The global pallet market size reached US$ 60.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 79.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
A pallet is a horizontal and portable wooden structure used for storing, handling, stacking, and transporting goods from one place to another. It generally uses stretch wraps, pallet collars, adhesives, and other stabilizing materials to secure goods from transportation damage. It is manufactured using various materials, including wood, plastic, metal, and corrugated paper, depending on the application. It helps simplify the loading and unloading process and ensures safe product delivery. Besides this, it improves warehouse operational efficiency by allowing easy movement of stacked goods using forklifts and pallet jacks. As a result, the pallet is extensively used by manufacturers and suppliers of commercial goods across the globe.
Pallet Market Trends:
- Rapid urbanization, industrialization, and the rising trade volume across the globe represent one of the key factors positively influencing the market. In addition, increasing sales of smartphones, laptops, and tablets and the penetration of the internet, and the thriving e-commerce industry are catalyzing the demand for logistics services. This, along with the growing global population and consequently rising construction of residential and commercial places, is catalyzing the demand for pallets. Apart from this, the burgeoning chemical and pharmaceutical industries are increasing the overall sales of pallets. This can be attributed to the growing need for safer storage, handling, and transportation of products from the warehouse to the industries. Furthermore, manufacturers are introducing multiple-trip pallets as they offer a lower cost per trip, minimize solid waste, and enhance operational efficiency. This is creating a favorable market outlook. Additionally, the increasing use of plastic pallets on account of their recyclable and reusable properties is supporting the market growth. Moreover, continuous investments by leading players in research and development (R&D) to introduce technologically advanced product variants are expected to propel market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global pallet market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type, application, and structural design.
Breakup by Type:
- Corrugated Paper
- Wood pallets currently hold the largest market share as they are sustainable, durable, and cost-effective.
Breakup by Application:
- Food and Beverages
- Chemicals and Pharmaceuticals
- Machinery and Metal
- The food and beverages (F&B) industry accounts for the majority of the market share as pallets protect cans, bottles, boxes, and cartons from damage during processing and distribution activities.
Breakup by Structural Design:
- Block pallets are the most commonly used variants as they have a higher weight capacity and are stronger and more durable than stringer pallets.
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- North America exhibits a clear dominance in the market due to continuous development in the industrial sector and increasing trade activities across the region.
- Based on imports and exports, Germany presently represents the largest importer, while Poland represents the biggest exporter of pallets around the world.
The market is fragmented in nature due to the presence of several small and large manufacturers who compete against one another in terms of prices and quality. Some of the leading players operating in the market are:
- Brambles Ltd.
- Rehrig Pacific Company
- Schoeller Allibert
- CABKA Group
Key Questions Answered in This Report:
- 1. What was the size of the global pallet market in 2022?
- 2. What is the expected growth rate of the global pallet market during 2023-2028?
- 3. What are the key factors driving the global pallet market?
- 4. What has been the impact of COVID-19 on the global pallet market?
- 5. What is the breakup of the global pallet market based on the type?
- 6. What is the breakup of the global pallet market based on the application?
- 7. What is the breakup of the global pallet market based on the structural design?
- 8. What are the key regions in the global pallet market?
- 9. Who are the key players/companies in the global pallet market?