What is Supply Chain Risk

The global cargo shipping market size is projected to reach $4.2 trillion by 2031, growing at a CAGR of 7% from 2022 to 2031. Presently, the cargo shipping industry is dominated by Asia-Pacific and it is expected to maintain its dominance in the global market, particularly in China, South Korea, and Japan due to some distinct advantages. In recent years, Asia's supply chains have been evolving rapidly in response to several major trends, making them even more vulnerable to external shocks. As a result, one of the most pressing demands for logistics management to strengthen the supply chain is to have technologies in place to improve cargo visibility. Today's supply chain management teams must focus on achieving the agility needed to create resilient supply chains. Each uncertainty reveals to understand the weaknesses of a system and its ability for resilience. This book chapter covers the global and Asia's cargo industry, the major risks associated with the cargo supply chain and the adaptive strategies to manage the uncertain times.