by Pallets are platforms used for storing and transporting materials and products. They help in easy handling and mobility of goods. Pallets are extensively used across industries like food and beverage, pharmaceutical, logistics, and manufacturing. Growing e-commerce sector in India is fueling the demand for pallets for order fulfillment and transportation.
The global India Pallets Market is estimated to be valued at US$ 1011.18 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend propelling the India pallets market is the rising demand from the ecommerce sector. Growing preference for online shopping among Indian consumers has boosted the demand for pallets from logistics and warehousing companies. Ecommerce companies extensively use pallets to store inventory, transport orders, and deliver goods to customers efficiently. The parcel volumes handled by logistics firms have increased drastically, driving the need for durable and efficient wood pallets for order fulfillment. Various ecommerce giants are also focusing on private fleet management which is further expected to fuel pallet consumption over the forecast period. Moreover, growing international trade in India will augment the product requirement from industries. However, the availability of alternative material handling options may hinder market growth to some extent.
SWOT Analysis
Strength: The India pallet market has strong wood processing and manufacturing capabilities. It has high scope for development due to expansion of logistics sector in the country.
Weakness: Lack of proper infrastructure and cold chain facilities act as challenges. High dependence on imports for durable plastic pallet materials.
Opportunity: Growing e-commerce sector and expansion of warehousing and cold storage facilities are expected to drive demand. Adoption of reusable plastic pallets offers opportunities.
Threats: Volatile raw material prices and restrictions on timber trade due to environmental regulations pose threats. Intense competition from global pallet manufacturers.
Key Takeaways
The Global India Pallets Market Size is expected to witness high growth over the forecast period supported by rapid growth of end use industries and expansion of logistics infrastructure in the country. The global India Pallets Market is estimated to be valued at US$ 1011.18 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Regional analysis
The southern region currently dominates India’s pallets market owing to presence of major manufacturing hubs and ports. States like Tamil Nadu, Karnataka and Telangana are fast growing markets for pallets. The western region is another major contributor led by Maharashtra. Northern and eastern regions are anticipated to witness fastest growth during the forecast period.
Key players
Key players operating in the India pallets market are UOP-A Honeywell Company, Wärtsilä Hamworthy, MPR Industries PLC, John Zink Company LLC, Zeeco Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors. Major players are focusing on development of reusable and durable plastic pallets to cater to growing demand from logistics and e-commerce industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
