Market Overview:
The global duty drawback service market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The market growth is attributed to the increasing demand for duty drawback services from various end-use industries, such as agricultural products, petroleum and derivatives, pharmaceuticals and medical equipment, and industrial chemicals. In addition, the growing trend of outsourcing customs brokerage services is also contributing to the growth of the global duty drawback service market. The global duty drawback service market can be segmented on the basis of type into customs brokerage, trade consulting, and duty drawback services. The customs brokerage segment is projected to account for the largest share in terms of revenue in 2018 owing to its ability to provide comprehensive solutions for import and export operations across different countries.
Product Definition:
Duty drawback is a service that allows for the tax-free import of goods that have been exported and then returned to the United States. The service is important because it allows businesses to bring back goods they have exported without having to pay taxes on them.
Customs Brokerage:
Customs brokerage is a service provided by customs brokers, which involves collecting the duties and taxes on behalf of importers and exporters. The company or individual providing this service does not deal in goods but rather acts as an agent for the buyer and seller in a transaction.
The global market size was valued at USD 2,64,000 million in 2015.
Trade Consulting:
Trade Consulting is a service, which helps exporters to identify potential markets for their products and services. It also helps them in understanding the market demand pattern of these potential markets. Duty Drawback Service is an administrative procedure followed by customs authorities wherein the importer claims drawback of duty paid on import of goods from a particular country.
Duty drawback can be availed on inputs as well as finished goods basis depending upon the nature of product imported into the country.
Application Insights:
Petroleum and derivative was the largest application segment in 2017, accounting for over 40% of the total revenue share. The segment is expected to witness significant growth on account of increasing crude oil prices coupled with growing petroleum demand across the globe. Duty drawback services are particularly beneficial for companies engaged in upstream or midstream oil activities as it simplifies logistics and reduces costs associated with transportation of goods.
The agricultural product segment is projected to register a CAGR exceeding 7% from 2018 to 2030 owing to rising imports of agricultural products from countries such as China, India, Brazil, Australia and New Zealand among others. Duty drawback services help exporters avail benefits due to lower value shipments compared to other modes such as air cargo or ocean freight while at the same time providing an opportunity for importers obtainable price when they resell these goods locally at a higher price than what was paid by exporters during importation into their country.
Regional Analysis:
North America dominated the market in 2017 owing to the presence of a large number of Duty Drawback Accounts (DDA) and duty drawback service providers. The region is expected to maintain its dominance over the forecast period as well. This can be attributed to growing trade activities across various industries, such as manufacturing, automotive, and agriculture among others.
Asia Pacific is anticipated to witness significant growth over the forecast period owing to increasing exports from emerging economies such as China and India. In addition, rising imports for consumer goods are also likely boost demand for duty drawback services in this region.
Growth Factors:
- Increasing demand for imported goods: The global trade is increasing at a rapid pace and with it the demand for imported goods is also rising. This will create a positive growth environment for the duty drawback service market.
- Rising number of free trade agreements: The number of free trade agreements (FTAs) being signed by different countries is on the rise. This will help in boosting international trade and in turn, drive the demand for duty drawback services.
- Proliferation of e-commerce: E-commerce is growing at a fast pace and this is helping to increase international trade as well as the demand for duty drawback services.
- Growing awareness about customs procedures: With globalization, there has been an increase in awareness about customs procedures among businesses operating globally. This will help to drive the uptake of duty drawback services worldwide.. 5
Scope Of The Report
Report Attributes
Report Details
Report Title
Duty Drawback Service Market Research Report
By Type
Customs Brokerage, Trade Consulting, Duty Drawback Servic
By Application
Agricultural Product, Petroleum and Derivative, Pharmaceuticals and Medical Equipment, Industrial Chemical
By Companies
C. H. Powell Co., Soo Hoo Customs Broker, Livingston International Inc., Comstock & Theakston, Inc., International Tariff Management Inc., Joseph Smith Company, Rogers & Brown Custom Brokers, Inc., Duty Drawback Servic
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
244
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Duty Drawback Service Market Report Segments:
The global Duty Drawback Service market is segmented on the basis of:
Types
Customs Brokerage, Trade Consulting, Duty Drawback Servic
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Agricultural Product, Petroleum and Derivative, Pharmaceuticals and Medical Equipment, Industrial Chemical
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- C. H. Powell Co.
- Soo Hoo Customs Broker
- Livingston International Inc.
- Comstock & Theakston, Inc.
- International Tariff Management Inc.
- Joseph Smith Company
- Rogers & Brown Custom Brokers, Inc.
- Duty Drawback Servic
Highlights of The Duty Drawback Service Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Customs Brokerage
- Trade Consulting
- Duty Drawback Servic
- By Application:
- Agricultural Product
- Petroleum and Derivative
- Pharmaceuticals and Medical Equipment
- Industrial Chemical
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Duty Drawback Service Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Duty Drawback Service is a program that allows duty-free shoppers to bring back items they've purchased at U.S. Customs and Border Protection (CBP) checkpoints without paying duties and taxes. Duty Drawback Service is available to individuals who have proof of purchase, such as a receipt or packing slip, from the CBP checkpoint where the item was purchased.
Some of the major players in the duty drawback service market are C. H. Powell Co., Soo Hoo Customs Broker, Livingston International Inc., Comstock & Theakston, Inc., International Tariff Management Inc., Joseph Smith Company, Rogers & Brown Custom Brokers, Inc., Duty Drawback Servic.
The duty drawback service market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Duty Drawback Service Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Duty Drawback Service Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Duty Drawback Service Market - Supply Chain
4.5. Global Duty Drawback Service Market Forecast
4.5.1. Duty Drawback Service Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Duty Drawback Service Market Size (000 Units) and Y-o-Y Growth
4.5.3. Duty Drawback Service Market Absolute $ Opportunity
5. Global Duty Drawback Service Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Duty Drawback Service Market Size and Volume Forecast by Type
5.3.1. Customs Brokerage
5.3.2. Trade Consulting
5.3.3. Duty Drawback Servic
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Duty Drawback Service Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Duty Drawback Service Market Size and Volume Forecast by Application
6.3.1. Agricultural Product
6.3.2. Petroleum and Derivative
6.3.3. Pharmaceuticals and Medical Equipment
6.3.4. Industrial Chemical
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Duty Drawback Service Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Duty Drawback Service Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Duty Drawback Service Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Duty Drawback Service Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Duty Drawback Service Demand Share Forecast, 2019-2026
9. North America Duty Drawback Service Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Duty Drawback Service Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Duty Drawback Service Market Size and Volume Forecast by Application
9.4.1. Agricultural Product
9.4.2. Petroleum and Derivative
9.4.3. Pharmaceuticals and Medical Equipment
9.4.4. Industrial Chemical
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Duty Drawback Service Market Size and Volume Forecast by Type
9.7.1. Customs Brokerage
9.7.2. Trade Consulting
9.7.3. Duty Drawback Servic
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Duty Drawback Service Demand Share Forecast, 2019-2026
10. Latin America Duty Drawback Service Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Duty Drawback Service Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Duty Drawback Service Market Size and Volume Forecast by Application
10.4.1. Agricultural Product
10.4.2. Petroleum and Derivative
10.4.3. Pharmaceuticals and Medical Equipment
10.4.4. Industrial Chemical
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Duty Drawback Service Market Size and Volume Forecast by Type
10.7.1. Customs Brokerage
10.7.2. Trade Consulting
10.7.3. Duty Drawback Servic
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Duty Drawback Service Demand Share Forecast, 2019-2026
11. Europe Duty Drawback Service Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Duty Drawback Service Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Duty Drawback Service Market Size and Volume Forecast by Application
11.4.1. Agricultural Product
11.4.2. Petroleum and Derivative
11.4.3. Pharmaceuticals and Medical Equipment
11.4.4. Industrial Chemical
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Duty Drawback Service Market Size and Volume Forecast by Type
11.7.1. Customs Brokerage
11.7.2. Trade Consulting
11.7.3. Duty Drawback Servic
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Duty Drawback Service Demand Share, 2019-2026
12. Asia Pacific Duty Drawback Service Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Duty Drawback Service Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Duty Drawback Service Market Size and Volume Forecast by Application
12.4.1. Agricultural Product
12.4.2. Petroleum and Derivative
12.4.3. Pharmaceuticals and Medical Equipment
12.4.4. Industrial Chemical
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Duty Drawback Service Market Size and Volume Forecast by Type
12.7.1. Customs Brokerage
12.7.2. Trade Consulting
12.7.3. Duty Drawback Servic
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Duty Drawback Service Demand Share, 2019-2026
13. Middle East & Africa Duty Drawback Service Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Duty Drawback Service Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Duty Drawback Service Market Size and Volume Forecast by Application
13.4.1. Agricultural Product
13.4.2. Petroleum and Derivative
13.4.3. Pharmaceuticals and Medical Equipment
13.4.4. Industrial Chemical
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Duty Drawback Service Market Size and Volume Forecast by Type
13.7.1. Customs Brokerage
13.7.2. Trade Consulting
13.7.3. Duty Drawback Servic
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Duty Drawback Service Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Duty Drawback Service Market: Market Share Analysis
14.2. Duty Drawback Service Distributors and Customers
14.3. Duty Drawback Service Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. C. H. Powell Co.
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Soo Hoo Customs Broker
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Livingston International Inc.
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Comstock & Theakston, Inc.
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. International Tariff Management Inc.
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Joseph Smith Company
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Rogers & Brown Custom Brokers, Inc.
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Duty Drawback Servic
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
