Cargo Shipping Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Cargo Type (Liquid Bulk, Dry Bulk, General Cargo, Container Cargo), By Industry Type (Food & Beverages, Manufacturing, Oil, Gas & Ores, Electrical & Electronics), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 14.75 Billion
CAGR (2026-2031)	4.54%
Fastest Growing Segment	Container Cargo
Largest Market	Asia Pacific
Market Size (2031)	USD 19.25 Billion

Market Overview

The Global Cargo Shipping Market will grow from USD 14.75 Billion in 2025 to USD 19.25 Billion by 2031 at a 4.54% CAGR. Global cargo shipping encompasses the commercial seaborne transportation of freight, raw materials, and finished goods utilizing specialized vessels such as dry bulk carriers, tankers, and container ships. The expansion of this market is fundamentally driven by the resurgence of international trade volumes and escalating industrial production in developing nations which necessitates the reliable movement of commodities. According to BIMCO, in 2024, global container cargo volume growth was estimated to reach between 5.5 percent and 6.5 percent due to stronger than anticipated demand in North American and European markets.

However, the industry faces a significant challenge in the form of geopolitical instability affecting strategic maritime chokepoints. Persistent security risks and conflicts in regions such as the Red Sea force operators to divert vessels toward longer navigational routes, resulting in substantially increased fuel costs and transit times that can severely impede the efficiency of global supply chains.

Key Market Drivers

The expansion of global merchandise trade volume serves as the primary catalyst for the cargo shipping market, directly dictating fleet utilization rates and route planning. As industrial production recovers in key manufacturing zones, the need for reliable seaborne transport of semi-finished goods and commodities intensifies, driving throughput across major shipping lanes. According to the World Trade Organization, October 2024, in the 'Global Trade Outlook and Statistics', world merchandise trade volume was projected to increase by 2.7 percent in 2024, marking a recovery from previous contractions. This resurgence is mirrored in the operational results of major carriers; for instance, according to Hapag-Lloyd, November 2024, in the 'Nine-Month 2024 Financial Report', transport volumes increased by 4.6 percent in the first nine months of the year compared to the prior period, highlighting robust demand for general cargo movement.

Concurrently, the rapid proliferation of cross-border e-commerce acts as a critical driver, shifting industry focus toward high-frequency logistics networks. The surge in digital retail has necessitated supply chain restructuring to accommodate consolidated shipments of consumer goods, compelling shipping lines to enhance their end-to-end capabilities. This trend is evident in the financial performance of integrated logistics segments which support retail fulfillment. According to A.P. Moller - Maersk, October 2024, in the 'Interim Report Q3 2024', revenue in the Logistics & Services segment increased by 11 percent year over year, reflecting the growing reliance of global retailers on comprehensive shipping infrastructures to meet consumer delivery expectations.

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Key Market Challenges

Geopolitical instability affecting strategic maritime chokepoints acts as a significant restraint on the growth of the global cargo shipping market. Security risks in critical regions compel operators to divert vessels away from established shortcuts like the Red Sea and toward longer alternative routes around the Cape of Good Hope. This navigational adjustment results in extended voyage durations and higher fuel consumption, which directly inflates operational costs. The necessity to deploy more vessels to maintain the same service frequency reduces the effective supply of shipping capacity, limiting the ability of the market to absorb new demand efficiently.

The unpredictability associated with these disruptions further hampers market expansion by creating volatility in freight rates and insurance premiums. This financial instability burdens shippers and reduces the volume of goods traded globally as supply chains become less reliable. According to the United Nations Conference on Trade and Development, in early 2024, weekly container vessel transits through the Suez Canal declined by 67 percent compared to the previous year. Such substantial reductions in traffic through primary trade arteries demonstrate how regional conflicts disrupt the seamless flow of international commerce and impede the steady development of the maritime transport sector.

Key Market Trends

The Restructuring of Global Carrier Alliances is fundamentally altering the competitive landscape of the cargo shipping market as major operators dissolve long-standing partnerships to pursue independent or newly integrated strategies. This shift involves a departure from pure vessel-sharing agreements toward operational models that prioritize schedule reliability and exclusive terminal control, such as the "hub and spoke" networks adopted by emerging cooperation agreements. The market is now fragmenting into distinct power blocs, with independent giants aggressively expanding their fleets to compete against formalized alliances. According to Breakbulk.News, November 2025, in the 'MSC Surpasses 7 Million TEUs' article, the Mediterranean Shipping Company, operating independently, controls approximately 21 percent of global container capacity, surpassing the combined fleet of the newly formed Gemini Cooperation. This consolidation of market power by individual entities intensifies competition on service differentiation rather than freight rates alone.

Concurrently, the Rapid Adoption of Green Shipping Technologies is reshaping fleet procurement strategies as owners accelerate the transition toward decarbonization to comply with tightening international regulations. Shipping lines are increasingly directing capital toward dual-fuel vessels capable of running on methanol or liquefied natural gas, viewing environmental compliance as a critical commercial differentiator. This trend is driving a massive renewal of the order book, moving the industry away from conventional heavy fuel oil tonnage. According to DNV, July 2025, in the 'Alternative Fuels Insight' platform update, new orders for alternative-fuelled vessels reached 19.8 million gross tonnes in the first six months of 2025, marking a 78 percent increase compared to the previous year. This surge illustrates the sector's commitment to long-term sustainability despite prevailing market uncertainties.

Segmental Insights

The Container Cargo segment is currently the fastest-growing category within the Global Cargo Shipping Market, primarily driven by the accelerating volume of international trade and the global expansion of e-commerce. This growth is fundamentally supported by the intermodal versatility of standardized containers, which allow for the seamless transfer of goods between ships, rail, and trucks without intermediate handling. This capability significantly reduces transit times and operational costs while ensuring cargo security. According to the United Nations Conference on Trade and Development, the continuous development of global port infrastructure to accommodate these standardized units further accelerates the segment's rapid expansion.

Regional Insights

Asia Pacific maintains a dominant position in the global cargo shipping market due to its extensive manufacturing capabilities and robust export volume. The region serves as a primary production hub for automotive, electronics, and consumer goods, particularly within China, India, and Southeast Asia. This industrial strength drives significant demand for maritime transport services to facilitate international trade. Additionally, continuous investments in port infrastructure and the expansion of free trade agreements support heavy container traffic. Reports from the United Nations Conference on Trade and Development consistently attribute this regional leadership to sustained economic growth and strategic maritime connectivity.

Recent Developments

• In February 2025, A.P. Moller - Maersk and Hapag-Lloyd officially launched their long-term operational partnership known as the Gemini Cooperation to reshape global cargo logistics. This collaboration involved a shared fleet of approximately 340 vessels, with Maersk deploying 60% of the capacity and Hapag-Lloyd providing the remaining 40%. The network was explicitly designed to deliver an industry-leading schedule reliability of above 90% and covered seven global trades. By implementing a novel hub-and-spoke operational model, the companies aimed to optimize transit times and improve connectivity, significantly enhancing service quality in the competitive global cargo shipping market.
• In February 2025, Ocean Network Express (ONE) celebrated the naming of its first owned newbuilding container vessel, the "ONE Sparkle," at a shipyard in South Korea. The vessel, boasting a capacity of 13,800 TEU, was engineered with advanced environmental capabilities, including readiness for methanol and ammonia propulsion systems. The design also featured an optimized hull form and smart technology integration to maximize fuel efficiency and minimize carbon footprints. This strategic product launch marked a pivotal step in the company's fleet modernization program and its broader commitment to achieving net-zero greenhouse gas emissions by 2050.
• In September 2024, MSC Mediterranean Shipping Company announced a comprehensive slot exchange cooperation with the Premier Alliance, which includes Ocean Network Express, HMM, and Yang Ming. This strategic agreement, set to commence in early 2025, focused on enhancing service coverage across key trade lanes from Asia to North Europe and the Mediterranean. By joining forces on these specific routes, the company aimed to provide its clients with more direct port calls and improved sailing frequencies. This collaboration allowed the carrier to maintain its independent network strategy while ensuring robust connectivity in high-demand global markets.
• In April 2024, CMA CGM and its partners in the Ocean Alliance successfully launched the "DAY 8 Product," a newly optimized service network for global maritime transport. This extensive program deployed a fleet of 321 container ships, with the French carrier contributing 119 vessels, to operate 35 distinctive services on major East-West trades. The initiative focused on refining rotations and improving transit times between Asia, North America, and Northern Europe to meet evolving market demands. This launch reinforced the alliance's stability and provided shippers with reliable, high-capacity solutions for their international supply chain requirements.

Key Market Players

• A.P. Moller-Maersk A/S
• MSC Mediterranean Shipping Company SA
• CMA CGM S.A
• Orient Overseas Container Line Ltd.
• China COSCO Shipping Corporation Limited
• Evergreen International Corp.
• Hapag-Lloyd AG
• Ocean Network Express Pte. Ltd.
• Yang Ming Marine Transport Corp
• HMM (Europe) Limited

By Cargo Type	By Industry Type	By Region
Liquid Bulk Dry Bulk General Cargo Container Cargo	Food & Beverages Manufacturing Oil Gas & Ores Electrical & Electronics	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Cargo Shipping Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Cargo Shipping Market, By Cargo Type:

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

• Cargo Shipping Market, By Industry Type:

• Food & Beverages
• Manufacturing
• Oil
• Gas & Ores
• Electrical & Electronics

• Cargo Shipping Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE