Freight Forwarding Market Size

Statistics for the 2023 & 2024 Freight Forwarding market size, created by Mordor Intelligence™ Industry Reports. Freight Forwarding size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Freight Forwarding Industry

Freight Forwarding Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 176.02 Billion
Market Size (2029) USD 215.81 Billion
CAGR (2024 - 2029) 4.16 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Freight Forwarding Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Freight Forwarding Market Analysis

The Freight Forwarding Market size is estimated at USD 176.02 billion in 2024, and is expected to reach USD 215.81 billion by 2029, growing at a CAGR of 4.16% during the forecast period (2024-2029).

  • The market is driven by the huge trade volumes occurring across different regions. Furthermore, the resumption of internal air freight has propelled the market growth.
  • The influx of black swan events in 2022 underscored the importance of flexible and resilient supply chains for the freight forwarding industry. These unanticipated events can have a massively disruptive impact on supply chains. Supply chains have been repeatedly tested in recent years, from the ongoing effects of the COVID-19 pandemic to the Suez Canal obstruction and the war in Ukraine. Staffing shortages, capacity issues, inflation, and demand peaks were also challenges for the freight market. Supply chains are facing more diverse and unpredictable challenges and issues than ever before. The year 2023 will be no different, and the need for domestic and international freight forwarders to be resilient and prepared for anything has never been greater.
  • Agility, flexibility, and visibility, all of which are often aided by digitalization, are essential for weathering a storm. Freight forwarders can improve efficiency with the right technology and the ability to collect and analyze data. They are also better positioned to capitalize on opportunities that arise outside of times of disruption. With geopolitical tensions and rising inflation, 2023 is widely expected to be a year of economic slowdown. According to the International Monetary Fund (IMF), global economic growth will slow from 6.0% in 2021 to 3.2% in 2022 and 2.7% in 2023. Meanwhile, the World Trade Organization recently revised its global trade growth forecast for 2023 to 1.0%, down from 3.4% previously. This loss of momentum in many markets will have a significant impact on the customers of freight forwarders.
  • In addition to the resumption of freighter schedules, more airline passenger capacity is returning to the market. In 2023, international air travel is expected to return to pre-pandemic levels. While rates are still higher than pre-pandemic levels, they are still low. Rates are expected to fall in the first quarter of 2023 unless demand increases. Demand is still low, with no signs of a peak-season surge, as inventories and sales are down due to weak consumer demand. This pattern is expected to continue into early 2023. Trade restrictions involving China, the United States, Russia, Ukraine, and Europe will suffocate and disrupt global supply chains even further. Suppliers are looking for alternative sourcing locations other than China, Southeast Asia, and South Asia.
  • Logistics managers are informing clients that the ocean freight market is correcting itself faster than expected. The transition from a supply chain that struggled to keep up with unprecedented pandemic demand to a weak demand environment and a freight market that is now oversupplied with both ships and containers highlights the risk of a prolonged global economic downturn. To combat inflation, central banks around the world are raising interest rates. One goal of central banks, including the Federal Reserve, is to reduce demand, which is lowering supply chain prices, which were at record highs and were a significant contributor to inflation. However, monetary policy is treading water because a supply-demand rebalancing can backfire.

Freight Forwarding Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)