Burlingame, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “The global pallet market is estimated to be valued at US$ 57.0 billion in 2022 and is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030). Pallets are straight support platforms that aid move goods from one region to another with a forklift or a front loader. They are one of the commonly utilized substrates for loading goods, and they are generally alleviated with the help of stretch wrap, pallet collars, resin, or other methods. Based on the intended usage, they can be created utilizing varied kinds of substances, such as wood, plastics, metal, and others. Workers might stack huge items on a single pallet without threat of destruction as they are significantly robust compared to some other containers such as plastic wraps and cardboard containers. Several producers and shippers of business goods use them vastly due to these qualities across the globe.
Key Trends and Analysis of the Global Pallet Market:
Rising use of plastic pallet across the globe is one of the key trends expected to drive growth of the global pallet market. For instance, the rising export of goods from India to other regions is anticipated to drive the growth for plastic pallets. For instance, as per the DGCI&S, marine goods worth INR 579 billion or US$ 7.05 billion were shipped from India in the FY 2022. Marine goods export value was huge amidst agricultural and allied sector shipments. This was followed by basmati rice, non-basmati rice, sugar, and spice.
Increasing need of export of goods is expected to drive the growth of global pallet market. For instance, as per India Brand Equity Foundation (IBEF), India can export goods worth US$ 1 trillion by 2030 and is on its way to become a major global production hub. With 17% of the nation's GDP and around 27.3 million workers, production plays a substantial role in the Indian economy, helping in the growth of the pallets market. Moreover, India is an agricultural-centric country, and its trade value of agriculture rose from US$ 35.09 billion in 2020 to US$ 50.21 billion in 2022.
Read full market research report, "Pallet Market, By Product Type (Nestable, Rackable, Stackable), By Material (Wood, Plastic, Metal, Corrugated Paper), By Region, and Size, Growth, Forecasts, 2023 – 2030,” published by Coherent Market Insights.
Pallet Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 57.0 billion |
| Forecast Period: | 2023 to 2030 |
| Growth rate | CAGR of 5.9% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2017 - 2021 |
| Forecast period | 2023 - 2030 |
Rising sales of smart phones and e-commerce to augment market growth
Rising sales of smartphones, growing use of the internet, and e-commerce, the necessity for logistic services is boosting the growth of the pallet market globally. For instance, as per the IBEF in 2022, in current years India has witnessed a boom in internet and smartphone growth. The number of internet connections in 2021 enhanced considerably to 830 million, propelled by the ‘Digital India’ program. Out of the total internet connections, 55% of connections are of urban areas, of which 97% were wireless connections.
Global Pallet Market– Opportunities
Adoption of pallets for transportation purposes is projected to provide the considerable growth opportunities in global pallet market. The market is propelled by the usage of pallets for transportation. In the multimodal, integrated logistics network that covers the whole freight sector, there are organizations that transport heavy cargo. For instance, The Organization for Economic Cooperation and Development states that by 2025, the volume of freight moving globally will have growth by more than four times, with road freight responsible for around one-third of all logistics costs across the globe.
Global Pallet Market - Key Developments
In May 2022, Cabka acquired with Target, a noteworthy US-based general merchandise merchant with close to 2,000 regions. For Cabka, the arrangement had considerable value in terms of strong future earnings. The contract amidst Cabka and Target demonstrated Cabka's development strategy in the US, explicitly utilizing the prospects in the big ampule and bespoke solutions regions.
In September 2021, Menasha's subsidiary ORBIS Europe collaborated with pooling firm RECALO. With the assistance of the cooperation, ORBIS expected to offer its clients with additional benefits, irrespective of whether they prefer to hire the load transporters or make usage of the full range of RECALO pooling facilities.
Detailed Segmentation:
- Global Pallet Market, By Product Type Type:
- Nestable
- Rackable
- Stackable
- Global Pallet Market, By Material:
- Wood
- Plastic
- Metal
- Corrugated Paper
- Others
- Global Pallet Market, By End-use Industries:
- Food and Beverage
- Pharmaceuticals and Chemicals
- Metal and Machinery
- Construction
- Others
- Global Pallet Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- Northern Africa
- Central Africa
- South Africa
- North America
- Company Profiles:
- Brambles Limited.
- LOSCAM
- Rehrig Pacific Company
- CABKA Group
- PECO Pallet Inc
- The Corrugated Pallet Company
- Falkenhahn AG
- Millwood Incorporation
- Litco International Inc
- Schoeller Allibert
Related Market Intelligence Reports:
Cycle Tourism Market, By Type of Tour, By Duration, By Terrain, By Purpose, By Accommodation Type, By Distance, By Skill Level, By Specialized Tours, By Age Group, By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Beauty Devices Market, By Device Type, By Application, By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030
Athletic Tape Market, By Product Type (Cloth Tape, Kinesiology Tape), By Application (Ankle Support, Knee Support, Shoulder Support, Wrist and Hand Support, Muscle Support), By Geography - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Browse through Coherent Market Insights Consumer Goods Research Reports.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
