The global Pallets Market size was $72.8 billion in 2021 and is anticipated to reach $108.5 billion in 2031, growing at a rate of 4.1% from 2022 to 2031.
A pallet is a tertiary form of packaging which is used for storage, stacking, transporting, or protecting products in supply chains. They can be produced by utilizing materials that include wood, plastic, and metal among others. They are available in various sizes and specifications, thus making them appropriate for use in several manufacturing industries. They are used to transport products for industries such as food, beverages, electronics & electrical, home care products, healthcare products, and others.
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Global Pallets Market Trends and Drivers
The global pallets market is anticipated to observe substantial growth going forward on account of increasing application in food & beverage, healthcare, and other industries. In addition, the rise in population along with the growing disposable income of middle-class customers are projected to drive the demand for food & beverages, medical, and personal care products.
This, in turn, is anticipated to lead to a consequent increase in demand for the pallets market. Moreover, governments globally are focusing on the development of the manufacturing sector in order to increase the global economy. For example, the ‘Made in China 2025’ initiative by the Chinese government and the ‘Make in India’ initiative by the Indian government have positively propelled the manufacturing sector. The upsurge in manufacturing activities has stimulated the demand for a variety of plastic components as well as packaging solutions, thus providing remunerative opportunities for the pallets market.
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The unprecedented progress of the e-commerce industry is anticipated to stimulate the demand for pallets on a noteworthy scale. The COVID-19 epidemic has augmented the inclination of individuals toward e-commerce platforms, specifically in nations such as India, the U.S., Germany, and others.
Thus, the growth in penetration of e-commerce platforms has challenged supply chains to improve transportation & logistics in order to regulate the flow & cost of incoming and outgoing products. Online orders are in lesser numbers and frequency is higher, therefore necessitating more assets for goods management. This generates a demand for pallets meant for e-commerce-based logistics. This, in turn, propels the global pallets market growth.
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Market Segments
By Material
- Plastic
- Wood
- Others
By Type
- Nestable
- Rackable
- Stackable
- Display
By Application
- Chemical
- Retail
- Pharmaceutical
- Food and Beverage
- Others
By Solution
- New Sales
- Rental
Major Players of the Global Pallets Market
The global pallets market report includes players such as Brambles Limited, CABKA Group GmbH, Craemer Holding GmbH, Falkenhahn AG, LOSCAM International Holdings Co., Ltd., Menasha Corporation, Millwood, Inc., Rehrig Pacific Holdings, Inc., Schoeller Allibert Services B.V., and UFP Industries, Inc. (PalletOne).
Several companies globally are trying to provide sustainable solutions to the market. For example, a supply chain management firm Yelopack offers smart logistic solutions on the basis of shared pallet and package service to industrial customers with a presence in countries such as China, South Korea, Russia, Japan, Malaysia, and Singapore. The company adopted the AFFINITY polyolefin elastomer (POE) in its current plastic pallets in 2021. The adoption of this technology which is offered by Dow permits Yelopack to intensify the lifespan of its pallets by nearly 150%, plummeting its carbon footprint.
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