Asia-led carriers drive air cargo growth despite turbulent 2025

Singapore : The global air cargo market expanded in 2025 despite tariffs, geopolitical tensions and major changes in international trade, with leading carriers shifting capacity and routes to keep pace with rapidly changing demand.

The world's 25 largest cargo airlines recorded a combined 5.5 percent increase in cargo ton-kilometers (CTK), outperforming the industrywide growth of 3.4 percent. Carriers with strong exposure to Asian markets benefited particularly from the reshaping of global supply chains.

FedEx retained the top position, although its cargo volume fell 9.9 percent to 16.3 billion CTK. It reported a 40 percent increase in international economy package volumes during 2025, reflecting stronger e-commerce demand, while international priority volumes fell 12 percent.

UPS remained close behind in second place, increasing its cargo activity by 7.2 percent to 16.1 billion CTK. UPS also expanded its European healthcare logistics operations and increased intra-Asia and Europe-India capacity.

Qatar Airways moved to third place after its CTK volume declined 5 percent to 14.4 billion. Qatar expanded its freighter network, launched specialized services for high-tech and aerospace cargo, and increased cooperation with partners. Its cargo fleet stood at 28 Boeing 777 freighters at the end of 2025.

Further down the rankings, Air China emerged as one of the strongest performers, with CTK rising 23.4 percent to 9.1 billion. China Eastern also climbed the rankings.

Overall, Asia-Pacific carriers led regional growth with an 8.4 percent increase in cargo demand. Europe grew 2.9 percent, Africa 6 percent, and Latin America and the Caribbean 2.3 percent, while North American airlines declined 1.3 percent.

The shifting market increasingly redirected cargo from Asia-North America toward Asia-Europe, as tariffs and the removal of US de minimis exemptions reshaped e-commerce and supply chains.