Pallet refers to a reusable lightweight platform structure that is used for moving, storing, and stacking of various industrial products. It helps to transport, protect and store goods and products across the supply chain. Pallets are extensively used in industries such as food & beverages, pharmaceuticals, chemicals, retail, and automotive. Pallets provide cost effective mode of transportation, easy handling, and ensures safety of products during storage and shipping.
The global pallet market is estimated to be valued at US$ 98 billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the pallet market are: Brambles Limited, Schoeller Allibert Services B.V., Craemer Holding GmbH, Menasha Corporation, Rehrig Pacific Company, Inc., Cabka Group GmbH, Greif Inc., PGS Group, PalletOne Inc., Millwood Inc.
Key opportunities in the Pallet Market Demand include preference for reusable pallets among end users and increasing adoption of rackable and stackable pallets to optimize transportation and storage. Global expansion of key players through mergers and acquisitions as well as partnerships will further strengthen supply chain infrastructure.
Market drivers: Increasing demand from food & beverage industry is a major driver for pallet market. Growing consumption of packed food items and alcoholic beverages has increased pallet usage to efficiently transport and store products. Expanding cold chain infrastructure has further propelled pallet adoption.
Market restraints: Volatility in wood prices impacts pallet manufacturing costs. Strict regulations pertaining to wood treatment may limit market growth to some extent. Growing preference for reusable plastic crates or containers can also restrain pallet market expansion.
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