"The rising inflation rate also saw around a 40 per cent increase in jet fuel prices with declining export orders. All these factors combined have led to softer demand in the past months.

"While most countries are recovering from the Covid scare, the fear of recession looms. These factors have led to a noticeable slowdown in global trade, softening the air cargo market. Moreover, a labour shortage is becoming prominent throughout western Europe and America.

"The global market size was around 58.58 million tons in 2021. North America and western Europe were the high-maturity markets, followed by India, China, the Middle East, Africa, New Zealand, eastern Europe, Brazil, and South Africa as the medium-market maturity regions, it said.

"The rising inflation is also severely impacting the air freight industry as consumers will become conservative in their spending habits. Increasing demand for high-tech products, retail, and food items will offer relief. But manufacturing activities in several advanced economies will take a hit," concluded the press release.

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