The International Air Transport Association (IATA) released data for full year 2025 and December 2025 global air cargo market performance showing:
- Full-year demand for 2025, measured in cargo tonne-kilometers (CTK), increased 3.4% compared to 2024 (4.2% for international operations).
- Full-year capacity in 2025, measured in available cargo tonne-kilometers (ACTK), increased by 3.7% compared to 2024 (5.1% for international operations).
- December 2025 brought the year to a close with continued strong performance. Global demand was 4.3% above December 2024 levels (5.5% for international operations). Global capacity was 4.5% above December 2024 levels (6.4% for international operations).
Additionally, IATA noted that full-year yields fell 1.5% year-on-year. This is the smallest decline in three years as a more normal supply-demand balance is achieved and the exceptionally strong yields of COVID and post-COVID continue to taper. Despite competitive pressure capping air cargo’s pricing power, yields remain 37.2% above 2019 levels.
“Air cargo delivered a strong performance in 2025, with demand up 3.4% year-on-year. Global e-commerce strength drove volumes, even as trading relationships with the US faced rising tariffs, the removal of de minimis tariff exemptions, and continuing policy uncertainty. Air cargo rose to the occasion. It adapted quickly to support global businesses and supply chains as they front-loaded product deliveries ahead of tariff impositions and adjusted to rising demand within Asia and between Asia and Europe as US-Asia trade stagnated,” said Willie Walsh, IATA’s Director General.
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“Growth in 2026 is expected to moderate slightly to 2.4%, in line with historical trends. We can expect that demand will continue to be shaped by trade and geopolitical developments. Whatever trading patterns emerge, we can be confident that reliance on air cargo to keep global supply chains running will remain, with carriers responding to the challenge by deploying capacity and designing their networks for optimum flexibility,” said Walsh.
Several factors in the operating environment should be noted:
- Global trade in goods grew by 2.5% annually in 2024. Year-to-date, January to November, for 2025, the index grew 4.4% (versus 2.4% of same period in 2024).
- Jet fuel prices fell 3.1% in December and averaged 9.1% lower in 2025 than in 2024. However, higher crack spreads meant refiners captured more margin, offsetting part of the benefit for airlines.
- Global manufacturing sentiment strengthened in December to reach 50.9. New export orders fell slightly to 49.1, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.
Air Cargo Market in Detail – December 2025
| DECEMBER 2025 (%YEAR-ON-YEAR) | WORLD SHARE *1 | CTK | ACTK | CLF (%-PT) *2 | CLF (LEVEL) *3 |
|---|---|---|---|---|---|
| Total Market | 100% | 4.3% | 4.5% | -0.1% | 47.1% |
| Africa | 2.1% | 10.1% | 9.8% | 0.1% | 45.4% |
| Asia Pacific | 35.9% | 9.4% | 8.3% | 0.5% | 49.4% |
| Europe | 21.4% | 4.9% | 3.9% | 0.5% | 56.4% |
| Latin America and Caribbean | 2.9% | -4.1% | 4.5% | -2.8% | 31.1% |
| Middle East | 13.2% | 4.2% | 10.6% | -2.7% | 44.5% |
| North America | 24.5% | -2.2% | -2.6% | 0.2% | 42.2% |
Air Cargo Market in Detail – Full Year 2025
| DECEMBER 2025 (%YEAR-TO-DATE) | WORLD SHARE *1 | CTK | ACTK | CLF (%-PT) *2 | CLF (LEVEL) *3 |
|---|---|---|---|---|---|
| Total Market | 100% | 3.4% | 3.7% | -0.1% | 45.7% |
| Africa | 2.1% | 6.0% | 7.8% | -0.7% | 42.9% |
| Asia Pacific | 35.9% | 8.4% | 7.4% | 0.5% | 47.6% |
| Europe | 21.4% | 2.9% | 3.1% | -0.1% | 53.4% |
| Latin America and Caribbean | 2.9% | 2.3% | 4.5% | -0.8% | 36.0% |
| Middle East | 13.2% | 0.3% | 4.5% | -1.9% | 45.1% |
| North America | 24.5% | -1.3% | -1.1% | -0.1% | 40.2% |
(*1) % of industry CTKs in 2024 (*2) Year-on-year change in load factor (*3) Load factor level
Note: the total industry and regional growth rates are based on a constant sample of airlines combining reported data and estimates for missing observations. Airline traffic is allocated according to the region in which the carrier is registered; it should not be considered as regional traffic. Historical statistics are subject to revision.
Regional Performance
Asia-Pacific airlines saw 8.4% year-on-year demand growth for air cargo in 2025, the strongest among the regions. Capacity increased by 7.4% year-on-year. December year-on-year demand increased 9.4% and capacity increased 8.3%.
North American carriers saw a 1.3% year-on-year decline in demand growth for air cargo in 2025, the only regional decline and the weakest performance globally. Capacity decreased by 1.1% year-on-year. December year-on-year demand decreased 2.2% and capacity decreased 2.6%.
European carriers saw 2.9% year-on-year demand growth for air cargo in 2025. Capacity increased by 3.1% year-on-year. December year-on-year demand increased 4.9% and capacity increased 3.9%.
Middle Eastern carriers saw 0.3% year-on-year demand growth for air cargo in 2025. Capacity increased by 4.5% year-on-year. December year-on-year demand increased 4.2% and capacity increased 10.6%.
Latin American and Caribbean carriers saw 2.3% year-on-year demand growth for air cargo in 2025. Capacity increased by 4.5% year-on-year. December year-on-year demand decreased by 4.1%, the lowest performance of all regions. Capacity increased 4.5%.
African airlines saw 6.0% year-on-year demand growth for air cargo in 2025. Capacity increased by 7.8% year-on-year. December year-on-year demand increased by 10.1%, the highest of all regions, and capacity increased 9.8%.
Trade Lane Growth
2025 trade lane data shows a clear shift in global air cargo flows from Asia–North America to Asia–Europe, driven by tariff pressures and the removal of the US de minimis exemption. The Within Asia, and the Middle East–Asia corridor also recorded strong growth.
| TRADE LANE | 2025 CARGO DEMAND GROWTH (CTK YOY%) | 2025 GLOBAL MARKET SHARE (%) | INDUSTRY MARKET SHARE CHANGE (PERCENTAGE POINTS) 2024 VS 2025 |
|---|---|---|---|
| Europe – Asia | +10.3% | 21.5% | 1.1 |
| Within Asia | +10.0% | 7.4% | 0.4 |
| Europe – North America | +6.8% | 13.5% | 0.3 |
| Middle East – Asia | +5.8% | 7.4% | 0.1 |
| Asia – North America | -0.8% | 23.4% | -1.2 |
| Within Europe | -1.4% | 1.9% | -0.1 |
| Africa – Asia | -1.9% | 1.3% | -0.1 |
| Europe – Middle East | -3.4% | 5.2% | -0.4 |
*Route Area’s CTK YoY growth, along with counting streaks of growth, and market share by region. Route area represents segment data and do not reflect connection traffic; e.g. shipments from Asia to Europe and vice versa, connecting in the Middle East, correspond to two different segments: Europe-Middle East and Middle East-Asia, but not under Europe-Asia.
**The table covers major trade lanes only.
