The growth of freight forwarding in Kuwait was assisted by development in key industries likewise oil and gas, manufacturing, retail, wholesale, construction, agriculture and mining. Expanding FMCG sector, retail sector, food and E-commerce industry in the country has accredited to the growth of the freight forwarding industry in the country. The Kuwait market observed the entry of several foreign players as flexible policies were introduced by the government to boost the economic growth of the country. Entry of new players has further aided the requirement in the freight forwarding market.
According to the report analysis, ‘Kuwait Freight Forwarding Market Outlook to 2022 – By Sea, Air and Road Freight Movement; By International and Domestic Freight; By Express and Normal Delivery; By Flow Corridors and By End Users (Oil and Gas, FMCG, Construction and Others)’ states that the freight forwarding industry in the country is abstemiously fragmented with the existence of both domestic and international players in the industry. Companies in the Kuwait have been aiming towards delivering the data-oriented solutions and other services for functional excellence, timely customer sustenance and the effective adherence of the consumers’ expectations, thus delivering the customer satisfaction and retain customers.
Based on the end-user, Oil and Gas industry registered the end user segment in Kuwait freight forwarding market. Kuwait has been a key supplier and member in the OPEC group. Oil entails approximately half of Kuwait’s GDP. This positively augments the revenue contribution of oil and gas industry across Kuwait freight forwarding market, owing to increment in export of crude oil has significantly drive the requirement for sea freight and domestic freight in Kuwait. On the other hand, FMCG sector is the second largest end user segment in Kuwait freight forwarding market as Kuwait greatly relies on importing goods from other countries rather than producing which automatically increases the usage of air and sea freight to import majority of the products from other countries.
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On the basis of flow corridors, the Asia flow corridor is the greatest contributor in terms of revenue in the freight forwarding market. This growth has been accredited on the account of strategic location and trade strategy of several companies trying to enlarge their functions in other Asia Pacific countries. It was followed by Europe, North America, GCC and several other flow corridors.
Not only has this, the Kuwait will observe construction of several new roads and bridges which will aid against the traffic congestion issues in the country and positively affect the trucking industry, hence helping the domestic logistics. The freight forwarding industry in the Kuwait will continue to register the complete logistics market during the coming years. The government of Kuwait has allocated USD 80 billion budget during the year 2015 for construction and transportation project in the country which will in future help the cargo transportation industry. Therefore, it is predicted that during the near period the market of Freight Forwarding will augment around the globe over the review duration.
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Ankur Gupta, Head Marketing & Communications