Pallets Market to Soar from USD 63.1 Billion in 2023 to USD 88.4 Billion by 2032, with a CAGR of 4.30% from 2023 to 2032 – Report by Market Research Future (MRFR)

New York (US), July 04, 2023 (GLOBE NEWSWIRE) -- Pallets Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Pallets Market Information by Material, End User, Type, and Region - Forecast till 2027”, The pallets market will rise from USD 63.1 billion in 2023 to USD 88.4 billion by 2032, at a rate of 4.30% during the review period (between 2023 and 2032).

Market Synopsis

In supply chains, pallets are a tertiary type of packaging that can be used for stacking, storing, safeguarding, or transporting items. It serves as the foundation for the unitization of commodities for warehousing and logistics. Additionally, pallets can be made from materials like wood, plastic, metal, and corrugated paper. These items can all be moved using forklifts, pallet jacks, or conveyors, along with other material handling tools. Nearly every supply chain uses pallets, including those in the chemical, food and beverage, retail, and other sectors.

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Market Competitive Landscape:

The affluent companies active in the market for pallets include

  • Schoeller Allibert Services B.V. (Schoeller Allibert)
  • Craemer Holding GmbH (CRAEMER)
  • Rehrig Pacific Holdings Inc. (Rehrig Pacific)
  • Falkenhahn AG (Falkenhahn)
  • Menasha Corporation
  • Millwood Inc.
  • CABKA Group GmbH (CABKA)
  • LOSCAM International Holdings Co. Ltd. (LOSCAM)
  • Brambles Limited
  • UFP Industries Inc. (PalletOne)
  • Among others.

Report Scope:

Report Attribute Details
Market Size in 2032 USD 88.4 Billion
CAGR 4.30% (2023-2032)
Base Year 2022
Forecast Period 2023-2032
Historical Data 2018- 2022
Forecast Units Value (USD billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Material, End User, Type, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Key Market Drivers The demand for sanitary, durable, and contamination-free pallets in the food and beverage, pharmaceutical, and chemical sectors, as well as the increased emphasis on environmentally friendly material handling solutions.

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A few instances of businesses expansion that contribute to the market growth include:

In March 2023, the new plastic pallet manufacturing company Craemer UK was set up by Craemer Holding GmbH. Lead times were shortened, clients received their orders more rapidly, and transportation costs from Craemer's facilities in Germany were minimized because of this growth. Furthermore, CO2 emissions were decreased, which will appeal to UK purchasers of Cramer products.

Market USP Covered:

Market Drivers:

Pallet demand has been escalating at a substantial pace in light of the e-commerce sector's unprecedented growth. In particular, in nations like India and others where e-commerce was less common, the COVID-19 epidemic has increased the population's propensity towards e-commerce platforms. The development of transportation and logistics to regulate the flow and cost of outgoing and arriving commodities has become more difficult for supply chains due to the growth of e-commerce. Online orders are typically smaller in size and more frequent, necessitating greater resources for inventory management. Due to the increased need for pallets for e-commerce-based logistics, the pallets industry is expanding.

Additionally, the market for pallets is anticipated to expand as a result of the increased focus on environmentally friendly packaging and pallets. One of the biggest sources of municipal solid waste (MSW) is the production of the bulk of the pallets used today, which are made of wood. The used wooden pallets are also a rich source of energy, which is typically lost during the disposal of MSW. As a result, businesses are increasingly implementing recycling strategies to cut down on the amount of wood wasted when making pallets. For instance, businesses like Australia's Brambles, Ltd. and Germany's CABKA Group GmbH are working to produce 100% recyclable or reused timber and plastic pallets.

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Pallet manufacturers may be encouraged to produce pallets with RFID tags, GPS sensors, and other technologies as a result of the adoption of new technologies in supply chains, such as the use of the Internet of Things (IoT), automation, collaborative robots (cobots), and others. This may open up new opportunities for pallets in the near future.

Market Restraints:

Pallet racking’s demand will be challenged by the mounting popularity of Tier-Racks as well as post-racks. Tier-Racks enable the users to optimize selectivity (including traditional pallet racking) or even foster storage density, which enhances their demand and in turn, limits the growth of the pallet-racking market. Despite the high durability of pallet racking products, they are not easily movable, thereby restricting flexibility during seasonal needs. This can be one of the primary factors that can slow down the adoption rate of pallet racking in the years ahead.

COVID 19 Analysis

The COVID-19 epidemic has had a major impact on the pallet business. In order to contain the increasing number of illnesses due to the epidemic, many nations had to go into lockdown. The supply and demand chains have been thrown off as a result, which has had an impact on the global economy. The pandemic crisis forced the suspension of different operations, manufacturing facilities, industries, and infrastructure projects.

The market's growth rate has been constrained by the fluctuating cost of raw materials and the COVID-19 epidemic. Positively, things are beginning to return to normal, which bodes well for the market's future expansion.

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Market Segmentation

By Material

The material-based segmentation of the pallets market includes metal, wood, plastic produced through injection molding, plastic produced through other processes, and corrugated paper. In 2022, the Pallets Market was dominated by the plastic by-injection molding sector.

By End User

Food and beverage, chemical, retail, pharmaceutical, and other end users are included in the segmentation of the pallets market based on end users. In 2022, the food and beverage industry would rule the world market. Farmers and agricultural firms that handle fresh produce, as well as firms that store, handle, and transport meat, dairy, baked goods, and other processed commodities, were the main forces behind demand.

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By Pallet Type

Rackable, nestable, stackable, and display are the several types of pallets that are segmented in the pallet market. In 2022, the nestable market category was the largest worldwide. Since they may nest inside of one another, they are more space-efficient than other types of pallets and cost-effective. They are the best for export or use in open-loop supply chains since they are less expensive than rackable and stackable substitutes.

Regional Insights

In 2022, the pallet market in the Asia Pacific secured the top spot (with the biggest share of 45.80%), thanks to the surge in product demand from manufacturing sectors in China, Japan, and India. The Trans-Pacific Partnership Agreement (TPP) members' presence has made Asia Pacific a center for the industrial sector. In addition, the Indian Pallets market had the quickest rate of growth in the Asia-Pacific region, while China's Pallets market had the greatest market share.

The presence of a robust industrial sector, notably in the United States, will allow the North American market to grow at a large rate between 2023 and 2032. In addition, the need for plastic pallets is increasing as a result of trade agreements like T-MEC. 

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