Pallets Market Share

Global Pallets Market Overview

Pallets Market Size was valued at USD 60.5 Billion in 2022. The Pallets industry is projected to grow from USD 63.1 Billion in 2023 to USD 88.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2024 - 2032). 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, are the key market drivers enhancing the market growth.

Pallets Market Trends

• 
  

  Surging demand for plastic pallets across industry verticals is driving the market growth

  
  

The market demand is anticipated to be driven by soaring demand for plastic pallets across industry verticals. Wooden pallets have been used for decades because of their durability and simple production method, but the demand for plastic pallets is rising as a result of several drawbacks such as moisture absorption, reduced durability, and splinter breaking. Additionally, as logistic and shipping organisations switch from using wood pallets to plastic pallets, the demand for pallets is increasing due to benefits including being environmentally friendly, lightweight, and increasing awareness of the need to minimize carbon footprint. Pallet demand is also being boosted by the rising need for HDPE material in the shipping and automotive industries due to its capacity for supporting big loads. Additionally, because they are resistant to organic and inorganic chemicals at standard temperatures, disposable plastic pallets are commonly utilised in the food and beverage sector.

During the anticipated period, the market is anticipated to be driven by the growing use of pallets for transportation purposes. Additionally, with shipping accounting for around 90% of traded commodities, rivers are the main route of transit for cross-border trade. This in turn suggests that the main trading routes around the world are the oceans. Additionally, as the demand for global freight rises, the Organisation for Economic Cooperation and Development (OECD) predicts that maritime commerce volumes will quadruple by 2050.

Expanding global e-commerce activities, an increase in demand for wooden pallets due to their low cost, lightweight, and high strength when compared to other types of materials used as pallet decks or surfaces, and growing use of plastic pallets in the pharmaceutical, chemical, food, and beverage industries are just a few of the main factors causing this growth in the pallet market.

The rise in demand for plastic pallets as a result of growing customer knowledge of the benefits of plastic pallets is what is fueling the growth of the pallets industry. Plastic pallets are simpler to handle during shipping. They are also strongly advised in industries where there is a higher risk of chemical contamination, such as food and beverage, pharmaceuticals, chemicals, and others. Since plastic pallets are easy to clean and disinfect, they can also be used in clean room applications. The demand for plastic pallets in the pallets sector is influenced by such factors.

In the last decades, the world economy has expanded quickly. Some of this evolution has been influenced by the unexpectedly quick expansion of global trade. Trade expansion is a result of both purposeful efforts to remove trade barriers and technological advancements. While the majority of developing nations have not, some have done so in order to fully benefit from trade opportunities. It has been established that one of the most important tools for promoting economic growth, development, and the eradication of poverty is a country's integration into the global economy. Global trade has grown at a 6% average annual rate over the past 20 years, which is twice as fast as global output. Thus, driving the Pallets market revenue.

Pallets Market Segment Insights

Pallets Material Insights

The Pallets Market segmentation, based on material, includes metal, wood, plastic via injection molding, plastic via other methods, and corrugated paper. Plastic via injection molding segment dominated the Pallets Market in 2022. Plastic pallets are rigid constructions that give huge quantities of items the mechanical stability they need to be handled while maintaining their quality. All actions including lifting, moving from one location to another, stacking, product storage, and long-distance land- or sea-based transportation are considered handling. To assist the movement of goods, plastic pallets are made to be mobile by machinery like forklifts, pallet jacks, and front loaders. In industries like food and beverage, pharmaceuticals, chemicals, and others where there is a high risk of chemical contamination, plastic pallets are strongly advised.

Pallets End User Insights

The Pallets Market segmentation, based on end user, includes food and beverage, chemical, retail, pharmaceutical, and others. Food & beverage segment dominated the global market in 2022. The primary drivers of demand were farmers and agricultural companies that handle fresh produce, as well as companies that store, handle, and transport meat, dairy, baked goods, and other processed commodities.

Pallets Type Insights

The Pallets Market segmentation, based on type, includes rackable, nestable, stackable, and display. The nestable segment dominated the global market in 2022. They are more cost-effective than other types of pallets and take up less space during return freight since they can nest inside of one another. They are also less expensive than the rackable and stackable alternatives, making them ideal for export or usage in open-loop supply chains.

Figure 1: Pallets Market, by Type, 2022 & 2032 (USD Billion)

Pallets Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Pallets market dominated this market in 2022 (45.80%). This is a result of rising product demand from China, Japan, and India's industrial industries. Due to the presence of nations that are a part of the Trans-Pacific Partnership Agreement (TPP), Asia Pacific has become a hub for the manufacturing industry. Moreover, China’s Pallets market held the largest market share, and the Indian Pallets market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PALLETS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America Pallets Market is expected to register significant growth from 2023 to 2032. The region contributes a sizable portion thanks to the presence of a strong industrial sector, particularly in the United States. The demand for plastic pallets is also anticipated to increase across the region as a result of trade agreements like T-MEC. The COVID 19 epidemic, however, had a significant negative impact on routine company operations, which led to a fall in the demand for plastic pallets in the region during 2020. Further, the U.S. Pallets market held the largest market share, and the Canada Pallets market was the fastest growing market in the North America region.

Europe Pallets market accounted for the healthy market share in 2022. This is because there are excellent research and development facilities and strict government regulations on minimising carbon footprint. Further, the German Pallets market held the largest market share, and the U.K Pallets market was the fastest growing market in the European region

Pallets Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Pallets market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Pallets Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Pallets Industry to benefit clients and increase the market sector. In recent years, the Pallets Industry has offered some of the most significant advantages to medicine. Major players in the Pallets market, including 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, and UFP Industries, Inc. (PalletOne), are attempting to increase market demand by investing in research and development operations.

Cabka NV, formerly known as Dutch Star Companies Two BV, is a business established in the Netherlands. The company specialises in producing large containers, such as rigid and foldable pallet containers, as well as pallets, including light, heavy, and medium weight pallets. The goods include a variety of features and are constructed from recycled plastic. Some of the pallets, for instance, can be stacked or utilised for export.

Manufacturer of corrugated and plastic packaging goods is Menasha Corp (Menasha). Additionally, it provides plastic reusable packaging systems, protective packaging interiors, packaging supply chain and fulfilment services, as well as packaging and merchandising solutions. In addition, the business provides contract packaging services, including automatic labelling, carton forming, poly bagging, wafer sealing, bundle wrapping, vertical bagging, tablet filling, bottle filling, and blister packing, among others. Menasha's division ORBIS Europe joined forces with pooling company RECALO in September 2021.

CHEP In 2024 CHEP released a new pallet design with improved durability and sustainability for logistics operations.

Schoeller Allibert In 2023 Schoeller Allibert introduced advanced pallets made from recycled materials with enhanced performance.

Key Companies in the Pallets market 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)

Pallets Industry Developments

In April 2023: the European Pallet Association (EPAL) announced that it would be phasing out the use of wooden pallets made from tropical hardwoods. This is in response to concerns about the environmental impact of these woods.

In May 2023: the US Department of Agriculture (USDA) published a report on the state of the US pallet industry. The report found that the industry is facing a number of challenges, including a shortage of pallets and rising costs.

In June 2023: the World Pallet Association (WPA) held its annual conference in Singapore. The conference focused on the latest trends in the pallet industry, including the use of recycled materials and the increasing demand for sustainable pallets.

Pallets Market Segmentation

Pallets Material Outlook

• Metal


• Wood


• Plastic via Injection Molding


• Plastic via Other Methods


• Corrugated Paper

Pallets End User Outlook

• Food and Beverage


• Chemical


• Retail


• Pharmaceutical


• Others

Pallets Type Outlook

• Rackable


• Nestable


• Stackable


• Display

Pallets Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Leading companies partner with us for data-driven Insights

Kindly complete the form below to receive a free sample of this Report