Local contract logistics market to exceed USD1.4bn – Technavio

The contract logistics markets in the Philippines is forecast to reached more than USD1.4bn for the period 2015-2019, growing at a compounded annual growth rate of 12%, according to a Technavio report. Contract logistics refers to the process where companies outsource their logistics and distribution functions. According to the report, the contract logistics market in the Philippines will grow at a steady rate during the said period on the back of the high demand for electronic and hardware products as well as the rising demand for outsourcing logistics services. The growth of the market is also likely to be propelled by the increase in online retail sales. The country’s e-commerce market is expected to grow at over 101% during the 2015-2019 period.