Global Pallet Pooling Market and Latest Trends 2023

The global pallet pooling market size is projected to reach US$ 12480 million by 2027, from US$ 8479.9 million in 2020, at a CAGR of 5.5% during 2021-2027. Key factors influencing the growth of the pallet pooling market include the rising demand for plastic pallets across a variety of industry verticals globally due to their environmental friendliness and light weight, as well as the ongoing development of innovative and smart pallets with digital technologies for warehousing and transportation consumers globally.
Pallet pooling is a method for renting or leasing pallets. It helps to reduce the cost of product transportation and supply chain management.
The development of automation in distribution centers, which has expedited the usage of automated palletizing processes for effective cost savings and storage, is another reason fueling the growth of the worldwide pallet pooling industry. Due to the inevitable shift to robotic palletizing activities and the rising acceptance of using robots to transport goods between storage facilities and other processing facilities, the market for pallet pooling is expanding.

LATEST TRENDS INFLUENCING THE PALLET POOLING MARKET
Major corporations are concentrating on developing new, smart pallets utilising digital technology in order to fulfil the rising demand for smart pallets from transportation and storage customers throughout the world. The RFID chips in these contemporary pallets make it easier to move and track pallets for precise control. The RFID chips can detect impact, humidity, and temperature, specifically in the food supply chain, to ensure safety. Recent improvements like these are expected to fuel the growth of the pallet pooling industry.
Wooden pallets have been used in the past because of their durability and straightforward manufacturing process. However, logistics companies are now compelled to stop using wooden pallets in favour of plastic ones since they are lightweight and ecologically friendly. Aside from their propensity to absorb moisture, wooden pallets also suffer from reduced durability and hygienic problems. Pallet sharing is becoming more and more commonplace as individuals become more aware of the need to lessen their carbon footprint.
Growing productivity and space savings are two benefits of growing automation in meeting market needs. Due to their cheaper prices for standardised, high volume commodities, automated palletization procedures are being used increasingly swiftly in distribution centres of various enterprises. As a result, the global market for pallet pooling is growing more swiftly. Due to the employment of robots and bots for both the palletization process and the movement of goods to and from storage facilities, the market for pallet pooling is growing.
Due to the existence of significant pallet-making companies, both small and large, as well as increasing spending on the creation of improved pallets, the pallet pooling sector is growing. The two main players on the market are Buckhorn and Brambles Limited.

GLOBAL PALLET POOLING MARKET SHARE ANALYSIS

North America is predicted to have the largest market share for pallet pooling during the course of the forecast due to the implementation of cutting-edge technology, the presence of significant industry players in this area, and the rise in packaged food consumption.

The FMCG industry is predicted to have the largest share of the worldwide pallet pooling market during the forecast period because to the growing usage of pallets in the FMCG sector for supply chain management, shipping, and packaging.

Faber Halbertsma Group and Euro Pool Group are expected to hold the largest market shares for pallet pooling since they are the main participants in the industry, according to Company CHEP, a Brambles subsidiary.

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