Asean Freight Forwarding Market Size

ASEAN Freight Forwarding Market Analysis

The Asean Freight Forwarding Market size is estimated at USD 27.48 billion in 2024, and is expected to reach USD 46.32 billion by 2029, growing at a CAGR of 11% during the forecast period (2024-2029).

• The region is home to more than 640 million people and generates GDP of around USD 2.9 trillion. Transportation and logistics are the key areas of focus for governments across the region.
• With the rising consumption and steady growth of e-commerce in the region, the trend of developing and modernizing the industrial inventories is expected to accelerate.
• Singapore has one of the established freight forwarding markets, and Indonesia remains an interesting market with high population. Thailand and Malaysia are also significant and are expected to witness steady growth during the forecast period.
• Despite the rapid growth, the logistics efficiency in the region is comparatively lower. Customs clearance is one of the critical processes in the freight forwarding market that largely affects efficiency. The governments of the region are taking necessary steps for improving the efficiency of the customs clearance process.
• In the wake of rising trade volume, a lot of freight aggregation platforms are also being started in the region. These platforms consolidate the freight from small- and medium-sized firms and send the combined cargo to freight forwarders. This reduces the processing time and complexities involved in forwarding low volumes of cargo.
• As agriculture being one of the key economic activities across the region, the cold chain logistics is a rapidly growing business across the region. In this context, the reefer shipping and air transport of perishable goods are also increasing.