Agriscience to Drive Sustainable Protein Production
NEW YORK, Nov. 5, 2024 /PRNewswire/ — Peritus Capital is pleased to announce a successful term loan arrangement for Oberland Agriscience Inc. The non-dilutive funding will support the Halifax-based company in scaling its production through equipment acquisitions and increased working capital.
Oberland Agriscience, a leader in sustainable protein, operates one of Canada’s largest Black Soldier Fly Larvae (BSFL) farms. It specializes in resilient, nutrient-rich ingredient solutions for aquaculture, pet food, poultry feed, and agriculture industries. The company leverages cutting-edge technology and automation, including machine learning and predictive analytics, to optimize its production processes, setting a new standard in the sustainable protein market.
“Black soldier fly larvae are extraordinary insects capable of transforming nearly any organic waste into valuable protein at a remarkable rate. Oberland’s rigorous, scientific approach positions it at the forefront of the sustainable protein revolution,” said Howard Tang, CEO of Peritus Capital.
The newly secured funding will help Oberland scale operations at its 108,000-square-foot Grassy Lake facility. This follows the success of its pilot farm, which operated for over seven years. The new production plant is projected to produce 3,500 tons of dry protein and 9,000 tons of frass annually, diverting 36,000 tons of pre-consumer waste from landfills and significantly reducing associated carbon dioxide emissions.
“Partnering with Peritus Capital to secure this investment is a tremendous win for us and the insect farming industry,” said Dr. Greg Wanger, Founder and CEO of Oberland Agriscience. “The global population continues to soar, and the food waste problem isn’t going away. Insects are natural to many animal diets, especially fish, and thus are an excellent ingredient in these feeds.”
About Peritus Capital
Peritus Capital is a boutique investment firm that invests in, supports, and finances the global development of ROI-generating, early-stage, and established corporates that integrate environmentally conscious practices in food production, focusing on the aquaculture sector. We are a global team with an extensive network of international investors able to invest across multiple geographies. Peritus Capital LLC is a broker-dealer registered with the U.S. Securities and Exchange Commission and a FINRA member.
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