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Freight Forwarding on Course for Recovery

According to Ti’s latest report, Global Freight Forwarding 2021, the freight forwarding market remains highly volatile but the latest growth and forecasts show recovery is underway.

Ti’s report shows the post-Covid-19 global forwarding market is settling into its recovery phase after dramatic contractions in 2020. However, market dynamics are still skewed with limited capacity available and sky-high freight rates. These conditions are presenting a challenging market for shippers and opportunities for forwarders to secure high margins.

The report’s latest market forecasts show that the market has begun its recovery, with 11.6% predicted growth for 2021 and a CAGR of 5% from 2020-2025.

Digital software trends and the race to provide the best combination digital services, freight handling capability and overall customer service are shaping the market as digital becomes the benchmark for services from start-up and established players alike.

If DSV Panalpina’s takeover of Agility GIL is finalised, they will become the world’s largest freight forwarder in terms of air and ocean revenues, according to the report. At the moment, DSV Panalpina is ranked third, with revenue of €9.9bn, and Agility is ranked 12th, with €2.8bn.

The report puts Kuehne + Nagel as the current market leader, with combined revenues of €11.5bn, followed by DHL Global Forwarding, with €10.9bn.

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