The IATA data for full year 2024 and December 2024 Global Air Cargo Market highlighted an 11.3% year-on-year increase in demand, compared to 2023, driven by e-commerce, shipping disruptions, and constrained airspace. According to IATA figures full-year 2024 demand exceeded the record volumes set in 2021. This resulted in higher cargo yields, which averaged 39% above 2019 levels despite 1.6% lower than 2023. This growth was also supported by limited airspace capacity on some key long-haul routes to Asia, which kept yields elevated.

In 2024, global air cargo revenues were estimated at $149 Billion, an increase from $139 Billion in 2023. While this figure is lower than the 2021 peak of $210 Billion, it still represents profitable growth.

Some key takeaways from IATA’s report include:

• Global demand increased by 11.3% in 2024, surpassing the record set in 2021.

• Measured in available cargo tonne-kilometres (ACTK) the total cargo capacity for 2024 also grew by 7.4%, reflecting continued recovery and expansion in air cargo services.

• Although average yields were slightly lower than in 2023, they remained significantly (39%) higher than pre-pandemic (2019) levels, which is bolstered by strong e-commerce demand and ongoing shipping disruptions.

•In December 2024, air cargo performance continued to be strong, with a 6.1% increase in global demand year-on-year and a 6.6% rise in yields. However, the global trade environment shows signs of slowing, with key indicators like the PMI for new export orders dipping below the critical 50-mark threshold, signaling a decline in global manufacturing and exports.

Factors Driving 2024 Growth

•E-commerce Boom: E-commerce remains a key driver of air cargo demand. The rise of online shopping, particularly in North America and Europe, led to increased demand for express shipping services.

•Ocean Shipping Disruptions: Ongoing capacity limitations in ocean freight pushed many shippers to opt for air cargo, further boosting demand for faster, more reliable shipments.

• Airspace and Geopolitical Factors: Airspace restrictions in certain regions, particularly Asia, along with the continued geopolitical tensions, helped maintain high yields, as capacity remained constrained on key long-haul routes.

IATA's 2024 Air Cargo Report also highlighted strong regional performances, particularly in Africa and the Middle East, where air cargo volumes surged by 22% and 20.9%, respectively. The US and China showed some optimism, while Europe and Japan faced continued contraction. In terms of trade routes, the Middle East–Europe market was particularly strong, with a 39.3% year-on-year growth.

Regional Performance in 2024

•Asia-Pacific: 14.5% growth in demand made Asia-Pacific the strongest region for air cargo in 2024. Capacity increased by 11.3%, keeping pace with growing demand. In December 2024, the region saw an 8.4% increase in demand and a 6.3% increase in capacity.

•North America: 6.6% growth in demand, the lowest among all regions. Capacity increased by 3.4% year-on-year, and in December, North America saw a 5.3% increase in demand, with a 2.1% increase in capacity.

• Europe: 11.2% demand growth, with 7.8% capacity growth. In December, European carriers saw 5.1% growth in demand, but capacity increased more slowly at 3.7%.

• Middle East: 13% demand growth and 5.5% capacity growth. In December, Middle Eastern carriers experienced 3.3% growth in demand and a 0.2% increase in capacity.

•Latin America: 12.6% demand growth, with 7.9% capacity growth. December saw a 10.9% growth in demand, the highest among regions, and 8.4% capacity increase.

•Africa: 8.5% demand growth, but with a 13.6% increase in capacity. December saw a slight decline in demand (-0.9%) but a 1.8% increase in capacity.

Despite the challenges, the strong demand growth seen in early 2024 underscores air cargo's resilience, aided by factors like e-commerce and the ongoing recovery in the aviation sector.

Looking ahead to 2025, IATA’s forecasts suggest a more stable 2025 with 5.8% growth in air cargo traffic, reaching a total of 80 million tons, and 5.7% increase in revenues, reaching an estimated $157 Billion, which aligns with historical performance, compared to the strong growth observed in 2024. Challenges such as geopolitical shifts and potential trade restrictions remain, but the air cargo industry’s resilience and the ongoing growth in e-commerce and trade are expected to support continued positive performance. According to IATA's 2024 Air Cargo Report, rising protectionist sentiments and tariffs, particularly US-China tensions, could slow down global trade and affect air cargo volumes. This evaluation reflects a generally optimistic outlook for the global air cargo market in 2025, driven by economic growth and operational efficiencies. However, external factors such as geopolitical tensions and trade policies will remain critical variables to watch.

IATA's January 2025 Global Air Cargo Market Report

On February 27, 2025, IATA released data for the January 2025 global air cargo market. According to IATA’s data in January 2025, the global air cargo market continued its positive growth trend, with a 3.2% increase in air cargo demand compared to January 2024 (3.6% for international operations). This marks the 18th consecutive month of growth for the sector. However, the January 2025 growth rate was a deceleration from the 6.1% growth seen in December 2024 and fell short of the projected 5.8% growth for the 2025. Measured in available cargo tonne-kilometres (ACTK) the total cargo capacity for January 2025 also increased by 6.8% compared to January 2024 (7.3% for international operations). However, yield and cargo load factors slightly declined. The early 2025 slowdown could be a sign of more subdued demand growth throughout the year. E-commerce, supply chain improvements, and global manufacturing are likely to remain key drivers of air cargo demand in the coming months, but the market will need to contend with the shifting economic landscape. Factors like capacity management, geopolitical risks, and economic stability will play a crucial role in shaping the future outlook.

As for regional performance, IATA’s data highlights the dynamic and varied performance across different regions, with certain regions and trade lanes showing more significant progress than others. In this context, according to IATA’s January 2025 Global Air Cargo Market analysis while Latin America and Asia-Pacific showed strong results, the Middle East and Africa faced challenges in January 2025. The decrease in capacity utilization suggests that the industry is facing challenges in matching supply with demand, particularly as fuel prices drop and yields remain volatile.

Regional Performance in January 2025

•Asia-Pacific: Saw a 7.5% year-on-year increase in demand for air cargo, with capacity up by 10.9%.

•North America: Demand grew by 5.3%, with capacity increasing by 7.5%.

•Europe: Demand increased by 1.3%, with capacity rising by 3.5%.

•Middle East: Experienced a -8.4% decrease in demand, the slowest among regions, with capacity declining by 1.2%.

•Latin America: Led the regions with an 11.2% increase in demand, thestrongest growth among the regions, and 10.6% rise in capacity.

•Africa: Saw a 3.4% decline in demand, with capacity growing by 5.4%.

“Most international routes experienced growth in January. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping,” said the report.

Notable Trade Lane Growth

•Asia-North America: +6.1% growth, continuing 15 consecutive months of growth, with a market share of 24.4%.

•Europe-Asia: +3.2% growth, continuing 23 consecutive months of growth, with a market share of 20.5%.

•Middle East-Europe: -7.3% decrease in demand, with a market share of 5.7%.

•Middle East-Asia: -3.0% decrease in demand, with a market share of 7.3%.

•Within Asia: +7.6% growth, continuing 15 consecutive months of growth, with a market share of 7.0%.

•North America-Europe: +9.7% growth, continuing 12 consecutive months of growth, with a market share of 13.3%.

•Africa-Asia: -26.1% decrease in demand, with a market share of 1.4%.

“January marked 18 consecutive months of growth for air cargo, but the month’s 3.2% year-on-year growth is a moderation from double-digit peaks in 2024. Similarly, yields, while still above January 2024 levels, saw a 9.9% decline from December, as cargo load factors also declined by an average of 1.5 percentage points. While external factors such as trade growth, declining fuel costs, and expanding e-commerce remain positive for air cargo, it is important to closely watch the evolution of market conditions at this time. In particular, the wild card is the potential for tariff-driven trade policies from the US Trump Administration. Fortunately, the air cargo industry is well practiced at dealing with shifts in the operating environment,” said Willie WALSH, IATA’s Director General.

IATA's February 2025 Global Air Cargo Market Report

According to IATA’s February 2025 Global Air Cargo Market Report, which was released on March 31, 2025,  air cargo demand declined slightly in February 2025. IATA's February 2025 Report highlighted that total demand in global air cargo market, measured in cargo tonne-kilometers (CTK), declined by 0.1% compared to February 2024 levels (+0.4% for international operations). This marks the first decline since mid-2023. However, there was a positive development as the cargo load factor improved by 0.1 percentage points, reaching 45%, despite the overall 0.4% decline in the total cargo capacity.

IATA explained that the decline in demand was primarily due to the extraordinary growth experienced in February 2024. A combination of factors, including the leap year, Chinese New Year traffic, sea lane closures, and an e-commerce boom, led to a spike in volumes last year, making this February’s figures appear lower in comparison.

IATA’s Director General, Willie WALSH, commented: “February saw a small contraction in air cargo demand, the first year-on-year decline since mid-2023. Much of this is explained by February 2024 being extraordinary—a leap year that was also boosted by Chinese New Year traffic, sea lane closures and a boom in e-commerce. Rising trade tensions are, of course, a concern for air cargo. With equity markets already showing their discomfort, we urge governments to focus on dialogue over tariffs.” 

Key Economic Indicators

•Industrial Production: The industrial production index rose by 3.2% year-on-year in January, marking the highest growth in two years. World trade expanded by 5%.

•Jet Fuel Prices: Averaged $94.6/barrel in February, a 2.1% drop from January.

•Purchasing Managers Index (PMI): The global manufacturing output PMI was 51.5 in February, indicating growth. The PMI for new export orders rose slightly to 49.60, remaining just shy of the growth threshold.

•Consumer Inflation: Inflation remained elevated in the US, Europe, and Japan, easing slightly from the previous month. However, China recorded its first decline in consumer prices in 11 months, indicating persistent deflationary pressure.

Regional Performance

Regional performance in February revealed varied results:

•Asia-Pacific airlines saw a 5.1% increase in demand, with capacity increasing by 2.7%.

•North American carriers experienced a 0.4% decline in demand, with a 3.5% reduction in capacity.

•European carriers faced a 0.1% drop in demand and a 0.2% reduction in capacity.

•Middle Eastern airlines saw the most significant decline, with 11.9% less demand and a 4% decrease in capacity.

•Latin American carriers posted 6% demand growth and 7.6% increased capacity.

•African airlines experienced a 5.7% drop in demand, with a slight 0.6% decline in capacity.

Trade Lane Growth

•Asia-North America: +0.1% growth, marking 16 consecutive months of growth, accounting for 24.4% of the market.

•Europe-Asia: +4.7% growth, marking 24 consecutive months of growth, with 20.5% of the market share.

•Middle East-Europe: -14.1% decline in demand.

•Middle East-Asia: -6.2% decline in demand.

•Within Asia: +9.0% growth, marking 16 consecutive months of growth, with 7.0% market share.

•North America-Europe: +4.5% growth, marking 13 consecutive months of growth, representing 13.3% of the market.

•Africa-Asia: -30.0% decline in demand.

While February 2025 saw a slight decline in air cargo demand, the first year-on-year decrease since mid-2023, IATA attributes this to exceptional conditions in February 2024, including the leap year and special circumstances like Chinese New Year and shipping disruptions. Despite the decline in air cargo demand, economic indicators like industrial production growth and expanding world trade provide a mixed but somewhat positive outlook for the air cargo industry in the coming months. On the other hand, while external factors such as trade tensions and rising fuel costs are contributing challenges, some regions, like Asia-Pacific and Latin America, continued to show growth. Nonetheless, trade tensions and inflationary pressures remain concerns, and the air cargo industry must navigate these challenges carefully in the coming months.

Turkish Cargo Reported Remarkable 35% Revenue Growth in 2024

Turkish Cargo, the air cargo division of Turkish Airlines, has been a prominent player in the air cargo sector, with strong performance and continued investment in expanding its capacity and infrastructure. 

Turkish Cargo, has achieved a remarkable 35% year-on-year increase in its cargo revenue for 2024, as it continued to invest in specialist product handling and fleet expansion. The airline's total cargo revenue surged to $3.5 Billion, up from $2.6 Billion in 2023, driven by strong demand, strategic investments, and an expanding global presence. This is the third-highest annual cargo revenue in Turkish Airlines' history, behind $4 Billion in 2021 and $3.7 Billion in 2022. Annual cargo volumes also grew by more than 20%, further cementing Turkish Cargo’s position as a global leader in air cargo. According to National Flag Carrier of Türkiye, Turkish Airlines’ (THY),  report in 2024 the airline carried over 2 million tonnes of cargo (specifically 2,000,873 tonnes), marking a 20.6% increase from 1.66 Million tonnes in 2023. Domestic cargo volumes rose by 8%, reaching 60,483 tonnes, while the international cargo saw a robust 21% increase, amounting to 1,940,389 tonnes. Meanwhile, cargo revenue contributed 15.4% to Turkish Airlines' total revenue in 2024, up from 12% in 2023.

According to data published by the International Air Transport Association (IATA), Turkish Cargo ranked the third-largest air cargo carrier globally with a 5.7% market share (based on Freight Tonne Kilometres, FTKs), with 9.9 Billion FTKs in 2024, strengthening Türkiye's position as a global transfer hub.

In 2024, Turkish Cargo continued to invest in its fleet. In 2024, it expanded its freighter fleet with the addition of four Boeing 777Fs, increasing its capacity. In 2023 the airline had placed an order for five Airbus A350F freighters, with an option for 20 more. Turkish Cargo operates with a fleet that includes 24 freighters. Turkish Cargo’sdedicated freighter fleet includes:

•8 Boeing 777Fs

•10 Airbus A330-200Fs

•6 wet-leased freighters (3 each of A310-300Fs and A321-200Fs).

•5 Airbus A350 freighters on order, with an option for 20 more.

At the beginning of 2024, Turkish Cargo expanded its pharmaceutical offerings, by introducing three new service standards: TK Pharma Standard, TK Pharma Extra, and TK Pharma Advanced, each offering various levels of service for sensitive cargo.

In February 2025 Turkish Cargo has been awarded the title of "Fastest Growing International Cargo Airline of the Year" by STAT Trade Times for its outstanding performance in the air cargo industry. The award was presented during the Air Cargo Africa Exhibition and Conference held in Nairobi, Kenya, from February 19-21, 2025, reflecting the industry’s acknowledgment of Turkish Cargo's growing influence and operational efficiency.

The STAT Times International Air Cargo Excellence Awards are based on a two-phase evaluation process involving industry stakeholders. In the first phase, candidates are assessed based on the documents they submit, followed by a voting phase involving industry professionals to determine the winners. Turkish Cargo was recognized for its expanding global flight network, its state-of-the-art SMARTIST cargo facility at Istanbul Airport, innovative logistics solutions, and sustainable growth strategies. In August 2024, Turkish Cargo’s SMARTIST facility received the IATA Smart Facility Operational Capacity Certification, ensuring compliance with IATA regulations for cargo handling, temperature control, and the transportation of live animals and perishable goods.

Turkish Cargo's remarkable performance in 2024 demonstrates its ability to adapt and grow in a dynamic air cargo market. With a significant revenue increase, higher cargo volumes, and strategic investments in fleet and infrastructure, Turkish Cargo is well-positioned for continued growth in the coming years. Looking ahead, Turkish Cargo aims to expand its cargo destinations to 150 by 2033, further solidifying its position as one of the leading air cargo providers in the world, increase the number of cargo aircraft to 44, and raise the capacity of its SMARTIST facility to 4.5 Million tons, while aiming to boost its operational volume to 3.9 Million tons, demonstrating the company’s ambition to increase its market share and enhance its capabilities to meet the growing demands of international trade.

Meanwhile, according to Turkish Airlines (THY) January 2025 and February 2025 Traffic Results that disclosed through the Public Disclosure Platform (KAP) on February 7, and March 7, 2025 respectively in January 2025 cargo and mail volume of the airline remained unchanged from January 2024, totaling 149.7 thousand tons and during the period of February 2025 the volume of cargo and mail carried by the flag carrier decreased by 0.5% from February 2024, totaling 148.5 thousand tons. February 2025  Traffic Results revealed that cargo/mail carried during the period of January – February 2025 decreased by 0.1% to 298.600 tons from 299.100 tons in the same period of 2024