Freight forwarding report shows market contracted in 2023

The Global Freight Forwarding 2024 report shows the global freight forwarding market continuing to normalize, with demand for air and sea freight forwarding services remaining soft.

Challenges arising from a global economic downturn, shifts in consumer behaviour and an oversupply surpassing demand have led the global freight forwarding market to contract by 1.3 per cent in real terms (holding prices and exchange rates constant) in 2023.

Global Freight Forwarding 2024 contains insight into the state of the freight forwarding market in 2024 and out to 2028.

Key findings from the report include:

• Global market contracted 1.3 per cent in 2023 and will expand slightly in 2024.
• Data shows that the total the global freight forwarding market will see a real CAGR of 3.3 per cent over the five years to 2028.
• 91 per cent of freight forwarders are experiencing increased pressure on margins.
• Profits and revenues fall ‘back-to-earth’ in 2023 as market returns to ‘normal’.
• Asia Pacific experienced the third-largest market contraction compared to other regions, but remains the largest region.
• All of the Top 20 forwarders saw revenue declines in 2023.

For more on the report, visit here.