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Pallet Market was valued at US$ 57 Bn in 2022

Pallet Market was valued at US$ 57 Bn in 2022 - Coherent Market Insights

Publish In: Mar 02, 2023

The Global Pallet Market was valued at US$ 57.0 billion in 2022 and is projected to reach US$ 89.9 billion by 2030, exhibiting a CAGR of 5.9% during the forecast period, according to Pallet Market Report, by Product Type (Nestable, Rackable, and Stackable), by Material (Wood, Plastic, Metal, Corrugated Paper, and Others), by End-use Industries (Food and Beverage, Pharmaceuticals and Chemicals, Metal and Machinery, Construction, and Others). Growing demand from various industries such as food and beverages, pharmaceuticals, and chemicals along with the increasing use of pallets in the transportation and storage of goods are the major factors fueling the market growth.

To know the latest trends and insights prevalent in this market, click the link below:

Global Pallet Market- Impact of Coronavirus (Covid-19) Pandemic

Covid-19 has mixed impact on global pallet industry. Where evry other indystry has stooped it’s manufacturing and production process. However E-commerce  industry were in demand in Covid-19 panedemic. People were depend on e-commerce platform in panedemic because of lockdown all over the globe and people started using e-commerce platform for their daily needs also and this increased the demand for supply chain, transportation and logistic and this caused great impact on global pallet market.

Key Trends and Analysis of the Global Pallet Market:

  • Among product type, wood accounted for the largest market share, with 90% in 2022, and is expected to witness a CAGR of 4.83% over the forecast period. Wood is more desirable in storing and transporting materials in warehouses as it is cheaper and abundantly available. However, food and safety compliance for the food and beverages and pharmaceutical industry is a major factor contributing to increasing demand for plastic pallets in the market over the forecast period. Therefore, plastic pallet accounted for significant growth and is expected to witness a CAGR of 9.4% over the forecast period.
  • Among end-use industry, food and beverages segment accounted for the highest market share and is expected to show the same trend over the forecast period. This is owing to the increasing demand for processed food, along with the increasing number of material handling activities such as warehousing and storage in the manufacturing units.

Key Takeaways of the Market:

  • According to’ study, North America accounted to held for the second largest market share, in terms of revenue, in the global pallet market in 2022. The developed manufacturing industries coupled with the increase in construction activities are some of the factors fueling the global pallet market growth. Moreover, the U.S. has a rampant rising construction market in the world, after China, which has augmented the demand for pallets in the construction sector, in turn fueling the growth of the market in the region. The New Building Canada Fund commits on November 2020, US$ 10 billion to Provincial Territory Infrastructure Component (PTIC) over 10 years (2014 - 2024) to build the public infrastructure of national, regional, and local significance, among which US$ 9 billion for national and regional projects and US$ 1 billion for the small community fund. Moreover, the increasing exports from the U.S. have fueled the need for pallets for the transportation and storage of goods, which in turn, is expected to fuel the pallet market growth in the region.
  • Asia Pacific is estimated as the fastest-growing market in the global pallet market and is expected to show the same trend during the forecast period. The presence of a high population coupled with the growth in the manufacturing sector is expected to propel the demand for pallets in the region. Moreover, the increasing exports of salt, matcha tea, and meat among others in the emerging countries of the region such as India and China is further expected to fuel demand for pallets.
  • The construction sector in the GCC countries has been growing significantly, which is expected to fuel the demand for pallets over the forecast period. Various construction projects undergoing in Saudi Arabia, Kuwait, and Oman are expected to drive the growth of the pallet market in the region. Moreover, the government is investing significantly in the building of stadia and public infrastructure in Qatar, owing to the FIFA world cup in 2022.
  • Some of the major players operating in the global pallet market are Brambles Limited, LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc, The Corrugated Pallet Company, Falkenhahn AG, Millwood Incorporation, Litco International Inc, and Schoeller Allibert.

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