# Air Cargo Market Analysis February 2026

**Publisher:** IATA  
**Published:** n/a  
**Category:** Global institutions & policy  
**Type:** Report  
**Access:** Free PDF  
**Official source:** https://www.iata.org/en/publications/economics/reports/air-cargo-market-analysis-february-2026  
**Canonical:** https://tourismintel.ai/reports/iata-air-cargo-market-analysis-february-2026

## At a glance
- Global air cargo demand (CTK) rose 11.2% year-on-year in February 2026, sustaining momentum driven by pre-Lunar New Year flows.
- Africa led regional growth at 21.0%, whilst Asia Pacific and Middle East remained primary drivers; Americas rebounded.
- International cargo volumes expanded 11.6% YoY, with Africa at 21.1%, Middle East 16.6%, and Asia Pacific 12.5%.
- Industry capacity grew 8.5% YoY; cargo load factor increased to 46.0%, up 1.1 percentage points, signalling improved utilisation.
- Cargo yields rose 6.6% year-on-year—the first increase in 11 months—as Brent crude averaged USD 71.2/barrel.

## What the report covers
This IATA monthly report tracks global air cargo demand, capacity, and load factors across regional markets for February 2026. It measures cargo tonne-kilometres (CTK), available cargo tonne-kilometres (ACTK), and cargo load factor (CLF) by region, comparing year-on-year and year-to-date performance. The report also examines energy costs and cargo yields. IATA publishes these analyses to provide the airline industry and logistics stakeholders with current market conditions and regional trends.

## Key findings
Global air cargo demand measured by CTK accelerated to 11.2% year-on-year growth in February 2026, sustaining the momentum from pre-Lunar New Year freight flows. This marks a continuation of broad-based expansion across most regions, though growth rates and trajectories vary significantly by geography. The report notes that both month-on-month and seasonal factors contributed to this sustained performance.

Regional performance diverged substantially in February. Africa recorded the strongest growth at 21.0% YoY, whilst the Americas rebounded after prior weakness. International cargo specifically grew 11.6% YoY, with Africa leading at 21.1%, the Middle East at 16.6%, and Asia Pacific at 12.5%. These regional leaders are identified as primary growth drivers for the global market.

Industry capacity, measured by ACTK, increased 8.5% year-on-year, with Asia Pacific and Middle East leading in absolute scale. The cargo load factor (CLF) improved to 46.0%, up 1.1 percentage points year-on-year, indicating better utilisation of available capacity. However, Latin America and the Caribbean experienced a slight decline of 1.3 percentage points in load factor, suggesting softer demand in that region.

Energy costs showed mixed signals. Brent crude averaged USD 71.2 per barrel, up 6.6% month-on-month but down 5.3% year-on-year. Jet fuel rose 6.0% month-on-month and 1.2% year-on-year, pressured by sanctions and refinery outages. Notably, cargo yields increased 6.6% year-on-year—the first increase in 11 months—suggesting improved pricing power despite energy volatility.

Year-to-date through February 2026, total market CTK grew 8.3% with ACTK up 6.2%, and CLF improved 0.9 percentage points to 45.4%. International segments showed stronger expansion at 9.3% CTK and 7.8% ACTK growth, with CLF at 49.8%, indicating sustained but slightly more moderate performance compared to February alone.

## Key numbers
| Metric | Value | Note |
|---|---|---|
| Global air cargo demand (CTK) year-on-year growth | 11.2% | February 2026; observed |
| Africa regional CTK growth | 21.0% | February 2026; highest regional performer; observed |
| International cargo volume growth (CTK) | 11.6% | February 2026 YoY; observed |
| Asia Pacific international cargo growth | 12.5% | February 2026; observed; primary growth driver |
| Middle East international cargo growth | 16.6% | February 2026; observed; primary growth driver |
| Industry capacity (ACTK) year-on-year growth | 8.5% | February 2026; observed |
| Cargo load factor (CLF) | 46.0% | February 2026; up 1.1 percentage points YoY; observed |
| Cargo yields year-on-year growth | 6.6% | February 2026; first increase in 11 months; observed |

## Why it matters
**DMOs & destinations** — Strong air cargo growth signals healthy international trade and business activity, indicating robust demand for air-connected destinations. Africa's 21% cargo growth and Middle East's 16.6% expansion reflect shifting trade flows; DMOs should monitor cargo-dependent logistics hubs and emphasise connectivity to buyers. Improved cargo load factors suggest airlines may adjust passenger–cargo capacity allocation.

**Hotels & hospitality** — Sustained cargo momentum often correlates with business travel and supply-chain resilience, supporting corporate demand for accommodation. Pre-Lunar New Year flows indicate seasonal clustering of business travel, creating peak demand windows. Rising cargo yields suggest higher freight costs, which may strengthen corporate travel budgets in logistics and supply-chain sectors visiting hubs in Africa and the Middle East.

**Travel tech & distribution** — Cargo growth outpacing capacity growth (11.2% vs 8.5%) indicates pricing power and potential margin expansion for airlines, affecting B2B distribution models. Regional divergence—Africa +21%, Americas rebounding—requires dynamic pricing and inventory allocation algorithms. Improved load factors and yield growth suggest tighter capacity; tech platforms must adapt to reduced freight space and higher cargo rates impacting integrated passenger-cargo offerings.

## Methodology and limits
IATA's monthly air cargo market analysis tracks cargo demand (CTK) and capacity (ACTK) using industry-wide reported data from member airlines and associated carriers. Metrics include cargo load factor, calculated as demand divided by capacity, and are reported by global region, international segments, and year-to-date cumulative periods. The report compares February 2026 performance against February 2025 (year-on-year) and calculates month-on-month changes. Energy cost data derive from published commodity indices (Brent crude, jet fuel). This brief is based on the publicly available summary only; the full report PDF contains additional regional breakdowns and detailed tables.

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© IATA for the original report. This brief is an original editorial summary by TourismIntel (https://tourismintel.ai). Read the original: https://www.iata.org/en/publications/economics/reports/air-cargo-market-analysis-february-2026