Cargo Shipping Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global cargo shipping market attained a volume of 12.60 Billion Tons in 2024, has seen a notable expansion, fuelled by expanding trade, infrastructure investments, and supply chain diversification, enhancing efficiency and scalability The industry is expected to grow at a CAGR of 2.60% during the forecast period of 2025-2034, to reach 16.29 Billion Tons by 2034, driven by its role in supporting millions of jobs across shipping, logistics, port operations, and the manufacturing sector.

Global Cargo Shipping Market Report Summary

Description

Value

Base Year

Billion Tons

2024

Historical Period

Billion Tons

2018-2024

Forecast Period

Billion Tons

2025-2034

Market Size 2024

Billion Tons

12.60

Market Size 2034

Billion Tons

16.29

CAGR 2018-2024

Percentage

XX%

CAGR 2025-2034

Percentage

2.60%

CAGR 2025-2034- Market by Region

Asia Pacific

2.9%

CAGR 2025-2034 - Market by Country

India

4.1%

CAGR 2025-2034 - Market by Country

China

3.4%

CAGR 2025-2034 - Market by Cargo Type

General Cargo

3.0%

CAGR 2025-2034 - Market by End Use

Food and Beverages

3.3%

Market Share by Country 2024

Australia

2.1%

Cargo Shipping Market Overview

The cargo shipping market value is poised for continued growth, driven by the expansion of world trade. WTO economists forecast steady merchandise trade volume growth in 2025 and 2026, aligning with global GDP growth, while commercial services trade is expected to increase even faster. In 2024, world merchandise exports grew by 2%, reaching USD 24.43 trillion, with China and the United States leading as the largest exporters and importers. Additionally, the value of world commercial services exports rose 9%, to USD 8.69 trillion. This growth in global trade, coupled with rising commercial services, is set to further boost the demand of the cargo shipping market in the future.

Cargo Shipping Market Growth

The cargo shipping industry outlook is shaped by robust commodity demand, supply chain recovery, and various global challenges. These include regulatory changes, fuel price fluctuations, and geopolitical tensions, all affecting capacity and freight efficiency, and expanding cargo shipping market growth. In 2023, global maritime trade grew by 2.4%, reaching 12.3 billion tons, which is projected to reach the annual growth of 2.4% by 2029. The sector is focused on managing risks, optimising supply chains, and addressing increasing demand, while also navigating geopolitical tensions and climate-related disruptions. These factors are shaping the industry’s future, highlighting the need for innovation and resilience in the face of ongoing and emerging global trade challenges.

Key Trends and Recent Developments

The global cargo shipping market outlook is shaped by improvements in cargo safety, the adoption of green shipping solutions, enhanced connectivity through new routes, and technological advancements in container shipping.

February 2025

A China-Vietnam joint venture launched a container shipping service linking India. According to Linerlytica’s Tan Hua Joo, while India and Vietnam are among the fastest-growing regions for container shipping, the Zhonggu/VIMC service remains largely symbolic, operating with small 500 TEU ships and sailings every three weeks.

January 2025

Maersk and Hapag-Lloyd launched their collaborative Gemini Cooperation, creating a flexible, interconnected ocean network. With 340 vessels and 29 mainliner services, the network aims for over 90% schedule reliability. The phase-in will last until May, with full implementation in June, offering improved reliability and competitive products for customers.

October 2024

Grimaldi Group launched its container and general cargo shipping service between China and West Africa, connecting Shanghai to Lagos, Nigeria. The service uses three Con-Ro vessels and benefits from fewer competitors by bypassing the Suez Canal. This expansion complements Grimaldi’s fleet modernisation and ongoing diversification in global trade routes.

April 2024

CMA CGM launched the North Red Sea Express (NRX) service, connecting Saudi Arabia's Jeddah Islamic Port to NEOM, Sokhna in Egypt, Aqaba in Jordan, and Yanbu in Saudi Arabia. In partnership with Folk Maritime, the service operates weekly using two vessels. It supports regional growth and logistics capabilities while reducing carbon emissions. The service aims to bolster Saudi Arabia’s position as a global logistics hub and enhance the growing market needs of NEOM and the North Red Sea ports.

Enhancements In Cargo Safety

Improvements in cargo safety minimises loss and damage, boosting reliability. They strengthen customer trust, encourage repeat business, and reduce insurance costs by demonstrating effective risk management. These advancements open opportunities in the cargo shipping market by ensuring compliance with international regulations, avoiding penalties, and improving operational standards. In March 2023, COSCO SHIPPING Lines partnered with top shipping firms in the Safetytech Accelerator initiative to address cargo fires, overboard losses, and enhance cargo control, fire detection, and safety on larger vessels.

Implementation of Green Shipping Solution

Green shipping reduces carbon emissions, optimises fuel use, and aligns with environmental goals, influencing the cargo shipping market dynamics and trends. It improves a company’s reputation among eco-conscious consumers and investors, while helping meet regulatory requirements and avoiding fines, ensuring sustainable operations. In April 2024, Ocean Network Express (ONE) launched ONE LEAF+, a service aimed at reducing emissions through alternative fuels and providing verified emissions savings certificates, supporting decarbonisation goals and promoting a sustainable shipping industry.

Enhancing Connectivity with New Shipping Route

New shipping routes expand global trade, reducing transit times and improving supply chain efficiency, impacting the cargo shipping market revenue. They ease congestion at key ports, enhancing shipping capacity, and offer cost-effective options by optimising route selection, benefiting both businesses and customers. Folk Marine Services Company launched the "India-Arabian Gulf Service" in October 2024, connecting Dammam and Umm Qasr to Indian ports like Nhava Sheva and Mundra. This service strengthens trade ties and supports Saudi Arabia’s Vision 2030 logistics goals.

Technological Advancements in Container Shipping

Technological advancements in real-time tracking minimise delays and enhance container security, preventing theft, making it a key trend in the cargo shipping market. Automation and data analytics improve operational efficiency, reducing human error and labour costs, boosting profitability and safety. Meratus launched SMARCO in March 2023, a smart container solution featuring IoT sensors, GPS tracking, and cloud-based technology. This system provides real-time monitoring of factors like movement, temperature, and security. SMARCO enhances shipment visibility, reduces risks, and optimises supply chain performance, improving efficiency and security for customers.

Cargo Shipping Market Trends

The market is growing due to the rise of sustainable logistics and environmentally friendly shipping technologies. The use of green solutions, such as cleaner fuels and energy-efficient vessels, not only lowers environmental impact but also appeals to eco-conscious consumers and investors, further driving cargo shipping market expansion. The launch of Stream Shipping, a new inland shipping company in July 2024 by Amer Shipping and MSG eG, is a key development in this trend. Based in the Netherlands, Stream Shipping will operate vessels designed to reduce CO2 emissions, with new hull designs, propulsion systems, and alternative fuel considerations. This initiative enhances the market’s shift towards more efficient and environmentally responsible shipping practices. By aligning with trends like digitalisation and sustainability, Stream Shipping will contribute to growing market share in Europe’s inland cargo shipping sector.

Cargo Shipping Market Opportunities

The growth of the cargo shipping market presents significant opportunities, driven by increasing demand in key sectors like retail, textiles, and global trade. The need for faster, more efficient shipping services is growing, particularly in emerging markets. In this context, Maersk’s launch of the SH3 ocean service in July 2024 between China and Bangladesh offers a vital solution. This new service expands capacity and flexibility, offering multiple cargo loading options, and enhances supply chain efficiency. It benefits textile raw material exporters in China and garment manufacturers in Bangladesh, supporting the rapidly growing Ready-made Garment (RMG) industry and driving overall growth of the cargo shipping market.

Cargo Shipping Market Restraints

• Fluctuating fuel prices are inflating operational expenses, squeezing profit margins. Additionally, strict environmental regulations, such as IMO emission standards, demand costly investments in greener vessels and technologies, placing financial strain on shipping companies and limiting short-term profitability.
• Port congestion, inadequate infrastructure, labour shortages, and strikes delay shipments and reduce overall efficiency. Geopolitical tensions, including trade wars and regional conflicts, further disrupt global shipping routes, creating uncertainty and logistical challenges for cargo movement across international markets.

Cargo Shipping Industry Segmentation

“The EMR’s report titled “Global Cargo Shipping Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Cargo Type

• Liquid Cargo
• Dry Cargo
• Container Cargo
• General Cargo

Breakup by Ship Type

• General Cargo Ships
• Bulk Carriers
• Container Ships
• Reefer Ships
• Tankers

Breakup by End Use

• Oil and Gas
• Food and Beverages
• Pharmaceuticals
• Manufacturing
• Others

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Cargo Shipping Market Share

Market Analysis by Cargo Type

According to cargo shipping market analysis, the market is led by liquid cargo, due to increasing demand for raw materials and energy. Oil and chemicals remain crucial for the global energy supply. In November 2022, FESCO launched the FESCO Flexi service for bulk liquids in flexitank liners, enabling shipments by rail, sea, and intermodal methods to regions like East Asia, Turkey, and South America.

Dry cargo offers significant benefits in the cargo shipping market, including the transport of bulk commodities like coal, iron ore, and grains. It supports global trade, ensures efficient supply chain operations, and contributes to economic growth by meeting raw material demands. In 2024, global dry bulk flows are projected to reach 5.60 billion metric tons, up from 5.38 billion metric tons in 2023, reflecting strong demand for commodities like coal, iron ore, and grains.

Alongside this, the container and general cargo segment is expanding, with rising trade volumes and supply chain needs. Container cargo facilitates efficient, large-scale transportation of goods across global trade routes. With the rising demand for consumer goods and industrial products, containerised shipping provides unmatched flexibility, speed, and reliability, driving improvements in port activities, shipping services, and overall supply chain efficiency.

Market Analysis by Ship Type

As per the cargo shipping market report, the market is led by general cargo ships as they offer versatility by transporting various goods, including packaged items, machinery, and vehicles. They support global trade by efficiently moving different types of cargo, improving supply chain flexibility and meeting diverse shipping needs. In December 2024, Udupi Shipyard Ltd. launched the first of six 3,800 DWT cargo vessels for Wilson ASA, Norway. The eco-friendly vessel supports fuel efficiency, showcasing Udupi Shipyard's contribution to India's 'Make in India' initiatives.

Bulk carriers specialise in transporting large quantities of unpackaged bulk goods, such as coal, iron ore, and grain, boosting the growth of the cargo shipping market. They offer cost-effective shipping for high-volume materials, facilitating the global trade of essential raw materials for industries worldwide. According to UNCTAD 2023, the global fleet grew by 3.4%, reaching a total capacity of 2.4 billion tons.

Container ships are boosting the market by enabling the efficient, large-scale transport of goods across international routes. Their capacity to carry diverse cargo types in standardized containers enhances flexibility, accelerates trade, reduces costs, and strengthens global supply chains, driving significant market growth and expansion.

Market Analysis by End Use

The oil and gas sector is vital to the cargo shipping market, enabling large-scale transport of crude oil, LNG, and refined products. It supports global energy supply chains and ensures efficient delivery to meet industrial and consumer energy demands. In February 2025, Turkey launched the Neoliner Origin, the world’s longest wind-powered cargo ship. Built to cut emissions by up to 80%, it marked a major step towards sustainable maritime transport, combining wind propulsion with auxiliary engines for efficiency.

Pharmaceutical shipping ensures the timely and safe transport of temperature-sensitive and high-value medical products, impacting the cargo shipping market revenue. Specialised cargo services maintain product integrity, support global healthcare supply chains, and meet growing demand for medicines, vaccines, and healthcare goods across international markets. In the pharmaceuticals segment, IAG Cargo reported a 22% increase in shipments in 2024, with India and Ireland leading the growth. India’s pharmaceutical exports grew from USD 2.13 billion to USD 2.31 billion, while Ireland’s medical exports surged by 48%. To meet this demand, IAG Cargo expanded its Constant Climate network with new hubs in Cincinnati, Cape Town, and Strasbourg

As global consumption rises, the demand for timely and safe delivery of food products, including refrigerated containers, boosts shipping volumes, enhances logistics efficiency, and supports supply chain growth in the cargo shipping market, driving the food and beverage sector's need for efficient transportation of perishable goods.

Cargo Shipping Market Regional Analysis

CAGR 2025-2034- Market by

Region

Asia Pacific

2.9%

Latin America

2.8%

Middle East and Africa

2.7%

North America

2.5%

Europe

2.4%

North America Cargo Shipping Market Opportunities

The cargo shipping industry in North America is driven by several factors, including increasing trade volumes, front-loading of imports ahead of potential tariffs, and efforts to replenish inventories. These drivers have led to significant growth in the market. In Q4 2024, top seaports reported a 10% year-over-year increase in cargo volume, with a 13% rise for the full year. The ports of Los Angeles and Long Beach played a pivotal role, with a 23% year-over-year increase in container volume in Q4 2024. This surge was driven by strong trans-Pacific trade, inventory restocking, and improved supply chain efficiencies, reinforcing the overall growth of the cargo shipping market in North America.

Europe Cargo Shipping Market Trends

The Europe cargo shipping market is experiencing growth driven by rising trade volumes and increased vessel activity at key ports. In 2023, 2.2 million vessels entered the main EU ports, reflecting a 1.5% year-over-year increase. Greece recorded the highest number of vessel port calls at 477,115, followed by Italy with 449,131 and Denmark with 322,230. Other significant contributors included Croatia, Spain, and Germany, with 282,404, 177,667, and 115,531 port calls, respectively. The average size of vessels calling at these ports was estimated at 8,058 gross tonnage. This rise in vessel activity enhances the cargo shipping industry by improving port throughput, boosting supply chain efficiency, and strengthening the overall logistics infrastructure, facilitating smoother trade flows throughout Europe

Asia Pacific Cargo Shipping Market Drivers

The cargo shipping market in the Asia-Pacific is driven by the need for improved regional connectivity, rising trade volumes, and sustainable shipping practices. Arkas Line’s India Med Service (IMS) launched in February 2025, enhancing this market by connecting key Indian ports, including Mundra and Nhava Sheva, with the Mediterranean and Red Sea regions. Initially operating with four vessels, the service will expand to five by June 2025, providing weekly sailings. This boosts transit times and connectivity for Indian firms. Additionally, Arkas Line offers integrated logistics solutions and invests USD 240 million in fleet expansion, further strengthening the region's shipping infrastructure.

Latin America Cargo Shipping Market Analysis

The cargo shipping market development in Latin America is being significantly boosted by new shipping routes connecting Asia to Mexico. In May 2024, global carriers such as MSC, CMA CGM, and Cosco launched direct services to Mexico’s key ports, including Manzanillo, driven by increased container volumes and rising Chinese investments. Cosco’s TLP5 and CMA CGM's M2X – Mexico Express offer efficient connections with 15–20-day transit times. MSC’s loop shuttle service adds further frequency. The demand surge is fueled by nearshoring and geopolitical tensions, with Chinese investments in Mexico growing 11% in 2023, accelerating Cargo Shipping market growth across Latin America.

Middle East and Africa Cargo Shipping Market Factors

The cargo shipping demand growth in the Middle East and Africa is driven by increasing trade volumes, improved infrastructure, and the demand for efficient logistics solutions. The launch of JAS Middle East’s new regional headquarters at Dubai South in April 2025 significantly supports this growth. The 19,170-square-meter facility, featuring advanced storage, temperature-controlled chambers, and ESG-compliant infrastructure, enhances regional logistics capabilities. With direct access to Jebel Ali Port and Al Maktoum International Airport, this expansion improves supply chain efficiency, solidifying Dubai South’s role as a leading logistics hub and boosting cargo shipping activity, which drives further economic growth in the region.

Competitive Landscape

The cargo shipping market key players are focusing on strategic initiatives, including technological advancements, collaborations, and new product launches. These efforts aim to meet the growing demands of consumers and end-users, enhance operational efficiency, and strengthen their position in the competitive global cargo shipping industry.

CMA CGM Group

Founded in 1978 and headquartered in France, CMA CGM is a global leader in transportation and logistics, offering comprehensive services across shipping, port operations, supply chain management, and warehousing. The company provides tailored end-to-end logistics solutions for businesses of all sizes, specialising in contract logistics and freight management across sea, air, road, and rail transportation.

A.P. Moller-Maersk Group

Founded in 1904 and headquartered in Copenhagen, Denmark, A.P. Moller-Maersk Group is an integrated transport and logistics company committed to delivering comprehensive services for customers and society. It operates through subsidiaries and affiliates, providing transportation for dry, refrigerated, and special cargo, along with used container sales and intermodal transport solutions.

MSC Mediterranean Shipping Company S.A

Founded in 1970, with its headquarters in Geneva, Switzerland, MSC Mediterranean Shipping Company is a container shipping and logistics provider that facilitates regional and international trade by transporting cargo safely, efficiently, and sustainably. In addition to its shipping services, MSC also offers immersive cruise experiences with international dining, world-class entertainment, and award-winning family programs, allowing passengers to choose their destinations and durations.

Panalpina World Transport (Holding) Ltd.

Founded in 1935, with its headquarters in Switzerland, Panalpina World Transport is a supply chain and logistics company that specialises in air and sea freight forwarding and shipping services. The company operates through three key segments: air freight, ocean freight, and logistics, supported by an impressive fleet to efficiently manage and deliver its global operations.

Other key players in the cargo shipping market report include DHL Global Forwarding, China COSCO Holdings Company Limited, Nippon Express Co., Ltd, Hapag-Lloyd AG, Ceva Logistics, and Deutsche Bahn AG, among others.