The Global Freight Forwarding 2023 Report from Ti Insight – the leading provider of market research to the global logistics industry – shows that the global freight forwarding market continues to normalise, with demand for air and sea freight forwarding services remaining soft.
The poor performance of the global freight forwarding market can be attributed to the weakness in air freight forwarding, which shrank by 7.3% in 2022. However, sea freight forwarding also had a less than desirable performance, contracting by 1.5%. The global economic downturn is the main underlying reason for the contraction in the forwarding market.
The Global Freight Forwarding 2023 Report is written by industry researchers, analysts and utilises data from Ti’s GSCi knowledge portal, a data powerhouse with over 1 million pieces of data and analysis.
Viki Keckarovska, Research Manager at Ti Insight, says: “The freight forwarding market continues to be negatively affected by the ripple effects of normalisation in consumer behaviour, as well as the global economic and manufacturing slowdown. The exceptional market conditions of the past two years are gone, and the freight forwarding market is on a new trajectory. This is causing fourth quarter downturn in revenue and profits among most freight forwarders.
Supply continues to outstrip demand, contributing to falling freight rates and consequently reduced yields among forwarders. Driven by these challenging market conditions, forwarders are re-assessing their strategies by leveraging technology and offering more value-added services in order to pull back eroding margins. Finally, the digital forwarders are also adapting to the new market reality and the tougher investment environment. A worsening macroeconomic environment has led to a fall of venture capital investment and forced many of the digital forwarders to re-evaluate their growth strategy.”
The full report – available here – also analyses the competitive landscape in the freight forwarding market and offers in-depth market projections and trade forecasts: an essential tool for business leaders making critical decisions.
If you have any questions about the report then please contact Michael Clover: [email protected]
About Ti Insight (Ti): Ti is the world’s leading source of market intelligence for the logistics and supply chain industry, providing data and analysis through its market reports, Global Supply Chain intelligence (GSCi) database and expert consultancy services.
Linkedin: Transport Intelligence