Pallets Market growing at a rate of 4.1% from 2022 to 2031.

According to a new market research report published by Global Insight Services "Pallets Market size was $72.8 billion in 2021 and is anticipated to reach $108.5 billion in 2031, growing at a rate of 4.1% from 2022 to 2031". Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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A pallet is a tertiary form of packaging which is used for storage, stacking, transporting, or protecting products in supply chains. They can be produced by utilizing materials that include wood, plastic, and metal among others. They are available in various sizes and specifications, thus making them appropriate for use in several manufacturing industries.

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Global Pallets Market Trends and Drivers

The global pallets market is anticipated to observe substantial growth going forward on account of increasing application in food & beverage, healthcare, and other industries. In addition, the rise in population along with the growing disposable income of middle-class customers are projected to drive the demand for food & beverages, medical, and personal care products. This, in turn, is anticipated to lead to a consequent increase in demand for the pallets market. Moreover, governments globally are focusing on the development of the manufacturing sector in order to increase the global economy. For example, the 'Made in China 2025' initiative by the Chinese government and the 'Make in India' initiative by the Indian government have positively propelled the manufacturing sector.

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Global Pallets Market Segmentation

The report analyses the pallets market based on material, type, application, solution, and region.

Global Pallets Market By Material

Based on material, the global pallets market has been bifurcated into plastic, wood, and others. The wood segment is anticipated to account for the largest pallets market share in 2021, and plastic is expected to be the fastest-growing segment during the forecast period.

Wood pallets play a significant role in the movement of effective & safe transport along with efficient storage throughout the distribution & handling process globally. Even though there are standardized versions, pallets are manufactured in different sizes as well as configurations to hold different handling equipment such as forklifts and cargoes. In addition, nearly three-fourths of all wood pallets are now being recycled, which is more than the recycling rate of paper, aluminum, or plastic. Besides, wood that is used for producing pallets is a by-product of timber that is used in building construction and furniture.

Global Pallets Market By Type

By type, it is divided into stackable, nestable, rackable, and display. The stackable segment is expected to hold a significant share of the market due to the rise in the use of pallets in food & beverage as well as in the retail industry globally. In addition, there has been an increase in demand for efficient and reliable pallets in several regions globally. Further, factors such as sustainability concerns, product modernization, and attractive economics are leading to the growth of the pallets industry.

Global Pallets Market By Application

By application, it is categorized into chemical, retail, pharmaceutical, food & beverage, and others. The food & beverage segment is anticipated to exhibit a significant growth rate during the forecast period. The growth was principally driven by farmers and agricultural players to handle fresh produce along with the dairy, beverage, bakery, meat, and other food & beverage processing companies to handle, store, and transport processed & raw end products.

Global Pallets Market By Solution

By solution, it is categorized into new sales and rental. The rental segment is expected to exhibit a significant growth rate during the study period. A company rents pallets from a shared pool instead of purchasing its own pallets. The main job of the pallet rental is to confirm the supply of pallets in good condition and ready-to-use at the firm's disposal when it needs them. Rental pallets are a preferred choice by warehouse operators as it conserves time and resources linked with maintaining, repairing, and sorting individual pallets.

Major Players of the Global Pallets Market

The global pallets market report includes players such as Brambles Limited, CABKA Group GmbH, Craemer Holding GmbH, Falkenhahn AG, LOS*CAM International Holdings Co., Ltd., Menasha Corporation, Millwood, Inc., Rehrig Pacific Holdings, Inc., Schoeller Allibert Services B.V., and UFP Industries, Inc. (PalletOne).

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