Categories: Food & BeveragesTransport & Logistics

Freight Forwarding Market Size | Growth Analysis Report

The Freight Forwarding Global Market Report 2023 by The Business Research Company, provides freight forwarding market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Freight Forwarding Global Market Report 2023, the global freight forwarding market size will grow from $191.01 billion in 2022 to $199.09 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of freight forwarding is expected to grow to $224.78 billion in 2027 at a CAGR of 3.1%.

Growth in international trade volumes is significantly contributing to the growth of the freight forwarding market. International trade is the exchange of services and products between countries. Trading globally will give the consumers and countries the chance to be exposed to goods and services that are not available in their own countries or costlier domestically. Freight forwarders organize the intermodal transportation of goods on behalf of shippers, and increased trade volume will boost freight forwarding activities.

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The freight forwarding market is segmented:

1) By Services: Transportation And Warehousing, Packaging And Documentation, Insurance, Value-added Services

2) By Logistics Model: First Party Logistics, Second Party Logistics, Third Party Logistics

3) By Mode of Transport: Air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, Rail Freight Forwarding

4) By Customer Type: B2C, B2B

5) By Application: Industrial And Manufacturing, Retail, Healthcare, Media And Entertainment, Military, Oil And Gas, Food And Beverages, Other Applications

The integration of artificial intelligence (AI) has emerged as a key trend gaining popularity in the freight forwarding market. Artificial intelligence plays an important role in lowering costs, saving time, enhancing productivity, and increasing accuracy through automation and real-time data. For instance, in February 2022, Windward, an Israel-based Predictive Intelligence company, launched its Ocean Freight Visibility solution. With automated data collecting and analysis, the new system enables freight forwarders to increase productivity and scalability while providing real-time accurate ETA projections, disruption risk predictions, delay causes, and location-based insights for containerized freight. Users of Windward’s Ocean Freight Visibility solution can enter their containers and proactively reduce risks by keeping track of crucial shipment disruptions that have an impact on container ETAs. The solution provides real-time warnings about any developing delays, enabling them to take appropriate action with their clients. The solution, which is accessible via an API integration with current transportation management systems or a web application, offers daily email warnings and insights.

The freight forwarding market report table of contents includes: