Mission critical data dissemination in massive Internet of things (IoT) networks imposes constraints on the message transfer delay between devices. Due to low power and communication range of IoT devices, data is foreseen to be relayed over multiple device-to-device (D2D) links before reaching the destination. The coexistence of a massive number of IoT devices poses a challenge in maximizing the successful transmission capacity of the overall network alongside reducing the multi-hop transmission delay in order to support mission critical applications. There is a delicate interplay between the carrier sensing threshold of the contention based medium access protocol and the choice of packet forwarding strategy selected at each hop by the devices. The fundamental problem in optimizing the performance of such networks is to balance the tradeoff between conflicting performance objectives such as the spatial frequency reuse, transmission quality, and packet progress towards the destination. In this paper, we use a stochastic geometry approach to quantify the performance of multi-hop massive IoT networks in terms of the spatial frequency reuse and the transmission quality under different packet forwarding schemes. We also develop a comprehensive performance metric that can be used to optimize the system to achieve the best performance. The results can be used to select the best forwarding scheme and tune the carrier sensing threshold to optimize the performance of the network according to the delay constraints and transmission quality requirements.