The global pallet market was valued at US$ 46.07 billion in 2016 and is projected to reach US$ 73.94 billion by 2025, exhibiting a CAGR of 5.48% 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) published by Coherent Market Insights.
Growing demand from various industries such as food and beverages, pharmaceuticals and chemicals along with the increasing use of pallets in transportation and storage of goods are the major factors fueling the market growth.
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Browse 500 market data tables* and 470 figures* on "Pallet Market” - Global forecast to 2025.
Key Trends and Analysis of the Global Pallet Market:
Among product type, wood accounted for the largest market share, with 87.21% in 2016 and is expected to witness a CAGR of 4.83% over the forecast period. Wood is more desirable in storing and transportation of materials in the warehouses as it is cheaper and abundantly available. However, food and safety compliance for 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 a significant growth and is expected to witness a CAGR of 9.42% over the forecast period.
Among end-use industry, food and beverages segment accounted for the highest market share, and is expected to show same trend over the forecast period. This is owing to the increasing demand for processed food, along with increasing number of material handling activities such as warehousing and storage in the manufacturing units.
Key Takeaways of the Market:
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