The global outbreak of COVID-19 lengthened ship delivery times, which resulted in a rise in freight costs. On top of it, the Russia-Ukraine crisis and Shanghai lockdowns have added to supply chain issues. Due to port congestion, experts expect spot freight rates to remain elevated until 2023.
The global freight forwarding market was valued at $186 billion in 2021. Moreover, the market is expected to grow at a CAGR of 3.3% till 2028, driven by growth in international trade volumes.
