Pallet Market Poised to Reach US$ 109.5 Billion at 5.8% CAGR by 2034, States Fact.MR

Rockville, April 16, 2024 (GLOBE NEWSWIRE) -- Pallets play a crucial role in global logistics, catering to supply chain needs and environmental goals. This revised study by Fact.MR reveals that the global pallets market is calculated to be worth US$ 62.3 billion in 2024 and is expected to climb to a size of US$ 109.5 billion by the end of 2034.

The current market situation seems bright due to several innovations and technological advancements in this space, such as the incorporation of Internet of Things (IoT) sensors into pallets for monitoring and tracking, which has improved efficiency and visibility across distribution networks.

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Related Market Projections for 2034

Steady growth of the e-commerce sector across the world is one of the key factors that is driving the demand for pallets. There is a growing trend among consumers in most countries to shop online, resulting in the greater need for pallets to assist with the transportation and storage of products in warehouses and distribution centers.

Key Segments of Pallet Market Research Report

Key Takeaways from the Market Study  

• The global pallet market is projected to reach US$ 62.3 billion in 2024.
• The market has been forecasted to expand at a CAGR of 5.8% from 2024 to 2034 and reach US$ 109.5 billion. 
• North America is projected to account for 23.8% of the global market share by 2034. 
• The East Asia market is forecasted to expand at a CAGR of 6.1 % through 2034. 
• Demand for paper pallets is estimated to increase at a CAGR of 5.7% from 2024 to 2034.
• Block pallets are widely used across industries and their sales are expected to reach US$ 39 billion by 2034.
• Stringer pallet sales are projected to reach US$ 37.8 billion by 2034-end.

“Block pallet sales are expected to increase substantially, accounting for over one-third of the global market share by the end of 2034,” says a Fact.MR analyst

Increasing Awareness about Benefits of Using Pallets

Pallet sales are increasing as companies become more aware of their benefits. Pallet demand is increasing due to their ease of handling during shipping. They are also strongly recommended in industries where there is a high risk of chemical contamination, including food and beverages, pharmaceuticals, and chemicals. Also, pallets are easy to clean and disinfect and are also utilized in cleanroom environments.

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Competitive Analysis

The pallet industry boasts several prominent players, including Palettes Gestion Services, Brambles Ltd., Cabka Group GmbH, CHEP, PalletOne, Falkenhahn AG, Tasler, Rehrig Pacific Company, LOSCAM, and Schoeller Allibert, offering diverse pallet solutions ranging from pooled services to plastic and wooden pallets. Moreover, the market witnesses a surge in alternative packaging and transportation methods like reusable crates and foldable containers.

Recent Developments

• In March 2024, Cabka, in collaboration with Red Bull and BMW, unveiled two innovative load carriers: the foldable big container CabFold Hybrid and the BigBag S5 pallet, aiming to revolutionize transport packaging solutions.
• March 2023 saw Cabka's introduction of the Retail E5.3 order pickup pallet, designed to manufacture reusable, circular transport packaging using recycled plastics, specifically catering to the food industry's need for eco-friendly solutions with minimal CO2 emissions.
• In January 2024, Rehrig Pacific, a leading producer of reusable transport packaging solutions, announced that its new FM-approved fire-retardant pallet has set a new benchmark for durability within the industry.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the pallet market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on material (wood, composite, plastic, paper, metal), structural design (blocks, stringers, customized), and end use (engineering products, pharmaceuticals, chemicals, textiles, agriculture, electronics, transportation, food, retail), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

Checkout More Related Studies Published by Fact.MR Research:

Rigid Bulk Packaging Market: In 2022, the global rigid bulk packaging market is valued at US$ 8 billion and is estimated to reach a market size of US$ 12.5 billion by 2032.

Paper Packaging Materials Market: In 2022, the global paper packaging materials market is valued at US$ 260 billion and is estimated to reach a market size of US$ 465 billion by the end of 2032.

Insulated Drinkware Market: The global insulated drinkware market was valued at US$ 1.39 billion in 2023 and is forecasted to expand at a 6.3% CAGR over the next ten years. Worldwide sales of insulated drinkware are projected to reach US$ 2.57 billion by 2033-end.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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