by Pallets are the basic platform for material handling and storage systems. They facilitate the movement and stacking of goods and products during shipping, warehousing, and manufacturing. Pallets help organize goods for transportation and allow easy access to products with lifting equipment like forklifts and pallet jacks.
The global Pallet Market is estimated to be valued at US$30.02 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased Transportation of Goods Globally: The Pallet Market is expected to witness significant growth due rising transportation of goods across industries globally. Pallets are extensively used in packaging and transportation of goods. They provide efficient product handling during shipping processes. Growing domestic and international trade activities have increased the demand for effective packaging and logistics solutions like pallets. Changes in consumption patterns and rising e-commerce are some of the factors boosting the movement of goods, thus propelling the need for pallets.
SWOT Analysis
Strength: The pallet market has strong demand from industries like food and beverage, pharmaceutical, chemical which require logistics and transportation of goods.
Weakness: Higher initial investment and maintenance cost of pallets make it difficult for small businesses to fully adopt pallets. Transportation of empty pallets also adds to operational expenses.
Opportunity: Growth of e-commerce sector is expected to boost demand for reusable pallets for safe and secure packaging of goods during shipping and storage. Standardization of pallet sizes provide opportunities for pallet pooling services.
Threats: Restriction on wood due to sustainability concerns can impact wooden pallet manufacturing. Adoption of alternative packaging solutions like returnable plastic crates and containers pose threats to the pallet market.
Key Takeaways
The Global Pallet Market Size is expected to witness high growth. The market size is projected to reach US$ 30.02 Mn in 2024. The CAGR for the forecast period between 2023 to 2030 is estimated to be 16%.
Regional analysis comprises The North America pallet market dominates currently due to strong demand from industries like food and beverage, logistics in the region. The Asia Pacific pallet market is expected to grow at the fastest rate during the forecast period with China and India driving the growth on back of rapid industrialization.
Key players related content comprises
Key players operating in the pallet market are 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., Boeing, Uvify Inc, and YUNEEC. These players are focusing on expanding their product portfolio and global footprint through mergers and acquisitions to strengthen their position in the pallet market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
