Global Pallets Market: By Product Type (Rackable, Nestable, Stackable, Display), By Material Type (Wood, Plastic, Corrugated paper, Metal, Others), By End-User (Food & Beverage, Chemical, Retail, Pharmaceutical, Others) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Global Pallets Market to surpass USD 127.4 billion by 2031 from USD 76.7 billion in 2021 at a CAGR of 5.2% in the coming years, i.e., 2021-2031.
Pallets are a unit load's primary interface. They safeguard items transiting through the supply chain by protecting them from fork truck hits, absorbing tensions, holding weight, and absorbing fork truck impacts. When you consider all they are expected to perform, you can see how they have a significant impact on the outcome of a shipment. Pallets are so prevalent that they're almost unnoticeable, but without them, global trade would be as inefficient as a car without tires. Pallets of superior quality can hold more products per shipment, reduce product loss due to damage or infestation, prevent worker harm from overloaded or imbalanced shipments, and save money on things like fuel.
Global Pallets Market is projected to register a higher CAGR of 5.2% in 2031.
Global Pallets Market to surpass USD 127.4 billion by 2031 from USD 76.7 billion in 2021 at a CAGR of 5.2% in the coming years, i.e., 2021-2031. Factors include the growing use of material handling equipment across a variety of industries. Pallet manufacturing companies that cater to the market are focused on creating products that are light, robust, and efficient for end-users. Furthermore, important firms are focusing on developing new pallets with RFID chips connected for tracking and tracing.
Wood segment is expected to grow considerably over the forecast period
By material type, the global pallets market is divided into Wood, Plastic, Corrugated paper, Metal, and Others. Since wood is frequently utilized for handling and storage, it is currently the most popular pallet type. Wood pallets are more sturdy, lightweight, and cost-effective than other pallet kinds. More than half of all wood pallets are recycled, which is significantly greater than aluminum, paper, or plastic recycling rates. Furthermore, trees are rarely felled to create pallets. Pallet wood is a by-product of the timber that is used in the construction of houses and furniture.
Food & Beverage segment to grow with the highest CAGR during 2021-31
Global Pallets Market is divided into end-user categories as Food & Beverage, Chemical, Retail, Pharmaceutical, and Others. Form these, pallets are most commonly used in the food and beverage industries, owing to rising food demand due to rising population, rising consumer disposable income, and the growth of packaged food. Aside from the food and beverage business, pallets are used extensively in the chemical and pharmaceutical industries, as well as in agriculture.
Focus on sustainable packaging and pallets is a major market driver
The pallets market is predicted to develop in response to the growing emphasis on sustainable packaging and pallets. The majority of today's pallets are made of wood, which is one of the most common sources of municipal solid trash (MSW). Furthermore, waste wooden pallets contain a lot of energy, which is usually wasted during MSW disposal. As a result, businesses are turning to recycle strategies to cut down on the amount of wood wasted in pallet production.
Use of RFID in pallet materials is benefitting for easy tracking, which drives the market
Individual pallets can be tracked and traced in real-time by embedding RFID chips directly into pallet materials. Pallet monitoring can assist organizations in managing recalls and expiration dates, as well as minimizing product loss and delivering things to end-users quickly and efficiently. The adoption of RFID chips is another driver of the Global Pallets Market because of this benefit.
High cost associated with the Global Pallets
The market's growth is hampered by the limited availability and high cost of raw materials used to manufacture pallets. Because the industry is dominated by wooden pallets manufactured of timber, price swings are common, posing a hindrance to market expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Pallets Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the predicted years, Pallet utilization is expected to be high in Asia Pacific. For enormous imports and exports of products, the region has the highest use of plastic and wooden pallets. Furthermore, the Asia Pacific pallet industry has been defined by the concept of sustainability. End-user sectors might be identified as preferring products with longer lifespans, pushing regional firms to innovate along these lines.
The COVID-19 pandemic has increased people's interest in e-commerce platforms, particularly in nations like India and others where e-commerce is less common. The advent of e-commerce has put pressure on supply chains to improve transportation and logistics to control the flow and cost of goods going out and coming in. Online orders are typically smaller and more frequent, necessitating additional assets for inventory management. As a result, there is a demand for pallets for e-commerce-based logistics, which propels the pallet market forward.
Market size value in 2021
USD 76.7 billion
Revenue forecast in 2031
USD 127.4 billion
CAGR of 5.2% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product Type, Material Type, End User, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Falkenhahn AG, CABKA Group GmbH, CHEP (Commonwealth Handling Equipment Pool), Palettes Gestion Services, PalletOne, Inc., Schoeller Allibert Group B.V., The Corrugated Pallets Company, ORBIS Corporation, Craemer Holding GmbH, Rehrig Pacific Company, Inc., World Steel Pallet Co., Ltd, Arrington Lumber & Pallet Co. Inc., LCN, Inc., and Loscam Australia Pty Ltd.
Global Pallets Market size was estimated at USD 76.7 billion in 2021 and is expected to reach USD 127.4 billion in 2031.
A pallet is a flat, (usually wooden) structure that is used for handling transport, storing goods, or transporting freight. The pallet is one of the most common structures for loading goods in the transport and logistics sector.
The wood segment accounted for the largest Global Pallets Market share.
Key players in the Global Pallets Market are Falkenhahn AG, CABKA Group GmbH, CHEP (Commonwealth Handling Equipment Pool), Palettes Gestion Services, PalletOne, Inc., Schoeller Allibert Group B.V., The Corrugated Pallets Company, ORBIS Corporation, Craemer Holding GmbH, Rehrig Pacific Company, Inc., World Steel Pallet Co., Ltd, Arrington Lumber & Pallet Co. Inc., LCN, Inc., and Loscam Australia Pty Ltd.
Increasing penetration of the internet and growing e-commerce industry along with the demand for logistics services is being spurred considerably which is strengthening the growth of the pallet market across the globe.
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