The global freight forwarding market is predicted to grow by $11.05 billion from 2021 ($180.66 billion) to 2022 ($191.71 billion), a compound annual growth (CAGR) of 6.1%. Projections, also, indicate market growth of $220.34 billion in 2026.
The GFF market includes first-party, second-party, and third-party logistics, also involving modes of transport: air, ocean, road, and rail freight forwarding. Customers include B2B (business to business), and B2C (business to consumer). They are also used in industrial and manufacturing applications, retail, healthcare, media and entertainment, military, oil and gas, food and beverages, and others.
Freight forward marketing was largest in the North American region, but also covered areas in Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
The increase in international trade volumes significantly contributes to the market’s growth. The exchange of services and goods between countries gives consumers and businesses the opportunity to experience and purchase goods not available domestically.
Freight forwarding companies organize different modes of transportation for goods, meaning that increased trade directly benefits freight forwarding. According to the World Trade Organization, the overall volume of global merchandise trade increased by eight percent in 2021, indicating signs of growth in the freight forwarding market.
AI has also become an integral part of lowering costs, saving time, and increasing efficiency and accuracy through machine learning and real-time data.
