India Air Cargo Set to Hit 6.9 Million Tonnes by FY2030

India's air cargo volumes are projected to climb from roughly 3.9 million tonnes in FY2026 to 6.9 million tonnes by FY2030 — a 77% jump — according to Makreo Research's India Air Cargo and Express Logistics Market and Forecast to 2031. The growth story is hub-led, pharma-anchored and e-commerce-fed. The catch: airport cargo infrastructure ran at just 42.12% capacity utilisation in FY2023–24, meaning India already has more capacity than it uses.

That gap defines the market's next phase. Volumes are rising fast, but revenue tells a slower story — Makreo puts the revenue CAGR for air cargo and courier services at just 1.30% between FY2023 and FY2026E. Physical tonnage is outpacing pricing, which points to yield pressure for carriers and rate leverage for shippers on well-served lanes.

What does this change for shippers and forwarders?

Plenty, and mostly on the international side. Pharma is the anchor. Pharmaceutical exports exceeded USD 30.5 billion in FY2026, and pharma accounts for nearly 70% of India's outbound air cargo shipments, headed chiefly to the United States and Europe. That mix rewards operators with cold-chain capability and reliable long-haul lift.

The geography is equally concentrated. India is the world's sixth-largest air cargo market, yet air freight covers only about 0.06% of total freight activity in tonne-kilometres — a niche carrying high-value, time-sensitive goods. Per IATA data, Delhi, Mumbai, Bengaluru and Chennai handled around 80% of India's air cargo in 2024. Northern India alone generates approximately 32.32% of air cargo and courier revenue, on the back of international connectivity, manufacturing clusters and e-commerce.

Delhi Airport underscores the gateway momentum: it handled around 0.63 million tonnes in H1 FY2027, up 12.2% year on year. Hyderabad, the pharma specialist, moved roughly 102,000 tonnes in the same period, up 5.8%, driven by pharmaceuticals and other time-sensitive cargo.

Hyderabad's cold-chain bet

Hyderabad has become the region's leading gateway for pharmaceuticals and vaccines. In May 2026 it commissioned a second cargo terminal with a fully temperature-controlled pharmaceutical zone, starting at 50,000 tonnes of annual capacity and expandable to 100,000 tonnes. For pharma shippers moving temperature-sensitive product to the US and Europe, that adds dedicated, expandable capacity at the origin point that matters most.

E-commerce pushes express beyond the metros

Domestic air cargo approached 1.5 million tonnes in FY2026, and the demand map is shifting. Tier-II and Tier-III cities now account for over 45% of online shopping demand, forcing express players to build regional air-road networks rather than relying on metro gateways.

International express remains heavily export-weighted. Exports make up roughly 75–80% of shipments, and by FY2026 daily export consignments ran at 45,000–48,000 against approximately 12,000 imports. Makreo estimates technology-driven air freight and multimodal networks serving smaller cities could grow by more than 20% annually.

Operator numbers confirm the momentum. Delhivery handled 325 million express parcels in Q2 FY2027, up 32% year on year. Blue Dart posted 15% revenue growth and an 85% jump in profit after tax in Q1 FY2027.

New hubs, big cheques

India needs over USD 170 billion in aviation investment through 2030 — USD 24 billion for airport expansion and USD 150 billion for aircraft orders. Airport cargo infrastructure should draw an additional INR 25,000 crore over the next five to seven years. The named projects:

• Noida International Airport opened in June 2026 with 200,000 tonnes of initial annual cargo capacity, expandable to 1.5 million tonnes.
• Navi Mumbai International Airport handled 11,853 tonnes of cargo between January and September 2026, including 6,477 tonnes international.
• FedEx is building a 300,000 sq ft automated hub at Navi Mumbai, backed by over INR 2,500 crore, plus a USD 150 million Delhi facility lifting processing capacity from 600 to 5,000 packages per hour.
• Blue Dart opened a 250,000 sq ft multimodal hub in Delhi in January 2025, handling roughly 550,000 shipments daily.
• UPS SCS India nearly doubled Delhi–Cologne capacity in June 2025 by deploying a Boeing 747-8 freighter, deepening India–Europe connectivity.

That integrator spending — FedEx, UPS, DHL and Blue Dart are the covered majors among 12 companies profiled — signals where express volumes are expected to land through 2031.

Can infrastructure become throughput?

Here's the mechanism the report circles. New terminals and freighters create capacity, but capacity alone doesn't move freight. With utilisation stuck near 42%, the binding constraints are regional connectivity, transshipment efficiency, handling speed and multimodal links — not square footage. Makreo's outlook to 2031 frames it plainly: airports must prioritise capacity utilisation and regional connectivity, while integrators and forwarders push automation and transshipment reform. Pharma and electronics exporters will keep demanding specialised facilities and dependable international links.

For shippers, the near-term read is a widening choice of gateways and cold-chain capacity at Hyderabad and Noida. For carriers and airports, the test is whether the projected 6.9 million tonnes by FY2030 materialises through higher utilisation — or sits waiting for the connectivity to reach it.