Freight Forwarding Eyes $366B Value Amid 3.9% Dip in 2023
Global freight forwarding market dips; headwinds from economic slump and evolving consumer trends.
The global freight forwarding market is anticipated to contract by 3.9% in 2023, hitting a market value of $366.07 billion, continuing from a 3.7% contraction in 2022. The Asia Pacific, despite being the largest market holder, witnessed the most significant dip. Challenges sprouting from a global economic downturn, shifts in consumer behavior, and an oversupply outpacing demand have steered digital forwarders to recalibrate their growth trajectories and conventional forwarders to bank on technology to uphold margins.